Xiong’an to Launch “Financial Island” and Regulation Sandbox
On November 13th, Zhu Zhongwen, deputy director of the Reform and Development Bureau of Xiong’an New Area Administrative Committee, revealed that a “Financial Island” of about 2.5 square kilometers would be built in the Xiong’an New Area of Hebei Free Trade Zone. Zhu added that the financial island, as the center of Xiong’an CBD and the local financial innovation hub, would explore the “sandbox mechanism” and allow creative financial trading (e.g. equity crowdfunding) to be tested on the Xiong’an Equity Exchange. (Source: Sina)
SPD Bank Holds Fintech Innovation Competition at Singapore Fintech Festival
On November 14th, the “3rd SPD Bank International Fintech Innovation Competition” was held in Singapore. As an important event of the Singapore Fintech Festival (SFF), this competition has received strong support from the Monetary Authority of Singapore (MAS), Singapore Fintech Association (SFA) and partners such as Microsoft, Temenos, MasterCard and KPMG. Since the registration started at the end of August, the competition has received 106 innovative solution applications from 72 companies in 13 countries, covering customer service, supply chain ecology, fraud detection, regulatory technology, digital privacy protection and other business scenarios. After fierce competition, eight technology companies from China, the United States, Singapore and Israel stood out and won platinum, gold, silver and bronze medals respectively. In the follow-up, SPD Bank will further cooperate with the award-winning institutions to jointly promote the application of the award-winning solutions. (Source: Caijing.com)
Ping An to Establish Financial Media Branch
On November 12th, Ping An Group posted a recruitment notice. The proposed financial media platform, Ping An Toutiao (平安头条) is about to recruiting 180 financial journalists for the production of financial news and video content. It is said that positions like editor-in-chief and channel general manager could be offered expect salary of millions of yuan. The media platform, as reported, will cover the latest news, analysis and insights of fund, insurance, finance, securities, real-estate, business and blockchain. (Source: WeiyangX.com)
Baidu Enters the Mutual Insurance Business
On November 15th, Baidu launched the “Light Mutual Insurance”（灯火互助） plan. According to Baidu, the plan covers malignant tumors and 99 severe diseases. Customers, aging 30 days to 60 years old, could apply to join the mutual insurance group and will be offered an insurance claim up to 500,000 yuan. Customers pay 0 yuan to join the plan and share the payments if one of the members generate medical expenses. However, before joining the plan, customers must open a personal banking account at Baixin Bank and a Baidu Quick Pay mobile payment account. Since the second half of 2018, internet giants including Ant Financial. Didi, 360 Finance, Suning and Meituan have all launched mutual insurance products. (Source: ifeng)
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.