PBC Releases “Financial Distributed Ledgers Technology Security Specification”
On February 5th, the People’s Bank of China has released the “Financial Distributed Ledgers Technology Security Specification” (JR / T 0184-2020). The document specifies the financial DLT security system, including basic hardware, basic software, cryptographic algorithms, node communication, ledger data, consensus protocols, smart contracts, identity management, privacy protection, regulatory support, operation and maintenance requirements, and governance mechanisms, etc.
PBC Digital Currency Research Institute proposed and led the drafting of the document, with support from PBC Technology Department, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and China Development Bank.
In the future, the specification will be supervised and managed by the National Financial Technical Committee for Standardization. (Source: ChainNews)
SSE to See First Online IPO Ceremony Amid Epidemic
From February 24th, the Shanghai Stock Exchange (SSE) has started to hold IPO Ceremonies online instead of in the trading hall for the first time in its history, to facilitate the companies’ listings amid the ongoing novel coronavirus outbreak (COVID-19). The online ceremonies retain the main sections and elements of the offline ceremonies, with a video simulation of gong beating. Applicants for this innovative service can submit certain clips and other material to the SSE, and choose to livestream the ceremony on the official platform of the SSE if they like. This Monday, the first online IPO ceremony was put on SSE’s website for BESTORE (603719), a snack brand headquartered in Wuhan, the epidemic’s epicenter. In addition, the SSE has also introduced a series of support measures such as reducing listing fees for the companies to be listed. (Source: SSE)
PBC Issues the “Technical Specification for the Protection of Personal Financial Information”
On Februray 13th, the People’s Bank of China (PBC) has released the “Technical Specification for the Protection of Personal Financial Information” (hereinafter referred to as the “Specification”). The “Specification” divides personal financial information into three categories (C1, C2, and C3) according to the degree of sensitivity and the damages that might result from a data breach. The C3 category includes user authentication information (e.g. bank card track data, verification numbers, passwords and users’ biometric information). C2 includes personal financial information that can identify a user and his financial status, and key information used for providing financial products and services (e.g. payment account and relevant ID information, one-time password, and KYC information). C1 includes personal information used by financial institutions such as bank account opening dates, and other non-C3 and non-C2 personal financial information. In terms of information collection, the “Specification” requires that “non-financial institutions should not be entrusted or authorized to collect C3 and C2 categories of information”. (Source: mpaypass)
Online Insurance Brokerage Company Jiniu Technology Completes 15 Million Yuan Pre-A Financing
On February 10th, online insurance brokerage company Jiniu Technology announced that it had received a 15 million yuan Pre-A round of financing from Eminence Ventures. It is understood that this round of financing will be mainly used to strengthen the system and product R&D. Jiniu Technology’s platform not only provides online access to insurance purchase and claim settlement, but also offers a digital solution for the operation and management of the insurance company.
Since its establishment, Jiniu Technology has signed contracts worth of 8 million yuan. (Source: Lieyun)
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.
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