China: WeiyangX Fintech Review

Tencent: No Plan to Provide Palm Payment Service 

This week, Tencent was reported to provide a new palm payment service, which would be the first of such functions in China and would be linked to the user’s WeChat account. However, Tencent has denied this news lately.

According to Tencent, the palm payment technology is still in the stage of internal research and will not be put into use in the near term. (Source: mpaypass)

China Intends to Establish the National Endowment Insurance Company 

The National Endowment Insurance Co., Ltd has recently issued an announcement of its proposed establishment, with a registered capital of 11.15 billion yuan. Among the 17 initiators, financial management subsidiaries of ICBC, ABC, BOC, and CCB will each invest 1 billion yuan, with shareholdings of 8.97% respectively.

At present, there are 9 professional endowment insurance companies in the market, all of which are launched by insurance companies. The National Endowment Insurance Co., Ltd is still waiting for approval from CBIRC. (Source: Shanghai Securities News)

The Ministry of Finance Drew Up Guidances to Promote Low-carbon Development

The Ministry of Finance (MoF) is leading the move to draw up the guiding options on financial support for carbon neutralization and carbon peak, with the aim of effectively promoting green and low-carbon development. Experts suggest that the MoF should integrate existing environmental protection taxes, refined oil consumption tax,es and coal resource taxes, and start researching a carbon tax. (Source: Securities Daily)

Welinkirt Technology Secures Tens of Millions Yuan Pre-A Round of Financing

This week, Welinkirt Technology announced that it had secured tens of millions of yuan Pre-A round of financing. The investment was led by Huamin Investment, and followed by Shuimu Qingquan and Shenzhen Hengzhouxin.

Established in March 2018, Welinkirt Technology is the world’s leading robotics company focused on the development of machine cognition technology. The financing funds will be used to further improve the R&D of 3D robot vision guidance, deep learning and imaging accuracy, and to strengthen the service capabilities of robot solution providers or integrators in terms of pre-sales, after-sales, and personnel training, expand the application to areas of railway, transit and power safety. Welinkirt Technology has participated in the GEPL program of Tsinghua PBCSF. (Source: Fintech Lab)


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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