China: WeiyangX Fintech Review

Hotels of the HUAZHU Group in Shanghai Will Now Accept Digital RMB Payments

From May 21st, all hotels of HUAZHU Group in Shanghai will be able to accept digital RMB payment. According to HUAZHU, digital RMB will be accepted when guests check in at the reception or by themselves at a kiosk. Since the pilot has just been launched, HUAZHU has received an average of 3 orders in digital RMB every day. (Source: FNEWS.com)

Hotels of the HUAZHU Group in Shanghai Will Now Accept Digital RMB Payments #CBDC Click to Tweet

NIFA Issues an Announcement on Guarding Against Risks Related to Virtual Currency Trading and Speculation

The recent virtual currency price fluctuation driven by trading and speculation has seriously infringed on people’s financial interests and disrupted the normal economic and financial order.

On May 18th, the National Internet Finance Association of China (NIFA), China Banking Association (CBA), and Payment and Clearing Association of China (PCAC) jointly issued an announcement, calling for relevant parties to stay alert. In particular, the announcement forbids all associations’ members (e.g. financial institutions and payment institutions) to “providing customers with virtual currency registration, trading, clearing, settling and other services; accepting virtual currency or using virtual currency as a payment and settlement tool; conducting virtual currency exchange services between RMB and foreign currencies; conducting virtual currency storage, custody, mortgage, etc.; releasing financial products related to virtual currency; using virtual currency as investment targets for trusts, funds, etc.” (Source: NIFA)

NIFA Issues an Announcement on Guarding Against Risks Related to Virtual Currency Trading and Speculation #China #Crypto Click to Tweet

Changsha Joins the Team to Issue Digital RMB Hongbao

Changsha will become the next city to join the team of Suzhou, Chengdu and Shenzhen to issue digital RMB hongbao to its citizens.

According to the announcement, there will be 300,000 hongbao worthy of 40 million yuan. The hongbao  will be issued by Changsha Municipal Government through its official app platform (“我的长沙”). Citizens could submit applications for the lottery from May 22nd to May 24th. Winners could use the digital RMB they have rewarded from May 31st to June 15th at designated stores in Changsha and other digital RMB pilot areas in mainland China. (Source: jrb.changsha.gov.cn)

Changsha will become the next city to join the team of Suzhou, Chengdu and Shenzhen to issue digital RMB hongbao to its citizens #CBDC #China Click to Tweet

Postal Savings Bank Becomes a Signatory to “Principles for Responsible Banking”

Postal Savings Bank of China has recently become a signatory of “Principles for Responsible Banking” (PRB), and joined the United Nations Environment Program Financial Initiative (UNEP FI). PRB is a key framework for banking industry to achieve the UN Sustainable Development Goals and push forward the climate actions initiated by Paris Agreement.

At present, there are 230 financial institutions having signing to PRB, of which 5 are from China (Sichuan Tianfu Bank, Industrial and Commercial Bank of China, Industrial Bank, Huaxia Bank and Bank of Jiujiang). (Source: jrj)


 

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.

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