2020 CB Insights China Fintech 50 List Released
On June 29th, CB Insights China announced the first CB Insights China Fintech List (the List) at the “Future of Fintech China” summit in Shanghai. Fintech companies were evaluated based on a unique DPTC system, namely Depth, Popularity, Tendency, and Collaboration.
The List includes 50 leading Chinese companies that disrupt the traditional financial services industry (e.g. asset management, insurance, and banking) with advanced technologies and innovative business models. 360 Finance, Ant Group, Tencent Financial Technology, and JDD are all on the list. (Source: Securities Daily)
CAICT Issued a White Paper Titled “The Development of China’s Digital Economy (2020)”
On July 3rd, the China Academy of Information and Communications Technology (CAICT) issued the white paper on “The Development of China’s Digital Economy (2020)”. According to the document, the economic value added (EVA) of China’s digital economy has reached 35.8-trillion-yuan, accounting for 36.2% of GDP with an increase of 1.4% year-on-year. In 2019, the nominal growth rate in China rose by 15.6%, 7.85% higher than the nominal GDP growth. The importance of digital economy in the national economy is further consolidated. (Source: CAICT)
The Ministry of Agriculture and Rural Affairs Reached a Strategic Cooperation with Alibaba
On June 29th, the Ministry of Agriculture and Rural Affairs reached a strategic cooperation with Alibaba Group. Under the agreement, the two sides will jointly promote implementation of the rural vitalization strategy by collaborations in areas of e-commerce, innovative financial inclusion and digital rural governance. They will focus on projects of digital agriculture, rural governance platform building and county financial service. (Source: jiemian)
Alipay has Become the Live Stream Platform of Choice for 40 Financial Institutions
In May 2020, Alipay added a “live stream” feature to its platform. As of June 28, more than 40 financial institutions have made a live stream of their products on this platform, covering an audience that totaled 34.19 million.
At present, Alipay has cooperated with more than 300 banks, fund companies, insurance companies, securities companies and other financial institutions to provide 600 million users with more than 6,000 wealth management products. (Source: Tech Planet)
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.