Multinational Retail Giant Auchan Establishes a Joint Venture of Consumer Finance with China’s Bright Food Group
On April 28th, France’s Oney Bank and Bright Food Group from Shanghai, signed an investment agreement to establish Shanghai Bright-Oney Consumer Finance Co., Ltd., and submitted the materials to related regulatory authorities. It should be noted that this is the first consumer finance company set up in China by European and American entities.
Public information shows that the Oney Bank of France (formerly known as Banque Accord) has already set up a representative office in China. Banque Accord is a French and international financial institution, specialized in consumer credit and credit cards, 100% owned by Auchan Group.
In 2017, it was approved by the Shanghai Banking Regulatory Bureau and renamed itself as “Oney Bank Shanghai Representative Office”. (Source: lanjinghj)
Minsheng Bank Establishes Minsheng Technology Co., Ltd.
On May 15th, Minsheng Technology Co., Ltd., a technology company initiated by China Minsheng Bank, was formally established in Beijing and raised the concept of “Fintech” to the core strategic level.
According to Hong Qi, chairman of Minsheng Bank, Minsheng Bank is now pushing forward three core strategies, namely Private Banking, Fintech, and Integrated Services.
He added that the newly established Minsheng Technology Co., Ltd. will mainly offer services and support to the Minsheng Bank Group and its various subsidiaries & business partners, providing necessary solutions and professional technological products for small and middle-sized financial institutions, private enterprises, and SMEs during their digital transformation. (Source: 01Caijing)
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Zhengzhou Customs Offers Mobile Payment Options for Personal Postal Article Tax
On April 5th, Zhengzhou Customs launched a mobile payment options for travelers to pay their personal postal article tax. That is to say, apart from the traditional ways of cash and China UnionPay card, travelers are also allowed to pay by WeChat Pay or AliPay. On the day the service launched, a traveler managed to pay his tax simply by scanning a QR code through his WeChat Wallet, which took no more than 3 minutes. (Source: Zhengzhou Customs)
Fintech Enterprise UPCHINA.com Closes ¥200 million A-round Financing
Early this week, Fintech enterprise UPCHINA.com announced that it has finished a ¥200 million A-round financing.
This round of investment was led by listed financial software developer and system integrators szkingdom.com and followed by Star VC. According UPCHINA.com, the capital will be mainly used for technology development and marketing.
Established in 2012, UPCHINA.com is a Fintech startup focusing on the securities industry. It offers intelligent stock quotation, information, stock selection and robo-advisor services. Over the past years, UPCHINA.com has seen over 5 million downloads of its app. (Source: 36Kr)
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WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth fintech cases in fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.
