Chinese Banks Seek Technology Talents for Digital Transformation
The outbreak of the COVID-19 has accelerated the digitalization process of the financial industry. In order to respond better to future challenges, banks in China are seeking more technology talents. For example, Postal Savings Bank of China (PSBC) released its annual recruitment program this week. According to the plan, PSBC will hire a number of technology specialists, enhancing its ability in information security, data architecture, innovation research, operation and maintenance, project management, software development, and etc. Bank of Communications (BoComm) adopts a similar strategy. In the coming year, BoComm will recruit about 50 development engineers for its software development center in Shenzhen. (Source: mpaypass)
China to Extend Preferential Tax Policies
The Chinese government will integrate fiscal and financial policies and continue parts of expired preferential tax policies to the end of 2023, according to the State Council executive meeting chaired by Premier Li Keqiang on April 7. The tax support policies will remain applicable to inclusive financial services and micro-loan companies to help serve micro and small enterprises, self-employed individuals and farmers.
As announced at the meeting:
- value-added tax will be exempted from the interest income of financial institutions earned by offering loans of 1 million yuan and below to small and micro businesses, privately or individually owned business and farmers.
- interest income earned by offering loans of 100,000 yuan and below to farmers and insurance premium earned by offering insurance services for crop farming and breeding industry will be assessed by 90 percent into the total taxable income.
- value-added tax will be exempted from the interest income of small loan companies earned by offering farmers loans of 100,000 yuan and below, and income will be assessed by 90 percent into total taxable income; and loan loss reserves provided at 1 percent of year-end loan balance can be deducted pre-tax.
Related departments should accelerate efforts to carry out the supportive policies to help micro and small enterprises, privately owned and farmers go through the epidemic, the Premier said. (Source: ENGLISH.GOV.CN)
WeBank, Ping An Technology, and China UnionPay jointly Issue a New White Paper on Federated Learning
Federated Learning is a new encrypted distributed machine learning engineering idea that has emerged in recent years. It allows AI algorithms to accept experience from a vast range of data located at different sites. In such cases, organizations could collaborate but without needing to share sensitive data with each other. In April 2020, WeBank released the “Federal Learning White Paper V2.0” in collaboration with National Engineering Laboratory for E-commerce and Electronic Payment (China UnionPay), Peng Cheng Laboratory, Ping An Technology, Tencent Research Institute, Cloud Computing & Big Data Research Institute of the China Academy of Information and Communications Technology. Based on a rich set of case studies and expert interviews, the newly released document made an update of the definitions, classifications, technical analysis of the “Federal Learning White Paper V1.0”. (Source: weinsights)
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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