The People’s Bank of China and State Administration for Market Regulation Sign Data Sharing MoU
On May 20th, the People’s Bank of China (PBC) and State Administration for Market Regulation (SAMR) signed a Memorandum of Cooperation on Data Sharing (hereinafter referred to as the MoU), enhancing the regular flow and integrated use of data across regions and departments. The move aims to lay a data foundation for establishing a modern central bank system, promoting financial digitalization and improving the business environment. PBC expects the MoU to boost information sharing between the financial sector and areas related to people’s livelihood and improve the effective integration and in-depth use of data. It also aims to improve financial services for SMEs, targeted poverty alleviation and social security as well as solve financing challenges. (Source: PBC)
China’s Policy Banks Team Up with MYbank to Provide Interest-free Vouchers for SME loans
Starting from May 21st, under the guidance of the China Banking Regulatory Commission, China’s three major policy banks (China Development Bank, the Export-Import Bank of China, and Agricultural Development Bank of China) started to work with MYbank to provide interest-free vouchers as an effort to help China’s economy recover from the impact of COVID-19. The first batch of vouchers will be issued in 81 cities across China, and be accessible to SMEs via Alipay. After passing the credit assessment, every SME borrowers will have access to two vouchers, each representing 10,000 yuan in loan funds which will be free of interest for one month. (Source: The Paper)
Shanghai Establishes Fintech Industry Alliance
Recently, Shanghai launched the Shanghai Fintech Industry Alliance (SFIA) to advance the development of fintech participants in Shanghai and the whole Yangtze River Delta. Under the guidance of 8 regulators including Shanghai branch of PBC and CBIRC, SFIA is an open and non-profit organization consisting of 44 members of financial institutions, fintech companies, and research institutions. (Source: Sina)
Ant Financial Brings Blockchain Application to SMEs
On May 18th, Ant Financial officially launched blockchain contract services for small and medium-sized enterprises, opening the era of chain-signing. SMEs can use the blockchain to sign contracts, making digital transformation and promoting the recovery from the impact of COVID-19. Pan Geng, the person in charge of the blockchain contract, said that within three years, the “chain contract” will be able to be like a mobile payment service to serve “tens of millions of small and medium-sized enterprises.” According to preliminary statistics, the blockchain contract is more secure than 90% of the blockchain contracts on the market. (Source: 36Kr)
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.