Beijing Subway Begins to Accept Digital RMB
According to the Beijing Municipal Commission of Transport, digital RMB payments will be accepted on Beijing’s 24 rail transit lines and 4 suburban railways. Those who would like to use the new payment option will need to download the Ruubpay APP and link it with an ICBC bank account that has a digital RMB balance. In addition to Beijing, Suzhou, Chengdu, and Qingdao have all began to accept digital RMB payments in the public transportation system. (Source: XINHUANET.com)
Shenzhen Releases Guidance for the Construction of Green Finance System in Banking Industry
On June 30th, the Shenzhen Municipal People’s Government released “Guidance on Strengthening the Construction of Green Finance System in Shenzhen’s Banking Industry”.
According to the document, banking institutions that set up green finance affiliated agencies should meet a list of requirements, including business planning, human resources (e.g. back office support), business scale, and product innovation. The guidance came into force from July 1st, with a trial period of 2 years. Agencies identified as green financial institutions will receive monetary policy support from the Shenzhen government. (Source: Shenzhen Government Online)
China’s Agricultural Insurance Premiums in 2020 Reached 81.5 Billion Yuan
As reported by CCTV News on June 29th, China’s agricultural insurance premium income in 2020 reached 81.5 billion yuan, the largest scale in the world.
The government at all levels has provided subsidies of 60.3 billion yuan for agricultural insurance premiums, which is worth 4.13 trillion yuan agricultural risk protection. Since the agricultural insurance premium subsidy policy was introduced in 2007, crops covered by the policy have increased from 5 to more than 60. (Source: ce.cn)
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.
