China: WeiyangX Fintech Review

“Financial Innovation and Development Open Courses” launched on WeiyangX.com

This week, WeiyangX.com launched a new series of financial open courses. Under the guidance of Beijing Municipal Bureau of Financial Work, the “Financial Innovation and Development Open Course” is hosted by PBC School of Finance, Tsinghua University (Tsinghua PBCSF) and the Institute for Fintech Research, Tsinghua University (THUIFR), and organized by WeiyangX.com. The course is aiming to accelerate financial supply-side structural reforms, promote the financial industry to serve the real economy, and contribute to high-quality economic development through the introduction and education of financial innovation.

Representatives from financial institutions, financial market organizations, financial infrastructure platform, and fintech startups, which all registered and operated in Beijing, will be invited to share their insights of financial innovations. Anyone interested in this course could apply through the official WeChat account of WeiyangX.com. The courses will be live-streamed from 20:00-21:00 every Tuesday/Friday from May 8th to July 10th on a number of media partners’ platforms. (Source: WeiyangX.com)

The CBIRC’s New Rules Limit Consumer Loans

On May 9th, the China Banking and Insurance Regulatory Commission (CBIRC) issued the “Commercial Bank Online Loan Provisional Administrative Measures” for public consultation. Commercial banks are required to establish a comprehensive risk management system for online loans. Besides, the Measure made the upper limit of personal consumer loans to 200,000 yuan (~ USD $27,278), while the maturity should be no more than one year. (Source: Sina)

The China Banking and Insurance Regulatory Commission has issued new rules that limit consumer loans Click to Tweet

Mi Pay Offers Gold Commodity Trading in India

Recently, Xiaomi India introduced a ‘gold trading’ feature through its Mi Pay app (latest version), which will allow users in India to trade with the gold commodity in real time. For example, users could store the 24-karat physical gold in a vaulting firm operated by a Xiaomi’s partner or get the gold delivered in the physical form if needed. Besides, users could also track their gold balance and get it exchanged for jewelry from a Xiaomi’s partner jewelers. (Source: Baijingapp)

Xiaomi India has introduced a 'gold trading' feature through its Mi Pay app Click to Tweet

The Chinese Ministry of Industry and Information Technology to Advance the Development of Mobile IoT

On May 7th, the Ministry of Industry and Information Technology of the People’s Republic of China issued a document to promote the profound development of mobile IoT [internet of things]. According to the document, China will build an ecosystem of NB-IoT (Narrow Band Internet of Things, NB-IoT), 4G (including LTE-Cat1, the 4G network of rate category 1) and 5G.

By the end of 2020, the NB-IoT network will cover the main urban areas of cities above the county level, and the number of mobile IoT connections will reach 1.2 billion. (Source: Ministry of Industry and Information Technology)


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.

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