Toutiao Marches into the Fintech Market with Cash Loan Products
China’s leading digital media platform Toutiao has long denied the potential of entering the financial markets. However, it is reported this week that a series of cash loan products have launched on Toutiao’s app without too much marketing.
The product Fangxinjie (literally meaning reliable lending) was listed within Toutiao’s digital wallet with credit up to￥200,000 yuan and daily interest low to 0.03%.
According to its product introduction, Fangxinjie is only a technology platform for consumer financing product which means it only offers bridges between customers and cooperating financial institutions. At present, only three institutions are licensed to offer personal consumer financial products. They are BOC Consumer Finance, Bank of Nanjing and XWBank, which offer the core services for the loans such as opening accounts, risk control, loan origination and debt collections.
From the point of view of the mode of operation and cooperation institutions, Fangxinjie operates just like what Didi’s Shuididai and Meituan’s Meituan Living Expense. (Source: Xin Finance)
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JD Finance Raises ￥13 billion Financing, with a Post-Investment Valuation of ￥133 billion Yuan
This week, JD Finance announced that it had signed a binding capital increase agreement with investors including CICC Capital (a unit of investment bank China International Capital Corp.), brokerage China Securities, private equity firm Citic Capital and BOCGI (Bank of China’s investment arm). The financing amount is approximately ￥13 billion yuan and the post-investment valuation is approximately￥133 billion yuan . According to customary closing conditions, this round of financing is expected to be completed in the third quarter of 2018. JD Finance completed a ¥6.65 billion-yuan Series A financing in January 2016, led by Sequoia Capital China Fund, Harvest Investment and China Taiping, with a post-investment valuation of ¥46.65 billion yuan. In June 2017, JD Finance completed the equity restructuring and delivery, and no longer included in the consolidated financial statements of JD Group. (Source: PYMNTS; Lieyun)
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Shanghai Unveils 100 Policies for Further Opening-Up
On July 10th, the municipal government of Shanghai unveiled 100 policies for further opening-up. The policies are focused on five aspects, including finance, manufacturing industries, intellectual property rights (IPRs), platform and business environment.
In particular, the policies make a special emphasis on the financial industry and hopes to enhance the role of Shanghai as an international finance center. According to the documents, the government will ease the banking industry access for foreign capital, relax restrictions on the proportion of shares and business scope in the securities industry for foreign investors, and encourage the opening-up of the insurance industry. (Source: GBTimes)
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Fintech Startup xyb100 Secures ¥200 Million B Round Funding led by Japanese Financial Institution Credit Saison
This week, fintech startup xyb100 announced that it had secured ￥200 million B round funding by famous Japanese financial institution Credit Saison. Founded in 2013 by Dr. Tu Zhiyun, xyb100 has grown to a leading personal credit management platform. In 2014, xyb100 received￥10 million angel investment and managed to complete a￥100 million A round funding in July 2015 from DT Capital Partners, SUVC and EVERST. The latest investment will be mainly used for technology upgrade (e.g. big data and AI) and Southeast Asian market expansion. Besides, xyb100 has also signed custody agreement with digital bank XWBank, which will officially start from mid-July. (Source: Lieyun)
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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.