China: WeiyangX Fintech Review

The 2019 Global Fintech Venture Competition Launched in Beijing

On October 12th, the “2019 Global Fintech Venture Competition” (hereinafter referred to as “the Venture Competition”) was officially launched at the WDK Fintech Exchange Center in Beijing. The Venture Competition is a high-level fintech competition initiated by the Institute of Fintech Research, Tsinghua University (THUIFR) as an academic advisor and organized by WeiyangX.com, aiming to discover the fintech rising stars at home and abroad and accelerating the innovation of China’s fintech industry.

The Venture Competition will gather a galaxy of international authorities from fintech academic organizations, financial institutions, venture capitals and relevant regulators. In partnership with the technology innovation centers in Beijing, Shanghai, Chengdu, Shenzhen and Silicon Valley, it is to recognize the emerging solutions, business opportunities and prospects of the fintech industry, establish a communication platform for entrepreneurs and investors, and promote the development in China’s fintech space. The winners will be awarded with mentoring, resource-matching, brand-promoting, free passage to Entrepreneur Training Camp and scholarship from THUIFR and WeiyangX, as well as public subsidy from The District People’s Government of Haidian, Beijing. (Source: WeiyangX)

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iResearch: China’s Third-Party Mobile Payment Transactions Rose by 22.6% in Q2 2019

On October 16th, iResearch issued the “China Third Party Payment Industry Data Report (2019 H1)”. According to the report, in the first half of this year, the scale of third-party mobile payment transactions in China was about 110.4 trillion yuan. In the second quarter, the scale of third-party mobile payment transactions was about 55.0 trillion yuan, with year-on-year growth rate of 22.6%. In terms of mobile payment market share, Alipay and Tenpay still remains in the first tier, accounting for 54.2% and 39.5% respectively. Besides,

the data shows that in the first half of 2019, the transaction volume of offline scan-to-pay has also reached about 15.4 trillion yuan. (Source: iResearch)

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E-signature Provider eSign Secures ¥650M C Round of Financing led by Ant Financial

On October 16th, e-signature provider esign secured ¥650M C round of financing. The investment was led by Ant Financial, followed by Eminence Ventures and Gobi Partners. The capital will be mainly used for product upgrade, R&D and team building. Esign has been one of the earliest players entering the e-signature market in China. At present, esign is offering a wide range of private/public cloud-based services (e.g. e-signature, smart contract and online arbitration). As of June 2019, e-sign has attracted 210 million individual users and 2.89 million enterprise users from industries like traditional finance, the Internet, and government authorities. (Source: 36Kr)

Blockchain-based Service Network (BSN) announced in Beijing

On October 15th, The Blockchain-based Service Network (BSN) was launched in Beijing. The network was jointly designed and established by State Information Center Informationization and Industry Research Department, China Mobile Communications Corporation, Research Institute of Electronic Payment, China Unionpay Co.,LTD and Beijing Red Date Technology Company Limited. It is China’s first national-level blockchain network. The objective of BSN is to promote the transformation and application of blockchain innovation, serving the development of Smart City and Digital Economy. (Source: eeo.com)

#Blockchain-based Service Network (BSN) announced in Beijing Click to Tweet

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.

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