PBC Releases Implementation Measures of the People’s Bank of China for the Protection of Financial Consumer Rights
In order to accelerate the building of a full-fledged mechanism for the protection of financial consumers’ rights and interests and protect the long-term and fundamental rights of financial consumers, the People’s Bank of China (PBC) released the Implementation Measures of the People’s Bank of China for the Protection of Financial Consumer Rights (PBC Order No. 5 , hereinafter referred to as the Measures), which shall take effect from November 1, 2020. The Measures comprises 68 articles in seven chapters, covering contents of basic principles, scope of application, codes of conduct for financial institutions, protection of financial information, settlement of financial consumption disputes, and legal responsibilities. (Source: PBC)
Beijing plans to establish a digital currency pilot zone
On September 21st, the Beijing Free Trade Pilot Zone General Plan was released, proposing to support the PBC Digital Currency Research Institute to establish a Fintech center, a CBDC pilot zone, and a digital financial system in Beijing. In addition to scenarios such as transfer and payment, the digital renminbi has also begun to be tested in the “credit card repayment” scenario. (Source: 21jingji.com)
Global Fintech Venture Competition (2020) Launched in Beijing
On September 19th, the 2020 Global Fintech Venture Competition (hereinafter referred to as the “Competition”) was officially launched at the 2020 Zhongguancun Forum (Fintech Parallel Forum).
This competition was initiated by the Institute of Fintech Research, Tsinghua University (THUIFR) as an academic advisor and organized by WeiyangX.com, aiming to discover the fintech rising stars at home and abroad and accelerating the innovation of China’s fintech industry. In 2020, the Competition welcomes applications from industries of Banktech, securities technology, Insurtech, Wealthtech, blockchain, credit technology, financial information, and big data. After online preliminary, 100 applicants will compete at the regional semi-finals held in Beijing, Shanghai, Shenzhen, Chengdu, Nanjing, and Suzhou. (Source: WeiyangX)
Eight Departments Including the PBC Issue a Document to Step Up-Regulation Towards Supply-Chain Financing
On September 22nd, 8 central ministries and commissions (the People’s Bank of China, the Ministry of Industry and Information Technology, the Ministry of Justice, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration of Market Supervision, the China Banking and Insurance Regulatory Commission and the State Administration of Foreign Exchange jointly issued a document called Opinions Concerning Standardization of the Development of Supply Chain Financing and Supporting Stable Circulation and Optimization and Upgrade of Supply Chain Industry Chains.
The Opinions calls for preventing a few risks in supply chain finance. For example, core enterprises shall not intentionally occupy the accounts of upstream and downstream enterprises while making profits through affiliate institutions to provide accounts receivable financing. (Source: PBC)
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.