Alibaba Establishes Digital Agricultural Subsidiary
According to information from Tianyancha, Alibaba Digital Agriculture (Shandong) Co., Ltd. was established on July 12th, with a registered capital of 10 million yuan. This company is a fully owned subsidiary of Alibaba (Shanghai) Co., Ltd. Its business scope includes smart agriculture management, agricultural production entrusted management services and estate management services, etc. (Source: jin10.com)
Fintech Solution Provider Fudata.cn Secures Hundreds of Millions of Yuan in C Round of Financing
On July 15th, Chinese fintech solution provider Fudata.cn secured hundreds of millions of yuan in C round of financing. The investment was provided by China Internet Investment Fund, Cowin Capital, and 100Summit Partners.
Established in 2016, Fudata.cn offers modeling data supplement, anti-fraud verification, and credit rating services, which are based on its secure multi-party computation and artificial intelligence technologies, to banks, consumer financing companies, and other financial institutions. (Source: Ebrun Go）
Guangzhou Releases Ten Measures to Boost Fintech Development
On July 14th, Huangpu district / Guangzhou Development District released 10 measures to promote high-quality development of the Fintech industry. The measures aim to attract and foster Fintech startups in AI, big data, cloud computing, blockchain with support of regulatory pilot, investment fund (¥ 1 billion), talent introduction, innovation park, supply chain financing.
As reported, the 10 measures are the largest regional government Fintech support policies in Guangdong-Hong Kong-Macao Greater Bay Area. High-quality Fintech enterprises settled in this district will receive grants of as much as 20 million yuan. (Source: hp.gov.cn)
IDC China Releases BaaS Platform Market Share Report
On July 15th, IDC China released the “IDC BaaS Market Share Report”. According to the report, the BaaS market in China increased by 91.8% in 2020 with a market size of over 630 million yuan. Big Techs, cloud services providers, independent blockchain technology providers, large financial institutions and telecommunication companies have all entered the market.
In particular, entities with comprehensive platforms, innovative technologies and market resources (e.g. Antchain, Huawei, Tencent Cloud, HyperChain, Baidu Cloud and Inspur) have gained significant advantages.
As defined in the report, BaaS platform refers to a comprehensive platform that provides blockchain technology architecture to assist industry users, system integrators, and independent software developers to develop and manage blockchain applications. (Source: IDC China)
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.