China to Include P2P lending Industry into Credit System
On September 2nd, the special working group for Fintech risk ratification and special working group for online lending administration jointly issued a notice, requiring all p2p lending institutions to be connected to the credit system established by the Credit Reference Center of the People’s Bank of China or China’s first commercial credit system Baihang Credit.
Previously, according to the notice by PBC and CBIRC, only serious P2P loan defaulters will be recorded in the personal credit system and receive punishment from the National Development and Reform Commission. The document issued on Monday obviously even greater oversight over P2P platform operators, borrowers, and lenders. (Source: China Securities Journal)
People’s Bank of China Official Offers Online Courses on Libra and Central Bank Digital Currency
Earlier this month, Dedao.com（得到）, a Chinese online education platform, started to offer a new course “Fintech Frontier: Prospect of Libra & Digital Currency”. The course drew great attention, for it was provided by China’ Central Bank. Mu Changchun, deputy director of payments at the People’s Bank of China (PBC), serves as the lecturer of the course. According to Mu, the CBDC that China may launch soon fell into the category of Digital Currency Electronic Payment (DCEP).
On September 6th, it has been confirmed that Mu had been nominated as the next director of PBC digital currency research center. (Source: 8btc)
Insurtech Platform Huize Submits IPO Prospectus to SEC, Planning to Raise $150 Million
On September 4th, Huize Investment Holdings Co., Ltd., a Chinese leading insurtech platform, submitted a prospectus for IPO to the US Securities and Exchange Commission (SEC), planning to raise up to US$150 million in the form of issuing ADS (American Depositary Shares). Shares will be traded under HUIZ. It has not been determined whether it would be listed on NYSE or Nasdaq. Morgan Stanley, Citibank and CICC will be the lead underwriters of the IPO, while Tiger Securities is the underwriter. (Source: lieyun)
The 4th Tsinghua University Financial Education Training Camp Successfully Held in Beijing
From August 31st to September 1st, the 4th Tsinghua University Financial Education Training Camp was successfully held in Beijing.
The event was sponsored by Tsinghua University’s Institute of Fintech Research, supported by China Banking Association, hosted by WeiyangX.com and intelligent technology solutions provider Bairong Inc. Under the theme of “Digital Transformation in Retail Banking of Greater Jing-Jin-Ji Region”, the event offered sound interpretation and analysis of the macroeconomic environment and technology development, aiming to improve the literacy of financial practitioner and provide better consumer protection.
Nearly 100 commercial bank executives and technical department leaders were attracted to the event. (Source: WeiyangX.com)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, 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.