Xiaomi Eyes Consumer Financing and B2B Lending in India
Chinese smartphone giant Xiaomi plans to enter the consumer finance and business-to-business (B2B) loan market in India.
Xiaomi has followed the Indian company law and established a non-bank financial institution “Xiaomi Financial Services India” to apply for a relevant business license from the Central Bank of India.
According to the latest documents submitted by Xiaomi to the regulatory authorities, the above-mentioned new company was established on October 10 this year and is a subsidiary of Xiaomi Financial (Hong Kong) Co., Ltd. and Xiaomi Singapore Financial Technology Corporation.
Since Indian law allows foreign direct investment (FDI) to hold entities in the form of NBFCs, Xiaomi will use the new platform to provide loans to consumers in the e-commerce sector, while providing loans to B2B entities such as enterprises. In fact, Xiaomi has long hoped to apply for a non-bank financial institution license in India. It has already entered India’s financial technology industry by setting up two entities MI Credit and MI Finance in India. (Source: mpaypass)
Hong Kong Will Develop a Comprehensive Regulatory Framework for Digital Currency Trading Platforms
Carlson Tong, chairman of the Hong Kong Securities and Futures Commission said in an interview recently that the agency was exploring to regulate digital currency trading platforms in Hong Kong.
Similar to traditional stock exchanges, digital currency trading platforms are typically run by organizations that oversee their operations, maintenance, and security, and grant users access to the platform at a fee. The reason for a more formal regulations is that the transaction volume of Bitcoin and other cryptocurrencies has increased, and the rapid growth of the industry requires further adjustments and improvement of the regulations.
Over the past few months, Hong Kong Securities and Futures Commission has warned investors that they should be cautious about their transactions and warned operators that they must strictly abide by the rules of the Hong Kong Securities and Futures Commission. (Source: 36Kr)
Ant Financial Teams Up with Trust Mutual Life to Launch Mutual Insurance Product
On October 16th, Ant Financial and Trust Mutual Life jointly launched an online mutual insurance product-Mutual Protection. Members of Ant Financial with Sesame Credit of 650 points and above (under 60 years old) can join the “mutual insurance” plan without paying fees.
According to Fang Yong, the person in charge of this product, unlike the general insurance products which are priced according to the disease incidence rate and need to be paid at fixed premium first, the “mutual insurance” product is priced on the actual occurrence of the payment case.
According to the rules, the information of Mutual Protection will be disclosed twice a month. On the day the information disclosed, the confirmed claims will be publicized and accepted for objection complaints on the premise of moderately hiding sensitive and private information. Then the insurance benefits, plus the required 10% management fee, will be shared equally by all users on the assessment date.
According to Ant Financial, the product has attracted over 10 million registration during the pilot period and gained a high degree of popularity among the young people. (Source: 01Caijing)
Baidu Establishes Blockchain Lab in Hainan
On October 18th, Baidu Blockchain Lab signed a cooperation agreement with Hainan Provincial Bureau of Industry and Information Technology and Hainan Ecological Software Park. Hainan Baidu Blockchain Lab and Du Chain Network Technology (Hainan) Co., Ltd. officially unveiled the Hainan Ecological Software Park. Baidu blockchain laboratory has always been the technical backing of Baidu blockchain application. The superchain (Xuperchain) developed by the lab has provided the underlying technical support for Baidu’s six blockchain applications.
Baidu also revealed that after the Hainan Baidu Blockchain Lab settled in Hainan Ecological Software Park, it will conduct research on the iterative development of blockchain technology and explore the development of blockchain technology in the fields of intellectual property, e-commerce, education and transportation. Hainan Free Trade Zone (Hong Kong) Blockchain Test Zone Standards Committee will set up technical standards and industry norms, and rely on Baidu “superchain” to promote public blockchain services in Hainan Province. (Source: Odaily)
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