China: WeiyangX Fintech Review

Digital RMB Used in China’s Futures Market for the First Time

On August 24th, the Dalian Commodity Exchange had paid the fees to Dalian Liangyun Group Storage and Transportation Co., Ltd in the form of digital RMB, making it the first use of digital RMB in China’s futures market.

Digital RMB is a digital version of the country’s physical notes issued by the People’s Bank of China. Compared with traditional bank remittance, digital RMB payment has the advantages of efficient, real-time inquiry of the payment progress and free of service charges. (Source: ChinaNews.com)

Cyber Administration of China Seeks Public Opinions on Algorithm Recommendation Management

On August 27th, the Cyber Administration of China released a draft proposal of “algorithm recommendation management regulations” for public opinions.

The regulations seeks to strengthen consumer rights protection, and bans illegal behaviors like inducing consumers to overspending.

The algorithm recommendation service provider shall improve its service management mechanism, and keep the algorithm recommendation service log and other information for a period of not less than six months, and provide it when inquired by the relevant law enforcement department according to law. (Source: Cyber Administration of China)

AI Data Infrastructure Service Provider BasicFinder Completes Series B Financing

AI data infrastructure service provider BasicFinder has announced the completion of a tens of millions yuan series B financing. This investment was led by Oriental Jiafu Asset Manangement, and followed by Dingxu Investment and New World.

The capital will be mainly used for technology R&D, in-depth function optimization and user experience improvement. At present, BasicFinder has provided data annotation and software services for a number of leading companies such as China Merchants Bank, Intel, China Southern Power Grid, JD, Bosch, iFLYTECK, and etc. (Source: lieyun.com)

CNNIC’s 48th Internet Report: Chinese Internet Users Reach 1 Billion

On August 27th, the China Internet Network Information Center (CNNIC) released the 48th “Statistical Report on China’s Internet Development” (hereinafter referred to as the “Report”) in Beijing.

The “Report” shows that as of June 2021, the number of Internet users in China has reached 1.011 billion, with an increase of 21.75 million from December 2020 and forming the world’s largest digital society.

Among them, as of June 2021, the number of online payment users in China reached 872 million, an increase of 17.87 million from December 2020, accounting for 86.3% of the total Internet users. (Source: Tencent)


 

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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