The PBC, NDRC and Four Other Authorities Jointly Release the Work Plan for Coordinated Regulation of Financial Infrastructures
In order to strengthen the construction of financial infrastructure, coordinate the regulation of important financial infrastructures and improve the capability of the financial sector to serve the real economy as well as forestall and defuse financial risks, upon the approval by the 10th meeting of the central committee for deepening overall reform after deliberation, the People’s Bank of China (PBC), the National Development and Reform Commission (NDRC), the Ministry of Finance (MOF), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) jointly released the Work Plan for Coordinated Regulation of Financial Infrastructures (hereinafter referred to as the Plan).
The coordinated regulation of financial infrastructures in China covers six types of facilities, i.e. financial asset registration and custody systems, clearing and settlement systems (central counterparties engaged in centralized clearing businesses included), trading facilities, trading report repositories, major payment systems, and basic credit reporting systems, as well as their operators. (Source: PBC)
ByteDance is Establishing a Global Payment Platform in Singapore
According to its Linkedin page, ByteDance is building a global payment platform in Singapore to provide cross-border payment solutions for all ByteDance’s products and services, which are growing rapidly worldwide. The jobs posted including Global Payment Product Manager， Tech Lead Manager, Software Engineer, and etc. In fact, ByteDance has already made its plan for the payment industry and applied for the “Byte Payment” trademark registration in Beijing in mid-2019. In addition to payment, ByteDance has also introduced competition in the digital banking field.
As of December 31st, 2019, the Monetary Authority of Singapore (MAS) has received 21 digital bank license applications, one of which was from ByteDance. (Source: mpaypass)
Industry Associations and MYBank Launch a “Contactless Loan” Program to Help SMEs Combat COVID-19
On March 5th, the All-China Federation of Industry and Commerce, together with a number of industry associations and MYbank jointly launched a “contactless loan” micro-assistance program. The plan will launch ten “contactless loan” related measures.
Within half a year, it will offer support for 10 million small and micro enterprises, individual households, and farmers in the country to combat COVID-19 and resume work. There are about 100 banks, including policy banks, state-owned banks, joint-stock banks, city and rural commercial banks responding to join the program. After the plan was released, more than 100 companies in the FMCG, catering, logistics, and automotive industries also quickly joined, and promised to support franchisees, distributors, and logistics companies in their supply chain to accelerate their recovery through “contactless lending”. (Source: CNR)
OPPO Launches Online Financial Platform in India
On March 3rd, China-based smartphone maker OPPO announced that it would venture into India’s financial market with its online platform OPPO Kash.
The OPPO Kash app will be pre-stalled in OPPO smartphones and will be available on Google Play and OPPO app market.
According to its announcement, OPPO Kash provides five products in its beta release, namely personal loans, mutual funds, business loans, SIP, and screen insurance.
The 20 asset companies that the platform cooperates with include ICICI Prudential, Kotak Mutual Fund, UTI Mutual Fund, and SBI Mutual Fund. In the next five years, OPPO plans to attract 10 million users and generate loans up to Rs50, 000 crore. (Source: 01Caijing)
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.