Min Zhu: Libra is not Alipay. Its core concept is currency.
On July 1st, the 13th Annual Meeting of the New Champions (also known as the Summer Davos Forum) in Dalian, China. Min Zhu, Chair of Tsinghua National Institute of Finance Research and former vice president of IMF, shared his view about Facebook’s stable coin Libra in a sub-forum named “How China shapes the Future of Finance”.
Min Zhu suggests that we should not take Libra lightly even if it is still at a very initial stage. He further explained that Libra is not a payment intermediary like AliPay. The Facebook stablecoin has reserves, principal and bonds as collateral, and a basket of currencies for labeling and pricing. Thus, the core concept of Libra is currency. (Source: sina)
Ant Financial and Zhejiang University Sign Digital Economy Partnership Agreement
On July 4th, Ant Financial announced that it has reached a strategic cooperation with Zhejiang University. The two parties will jointly establish the Zhejiang University Fintech Research Center, cultivating talents and providing solutions for the digital economy era. Zhejiang University is the 5th world-renowned university that has established strategic cooperation with Ant Financial. Before this, (Source: Lieyun)
- In June 2018, Ant Financial and the Massachusetts Institute of Technology established [email protected] lab. Among the five founding members of the laboratory, Ant Financial is the only Chinese company.
- In January 2017, Ant Financial became a founding member of the RISELab of the University of California, Berkeley. RISE Labs led the development of cutting-edge open source systems for big data computing, and is well known in the industry.
- In January 2017, Ant Financial and Tongji University jointly developed the “Key Technology and Application of Risk Prevention and Control of Network Transaction Payment System”, which won the second prize of China’s National Science and Technology Progress Award.
- Earlier in October 2016, Ant Financial announced the establishment of a school-level joint laboratory with Tsinghua University to study frontier areas such as financial security, blockchain technology, artificial intelligence, and robo-advisors.
Risk management solution provider Tongdun Technology Secures a New Round of Financing
On June 30th, Fintech risk management and anti-fraud service provider Tongdun Technology received tens of millions of dollars in financing. Participants in the investment included AVIC Capital International, Guangfa Global Investment Fund, Zheshang Venture Capital and one unnamed top global financial institution.
Founded in October 2013, Tongdun Technology is a professional risk management service provider in China, combining artificial intelligence with business scenarios to offer credit risk control and anti-fraud services for clients in finance, internet, logistics, health, retail, smart city, government agencies.
Over the past years, Tongdun Technology has attracted a few corporate customers including China Construction Bank, Industrial and Commercial Bank of China, Bank of China, China CITIC Bank, Minsheng Bank, Guangfa Bank, China Everbright Bank, MYBank, WeBank, JD.com and Baidu. (Source: iyiou)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership withCrowdfund 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.