China: WeiyangX Fintech Review

Xiaomi Intends to Set Up a Virtual Bank

According to a report from HKEJ on August 20, the Fintech branch of Xiaomi Group – Insight Technology (Dongjian Keji)- is intending to apply for a Hong Kong virtual banking license, hoping to submit documents before the end of August as part of the first batch of applications.

Hong Kong’s virtual banking licenses have attracted many mainland internet companies. Apart from jointly applying for a license, these mainland internet giants will also recruit senior bankers from Hong Kong to facilitate their contact with the HKMA, and make better virtual banks business plan that are more suitable for the Hong Kong market. (Source: HKEJ)

Xiaomi Intends to Set Up a Virtual Bank #Fintech Click to Tweet

Ant Financial has Issued Nearly 600,000 Blockchain-based Medical Bills

It is reported that Ant Financial’s blockchain branch has recently joined hands with Aisino on testing the blockchain-based digital medical bill service, and plans to promote it in various scenarios in the future.

According to Ant Financial, nearly 600,000 medical electronic tickets have been sent to or issued by patients in the past two weeks. It is understood that this application scenario is a coalition chain, the nodes on the chain include the hospital, the local finance bureau, the local social security bureau, Aisino and Alipay.

Some insiders believe that the application of blockchain in the field of electronic invoices and electronic bills is the trend of the times. However, not all electronic invoices and electronic bills have to be recorded by blockchain.

The most demanding blockchain application are invoices and tickets with high reimbursement frequency. Yang Xueqing, an expert from Ant Financial blockchain business, said that eliminating duplicate reimbursement is the biggest value of blockchain medical electronic bills. (Source: Securities Daily)

Ant Financial has Issued Nearly 600,000 #Blockchain based Medical Bills Click to Tweet

NIFA Issues P2P Self-Checklists

On August 29th, the National Internet Finance Association of China (NIFA) issued a “List of Self-examination and Self-correction for P2P Lending Member Organizations” (hereinafter referred to as “Self-check List”) to its member entities, which was divided into two parts, involving 119 articles.

These self-checks include system access and data reporting, self-discipline conventions and management methods, information disclosure, fund deposits, and other self-regulatory requirements. Compared with the “List of Compliance Information Checklists for Internet Lending Information Intermediaries” issued by the Office of the Leading Group for the P2P Lending Risk Special Remediation Work.

The 119 articles issued this time are newly added as follows:

“Whether there is a related party that is controlled by the same actual controller in the online lending institution to raise funds on the online lending platform, and the online lending institution fails to disclose information on the financing act as required”, if any in this case, a disclosure plan is required.

In addition, 119 articles have also been refined in terms of fund deposits. (Source: Sohu)

The National Internet Finance Association of China has issued a List of Self-examination and Self-correction for #P2P Lending Member Organizations #Fintech Click to Tweet

A Number of Chinese AMC Companies Set up P2P Risk Disposal Team

In early August, the China Banking & Insurance Regulatory Commission held a meeting to ask the four major asset management companies (AMC) in China to help resolve the risk of P2P industry crisis.

It is reported that Great Wall Asset Management Co., which was one of the four AMCs, has taken the lead in setting up a P2P risk disposal leading group, and will set up working groups in Shanghai, Zhejiang, Guangdong, Beijing and other regions to coordinate the promotion of P2P risk disposal. The local working group was first established in several areas where the P2P risk was concentrated, and the risk mapping work was carried out. On August 30, another AMC giants China Cinda also joined the team by establishing its own P2P risk disposal professional group, and conducted in-depth research and analysis of the situation in the field. (Source: ifeng)

the China Banking & Insurance Regulatory Commission held a meeting to ask the four major asset management companies in China to help resolve the risk of #P2P industry crisis Click to Tweet

The IPO Plan of Ant Financial May Be Delayed. Again.

As the world’s leading financial technology giant, Ant Financial has been reported to be listed after every round of financing. After the completion of a new round of (C round) financing to obtain a huge investment of 14 billion US dollars, the IPO rumor appears again. But then as the Financial Times reported: Ant Financial has once again postponed its IPO plan, and would not consider to be listed before the end of 2019. This, undoubtedly, poured a cold water on investors. (Source: 01Caijing)

The IPO of Ant Financial May Be Delayed. Again. #Fintech Click to Tweet

SHIE teamed up with a number of agencies to explore blockchain application scenarios

Recently, the Shanghai Insurance Exchange (SHIE) has signed cooperation agreements with  Insurance Asset Management Association, a number of subsidiaries of China Taiping, THE TOKIO MARINE & NICHIDO FIRE INSURANCE COMPANY CHINA LIMITED TMNCH), Mitsui Sumitomo Insurance (China) Co., Ltd and Sompo Insurance China Co., Ltd to create new application scenarios for blockchain technology.

According to the documents, the tests will be conducted in areas such as insurance asset management, pension management, blockchain-empowered digital insurance transformation and reinsurance. (Source: Securities Daily)

the Shanghai Insurance Exchange is exploring the use of #Blockchain Click to Tweet

PICC P&C and ICBC Collaborate to Establish an Auto Financing Service Platform

On August 22, PICC P&C and Industrial and Commercial Bank of China, announced a comprehensive strategic cooperation in the field of auto finance.

According to the plan, the two parties will gradually carry out the cooperation of auto insurance installments, and will share customer resources, jointly carry out marketing of auto financing products, and establish an auto financial service platform. (Source: Shanghai Securities News)


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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