China: WeiyangX Fintech Review

Hong Kong Monetary Authority Launches Blockchain-based Trade Finance Platform TradeConnect

The Hong Kong Monetary Authority (hereinafter referred to as the HKMA) announced on October 31st that it had launched a blockchain-based trade finance platform TradeConnect, in order to facilitate cross-border trade and related research.

TradeConnect was first announced by the HKMA and put into trial operation on September 27, 2018. The platform is managed and owned by Hong Kong Trade Finance Platform Limited (HKTFPCL) and the ultimate controlling entity is Hong Kong Interbank Clearing Limited. (Source: 8btc)

Consumer Financing Platform Akulaku Announces the Completion of a $70 million C-round Financing

Recently, Akulaku – a leading consumer financing firm from China, announced that it had completed a $70 million C round funding. This round of financing was led by FinUp, and followed by Qiming Venture Partners, Sequoia Capital and BlueSky Venture Capital. China Renaissance served as the exclusive financial advisor for this round of financing.

Akulaku is an online consumer financing platform focusing on the Indonesian and Southeast Asian markets. It is one of the first Chinese financial technology companies to go to SEA market. The platform is a product of Yanxin Technology (Shenzhen) Co., Ltd. (Source: 01Caijing) Launches Fintech Index for China Concept Stock

Recently, launched an index for Chinese Fintech companies listed in the United States, including the New York Stock Exchange and Nasdaq. As an industry index, it can reflect the changes in the industry’s prosperity through the index trend, indicating investors’ optimism or pessimism about the industry. In addition to reflecting the industry’s economic situation, the index still has other multi-layered meanings: reflecting the stock price of the stocks, the overall profit and loss of the stock investors over a period of time; reflecting the financial status of the relevant companies (if the overall profitability of the company is good, the index will continue to rise); and the extent to which the policy or other news will face when the index fluctuate in the short-term. (Source: Launches #Fintech Index Click to Tweet

PBoC Releases Specifications for Voiceprint Recognition-based Mobile Finance

On October 9, “Mobile Finance’s Safety Application Technical Specification based on voiceprint recognition (Standard Code: JR/T 0164-2018)” was officially released by the People’s Bank of China and will be implemented from now on. As the first biometric technology standard in the financial industry, the standard comprehensively defines the security application technology requirements based on voiceprint recognition in mobile financial service scenarios and is applicable to the development, detection, and application of voiceprint recognition-based mobile banking services.

The basic needs of the registration, verification, change, and cancellation of voiceprints have been clarified. Besides, technical requirements such as sampling, anti-noise, anti-attack, and anti-time change are proposed. What’s more, the life cycle of voiceprint information collection, transmission, storage, processing, and deletion is also regulated.

The standard refers to the “Network Security Law” implemented in June 2017, the “Technical Specifications for Mobile Terminal Payment Trusted Environment” issued in December 2017, and the Personal Information Security Codes implemented in May 2018, putting security and personal privacy protection in an important position.

(Source: mpaypass)

PBoC Releases Specifications for Voiceprint Recognition-based Mobile Finance #Fintech #China Click to Tweet

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