China: WeiyangX Fintech Review

PBC Digital Currency Research Institute and Rural Credit Bank Fund Clearing Center Sign a Strategic Cooperation Agreement

On October 20th, the Digital Currency Research Institute of the People’s Bank of China (hereinafter referred to as the Institute of Digital Currency Research) and the Rural Credit Bank Fund Clearing Center Co., Ltd. signed a strategic agreement for digital RMB application cooperation. According to PBC’s design and technical architecture, the digital RMB will adopt a two-tier operating system and fully reuse the existing network, security, and other technical facilities. Small and medium banking financial institutions such as rural credit cooperatives, rural commercial banks, and village banks, as an important part of China’s services for “agriculture, rural areas, and farmers” and inclusive financial systems, will play a role in the People’s Bank of China’s steady advancement of digital RMB R&D and pilot projects. As one of the important financial infrastructures in China’s rural areas, Rural Credit Bank Fund Clearing Center provides high-efficiency and low-cost “one-point access” financial infrastructure services for rural small and medium-sized banking financial institutions. (Source:   

“China’s Blockchain Enterprise Development Report in H1 2020” was officially released

On October 22nd, the “Future on the Chain·2020 China Blockchain Industry Development Summit” (hereinafter referred to as the “Summit”) was held in Chongqing. At the summit, CCID Blockchain Research Institute released the “Current Status and Prospects of China’s Blockchain Development in H1 2020”, “China’s Blockchain Enterprise Development Report in H1 2020” (hereinafter referred to as the “Report”) and other research reports. As of the end of June, 12 provinces and cities including Chongqing, Hunan, Guizhou, Hainan, Shanghai, Beijing, Nanjing, Changsha, Guangzhou, Fuzhou, Ningbo, and Quanzhou have all issued special blockchain policies. Judging from the status quo of industrial development, there are more than 8,000 newly established blockchain companies located in four major clusters- Bohai Bay Rim, Yangtze River Delta, Pearl River Delta, and the Xiangqianyu areas (namely Chongqing, Sichuan and Guizhou). (Source:

Insurtech service provider Junling Technology completed tens of millions of yuan in Series A financing

It is reported that Junling Technology has recently completed tens of millions of yuan in Series A financing. The investment from Sherpa Healthcare Partners will be mainly used for talent recruitment, R&D, and market development. Established in January 2016, Junling Technology is a third-party insurance technology and risk-control service provider. The company mainly focuses on commercial personal health insurance, integrates high-quality medical service providers, establishes an intelligent operation and risk-control platform, and provides products and risk control solutions for insurance companies and other related entities. (Source: 36Kr)

Xiaoe-Tech announces a Series C investment from Tencent

On October 21st, Xiaoe-Tech officially announced that it had obtained hundreds of millions of yuan in Series C investment from Tencent. Xiaoe-Tech said that this round of financing would be mainly used to increase investment in product and core technology R&D, and to further improve service system construction. Prior to this, Xiaoe-Tech had received a 100-million-yuan B round of strategic investment. Its main product, Xiaoe-Tech, is a digital tool that integrates brand marketing, knowledge product delivery, user management, and business realization. It provides one-stop technical services for companies with online operating needs and helps companies complete digital transformation. At present, the number of knowledge products carried by merchants with Xiaoe-Tech has exceeded 15 million, and the maximum number of users simultaneously using its online learning products in a single day has exceeded 10 million. (Source:


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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