46 Innovative Financial Services & Products From 77 Entities Accepted into Beijing Fintech Sandbox
On December 7th, Beijing Municipal Bureau of Financial Work held a Fintech seminar in Beijing. Zhicheng Zeng, an official from the People’s Bank of China, revealed in a speech that 46 pilot projects from 77 entities (e.g. government departments, commercial banks and internet giants) have been approved to participate in the Beijing Fintech Sandbox.
The pilot projects employ cutting-edge technologies like big data, cloud computing, AI and blockchain, and involve several scenarios including finance, healthcare, social security, pension and agriculture. (Source: Beijing Business Today)
MYbank Cooperates with Gaode Map to Promote Small Business Growth in China
MYbank, with Ant Financial as its largest shareholders, is among the first batch of pilot private banks in China.
Established on June 25th, 2015, the digital-only bank has made financial inclusion its commission, trying to providing financial support for SMEs and rural areas with innovation on technology, data and funding channels.
On December 5th, MYbank announced that it had signed a cooperation agreement with Gaode Map to promote small business growth.
Small business owners can submit their basic business information (e.g. location, products, services) to the MYbank applet on Alipay, and then the small shops will be tagged on Gaode Map. Shop owners can update promotions or shop photos on Gaode Map. Gaode Map is a national navigation, traffic information and ride-sharing platform with nearly 500 million monthly active users, which will help the small business to attract more customers. As part of the cooperation, MYbank will use the small business search data from Gaode as reference, providing more financial support for shops with more searches and customer traffic. (Source: lieyun)
Beijing Starts Recordation Pilot for Financial Apps
On December 4th, the National Internet Finance Association of China (NIFA) held a meeting about financial app supervision in Beijing.
According to the meeting, all pilot institutions need to file a financial app recordation application before the end of this month.
In the future, NIFA is planning to expand the pilot recordation mechanism to other provinces, municipalities and autonomous regions. In addition, NIFA will try to establish a self-regulation system which includes industry convention, whitelists & blacklists, self-inspection, etc. (Source: WDZJ)
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.