China’s Top Financial Authorities Roll Out 11 Financial Reform Measures
On May 27th, the Office of the Financial Stability Development Committee of the State Council issued a press release that the Development and Reform Commission, the Ministry of Finance, People’s Bank of China, China Banking & Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange and other financial commission members would soon launch 11 financial reform measures, including:
- Commercial Bank Micro and Small Enterprise Financial Service Regulatory Assessment Measures
- Work Plan for Deepening Reform and Supplementing the Capital of Small and Medium-sized Banks
- Opinions on Strengthening Administrative Punishments for Financial Conduct in Breach of Laws
China’s top financial authorities expected these measures to promote reforms and opening-up of the financial markets and provide better risk control and services. (Source: PBC)
Meituan Launches “Meituan Monthly Payment” Function
On May 29th, Meituan, China’s leading e-commerce service platform, launched a monthly payment function on its APP, which is regarded as a similar service of Huabei on Alipay.
Meituan Monthly Payment offers an interest-free period as long as 38 days, deferred payment and installment up to 12 terms. At present, the new function could be used for a number of scenarios like food-delivery, accommodations, taxis, movie tickets and Mobikes. (Source: WeiyangX)
Consumer Financing Technology Service Provider hrfax.cn Secures 50-million-yuan Series A Financing
In the last week of May, hrfax.cn announced that it had secured 50-million-yuan Series A financing from Cowin Capital. According to hrfax.cn, the newly injected capital will be used for new project incubation and industrial integration.
Established in 2015, hrfax.cn is a consumer financing technology platform committed to providing technology infrastructure, risk control, operation support for traditional financial institutions, commercial banks, and licensed consumer financing companies.
In August 2016, hrfax.cn received a 10-million-yuan Pre-A financing round led by Hundsun Electronics and Fellow Partners. (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.