China Implements First National Standard for Insurance Sector
On April 11th, China has implemented its first national standard for the insurance industry.
The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to a statement by the China Banking and Insurance Regulatory Commission. It will help consumers better understand products and services provided by insurance companies and improve the cooperation and communication in the industry.
In 2018, combined premium in China’s insurance sector totaled 3.8 trillion yuan (567 billion U.S. dollars), which makes China the world’s second-largest insurance market second to the United States. (Source: Xinhua)
Fintech Education Between Colleges in Shanghai and New Jersey
Earlier this month, China’s Ministry of Education issued the list of universities and colleges authorized for international cooperation programs. According to the announcement, Shanghai Lixin University of Accounting and Finance was granted to offer cooperated undergraduate course (Fintech) with New Jersey Institute of Technology in the United States. According to the course introduction, the program will provide students professional understanding of cutting-edge fintech technologies (e.g. big data, blockchain, and AI), and how to integrate these emerging technologies with finance and accounting. (Source: Pudong Times)
HKMA issued the 4th virtual banking license
On April 10th, the Hong Kong Monetary Authority (HKMA) announced that it had granted a banking license under the Banking Ordinance to Welab Digital Limited (WDL) for it to operate in the form of a virtual bank. According to its business plan, WDL intends to launch its services within 6 to 9 months.
This is the 4th virtual banking license granted by the HKMA. According to HKMA, the introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era.
It is a major milestone in reinforcing Hong Kong’s position as a premier international financial center. Virtual banks will not only help drive FinTech and innovation but also bring about brand-new customer experiences and further promote financial inclusion in Hong Kong. （Source: HKMA）
China’s Economic Planning Agency Plans to Ban CryptoMining
On April 8th, China’s National Development and Reform Commission (NDRC), published a draft proposal for revising the existing Catalog for Guiding Industry Restructuring. The economic planning agency first published the Catalog in 2005, listing activities that the government suggests to encourage, restrict and discontinue.
The Catalog was then revised in 2011, 2013 and 2016, and is undergoing another revision. According to the to-be-revised version, cryptomining, or more specifically Bitcoin mining, is categorized as an industrial sector that should be discontinued in China’s future development. The document is open for public consultation and feedback until May 7th. (Source: CoinDesk)
The above is a weekly synopsis of the biggest stories in Fintech from China provided by WeiyangX in partnership with Crowdfund Insider.
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.