Enterprise Data Search Engine Arctic Data Completes 20-million -yuan Pre-A Round Financing
Enterprise Data search engine Arctic Data has recently completed a 20-million-yuan pre-A round of financing. The investment was led by Vitalbridge, and participated by Plum Ventures and Incapital. Established in 2018, Arctic Data focuses on SaaS market for business clients by providing internal data analysis and search services, aiming to reduce the cost of data analysis usage in companies. (Source: 36Kr)
New Laws Targeting Online Finance Fraud Submitted for Review
On October 19th, the draft of the “Anti-Telecommunications and Internet Fraud Law” was submitted to a meeting of the Standing Committee of the National People’s Congress (NPC) for review.
Zang Tiewei, the spokesperson for the legal work committee of the NPC Standing Committee, introduced the main content of the draft, which includes:
1) setting up a basic regulatory system for phone cards, Internet of Things network cards, financial accounts, and online accounts,
2) establishment of telecommunication fraud containment measures and cross-industry monitoring system;
3) clarifying legal responsibility alongside stronger penalties. (Source: Chinanews.com)
PBC and HKMA Sign the MoU on Fintech Innovation Supervisory Cooperation in the GBA
To implement the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) issued by the CPC central committee and the State Council, the People’s Bank of China (PBC) and the Hong Kong Monetary Authority (HKMA) recently signed the Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the GBA, linking up the PBC’s Fintech Innovation Regulatory Facility with the HKMA’s Fintech Supervisory Sandbox in the form of a network.
According to the Memorandum, both parties will, in accordance with laws and regulations, press ahead with cooperation in Fintech innovation in a stable and orderly way, enhance the quality and efficiency of financial services in the GBA, and scale up financial support for the development of the area. (Source: PBC)
Identity Management Service Provider Authing Secures ＄23 million A round Investment
On October 24th, identity management service provider Authing announced that it had received ＄23 million A round of financing. The investment was led by Tiger Global and followed by CDH Venture and Growth Capital (VGC), Agora, GGV Capital and MiraclePlus.
According to Authing, the capital will be used for R&D, talent introduction, and market expansion.
Established in 2019, Authing is the first developer-centric identity cloud in China. It integrates all the mainstream identity authentication protocols and provides complete and secure user authentication and access management services for enterprises and developers. (Source: lieyun)
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.