China: WeiyangX Fintech Review

Baihang Credit Rating Announces the First 15 Crew Members

On June 28th, Baihang Credit Co., Ltd. announced its first crew members in Shenzhen. These 15 institutions are mainly Fintech and consumer finance companies, including Yirendai and PPDAI. According to the cooperation agreement, these 15 institutions will submit credit information to Baihang’s credit collection system in a comprehensive, accurate and timely manner. And Baihang will then process the information to provide credit information inquiry and related value-added services.

Under the guidance of the PBOC, Baihang Credit was jointly set up by 8 entities (namely Sesame Credit, Tencent Credit, Qianhai Zheng Xin, Koala Zheng Xin, Pengyuan Credit Services, China Chengxin Credit, IntelliCredit, and Sinoway Credit) and the National Internet Finance Association of China. It is a market-oriented credit rating entity with registered capital over ¥1 billion yuan. (Source: WDZJ

[clickToTweet tweet=”Baihang Credit is a market-oriented credit rating entity with registered capital over ¥1 billion yuan #Fintech #China” quote=”Baihang Credit is a market-oriented credit rating entity with registered capital over ¥1 billion yuan #Fintech #China”]

Digital Currency Research Institute of PBOC Releases Six New Patent Filings within Two Months

According to the State Intellectual Property Office, the Digital Currency Research Institute of PBOC has announced six patent filings since May 11th. The six patents are mainly targeted on digital currency wallet. To be specific, the six patents are:

  1. A method for digital currency transaction information inquiry
  2. A method, a terminal and a system for synchronizing a digital currency wallet
  3. A method and a system for digital currency exchange
  4. A method and a system for digital-currency-based account inquiry
  5. A method, a terminal and a system for digital currency wallet login
  6. A method and a system for logging out of a digital currency wallet

(Source: Xiaocong Blockchain)

[clickToTweet tweet=”Digital Currency Research Institute of PBOC Releases Six New Patent Filings within Two Months #Blockchain #Fintech #China” quote=”Digital Currency Research Institute of PBOC Releases Six New Patent Filings within Two Months #Blockchain #Fintech #China”]

Beijing South Railway Station Introduces “Contactless Payments” for Parking Fee

From July 1st, the parking lots of Beijing South Railway Station will introduce a so-called “contactless payment” for WeChat Pay and Alipay users. One can link his / her WeChat Pay or Alipay account with his / her license plate number and open a password-free payment function. Then, when leaving the parking lot, he / she can pay the parking fee without stopping the car. The fee would be collected directly from the password-free account, which largely increases the efficiency of the parking lot. (Source: Morning Post

Digital Bank MYbank Receives AAA Credit Rating

Earlier this week, Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. made an announcement to raise the credit rating of MYbank from AA+ to AAA with an outlook of “stable”. In fact, this is the highest rating that a Chinese private and digital bank has received. Also this week, MYbank announced that it had reached a cooperation agreement with financial institutions to offer credit products to over 10 million SMEs. Huang Hao, president of MYbank, said that this was mainly due to the popularity of mobile payment technology. (Source: mpaypass)

[clickToTweet tweet=”Digital Bank MYbank Receives AAA Credit Rating #Fintech #China” quote=”Digital Bank MYbank Receives AAA Credit Rating #Fintech #China”]


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.

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