China and South Korea’s Financial Regulatory Agencies Reach Cooperation on Cryptocurrencies and Other Issues
According to Chosun’s report last week, Yoo Kwang-yeol, the first senior vice president of the Korea Financial Supervision Service (FSS), recently met with the vice chairman of the China Banking & Insurance Regulatory Commission. The two sides agreed to conduct financial regulatory cooperation. The initiative between the two countries began with the FSS review of the process of establishing a foreign branch of a South Korean insurance company in China.
According to news media reports:
“The two organizations have decided to further exchange experience and information on the internal control of financial institutions and anti-money laundering monitoring.”
The news media also said:
“At a meeting with the China Securities Regulatory Commission, the two sides have established cooperation, including the establishment of a work-level hotline. The two sides will jointly address new global regulatory issues such as international financial regulation, virtual currency, ICO and financial technology.” (Source: New.bitcoin)
[clickToTweet tweet=”China and South Korea will jointly address new global regulatory issues such as international financial regulation, virtual currency, #ICO and financial technology #Fintech” quote=”China and South Korea will jointly address new global regulatory issues such as international financial regulation, virtual currency, #ICO and financial technology #Fintech”]
JD Invests ¥4.8 Billion in Allianz P&C Insurance
On July 24th, the China Banking & Insurance Regulatory Commission announced that it approved the registered capital of Allianz Property Insurance rose from 805 million yuan to 1.61 billion yuan, and the shareholding ratio of Germany Allianz Insurance Group decreased from 100% to 50%.
The other four new shareholders, including the company (hereinafter referred to as “JD”), subscribed for 50% of the shares. After investing into Allianz Property Insurance, JD.com will become its second largest shareholder (30%) and therefore won the first insurance license.
In recent years, JD has been planning to enter the insurance field, but progress has been slow. In regard with the other players within the BATJ, Alibaba has been deeply involved in the insurance industry for many years, and together with Tencent became the first company to obtain insurance licenses. (Source: Sohu)
[clickToTweet tweet=”JD Invests ¥4.8 Billion in Allianz P&C Insurance #Fintech #Insurtech” quote=”JD Invests ¥4.8 Billion in Allianz P&C Insurance #Fintech #Insurtech”]
China has 10,000 Blockchain Companies and There Will be More
According to a joint research by 01Caijing·Binary and Quantum Numbers, as of May 3, 2018, there are about 8672 companies in China whose registration names or business scopes contain the word “blockchain”, and there are 1213 profiles containing “blockchain”. The Chinese blockchain market are now featured with the following characteristics: (Source: 01Caijing)
1) 2017 marked the boom of Chinese blockchain companies.
2) The Chinese government has completely banned ICO, but could not prevent blockchain companies from proliferating.
3) Guangdong ranks the top for blockchain enterprise registration, followed with Zhejiang and Guizhou.
4) Blockchain enterprises are concentrated in the information and sci-research industry.
5) SMEs account for the biggest part of the emerging industry
[clickToTweet tweet=”China has 10,000 #Blockchain Companies and There Will be More” quote=”China has 10,000 #Blockchain Companies and There Will be More”]
Recently, reporters learned from some local financial offices that since April this year, seven financial bureaus (offices) including Beijing, Guangzhou, Xi’an and Tianjin have successively reached cooperation with Ant Financial and been linked its financial risk management platform, “Ant Risk Brain”. It is said that more local regulatory authorities are currently conducting related research and considering joining this program.
According to Ant Financial, “Ant Risk Brain is a risk processing model of Ant Financial, which can establish a risk model based on the characteristics of financial risks and the expertise provided by local regulatory agencies. It can analyze financial risks based on information from corporate equity, industrial and commercial compliance, product management, and public opinion analysis and provide reference for the supervision after the risk is determined. (Source: JRJ.com)
[clickToTweet tweet=”Ant Risk Brain is a risk processing model of Ant Financial, which can establish a risk model based on the characteristics of financial risks #Fintech” quote=”Ant Risk Brain is a risk processing model of Ant Financial, which can establish a risk model based on the characteristics of financial risks #Fintech”]
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