Insurtech Firm Waterdrop Starts Trading on New York Stock Exchange
On May 7th, Waterdrop Inc., China’s leading insurance and healthcare service technology platform, went public on New York Stock Exchange. Founded in 2016, Waterdrop has built an online insurance marketplace (“Shuidibao”) and a medical crowdfunding platform (“Shuidichou”).
In the future, Waterdrop intends to increase investment in data analysis & technical infrastructure and expand to healthcare and pharmaceutical service, building an ecosystem of “insurance + healthcare”.
Waterdrop has been awarded as the Top 10 in the “Global Fintech Venture Competition (2018)” organized by WeiyangX. (Source: WeiyangX)
China Regulates App’s Collection of Personal Information
Over the past years, apps have played an important role in providing convenience to Chinese people and promoting social and economic development. However, some apps collected users’ personal information which may not be needed, claiming it is compulsory for authorization.
On May 1st, China put into effect a new regulation to supervise the commonly used apps (e.g. navigation, car booking, online shopping, ticket booking, food delivery), making sure the apps would not refuse to offer services to users who do not agree to submit unnecessary personal information. The regulation was jointly initiated and released by Cyber Administration of China, the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Administration for Market Regulation (Source: Cyber Administration of China)
Data Analysis Service Provider DeepInv Secures a New Round of Financing
As reported on April 30th, data analysis service provider DeepInv has secured an angel-plus round of financing from Z Capital. DeepInv provides Fintech services for professional investment institutions. Through its SaaS and AI ability, DeepInv help professional investors make an in-time qualitative and quantitative analysis of market change, improving the effectiveness of traditional investment decisions. Previously, DeepInv has received angel investment from ZhenFund and PurpleSky. (Source: iyiou)
Cross-border Fintech Service Platform Tuotuo Digital Receives First Round of Investment
On May 6th, cross-border fintech service platform Tuotuo Digital received a 10-million-yuan level of investment from Sky Saga Capital. Established in May 2020, Tuotuo Digital is committed to providing services of cross-border payment, supply-chain financing, cross-border risk-control for the key players in cross-border eCommerce business (buyer, seller, platform, and financial institution).
In the future, Tuotuo Digital plans to make further investment in R&D of cross-border payment and rick-control. (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 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.