Personal Information Protection Law Goes Into effect on November 1st
On November 1st, the Personal Information Protection Law of the People’s Republic of China came into effect. According to the law, activities such as collection, processing, and trading of personal information will be strictly monitored, and any infringements will be punished. It is believed that the new regulation would have a far-reaching implication for Chinese fintech companies which rely upon the use of big data. (Source: Economic Information Daily)
China Applies to Join the Digital Economy Partnership Agreement
On November 1st, Minister of Commerce Wang Wentao sent a letter to Damien O’Connor, minister for trade and export growth of New Zealand, as a formal application of China to join the Digital Economy Partnership Agreement (DEPA). The application is in line with China’s plan of deepening domestic reform and expanding high-level opening-up, will help China strengthen digital economy cooperation with other DEPA members, and will promote innovative and sustainable development. (Source: JW Economic View)
Contract Management Service Provider One-Contract Cloud Secures 30-million-yuan Investment
Contract management SaaS solution provider One-Contract Cloud officially announced the completion of 30-million-yuan angel round financing. The investment was led by Blue Lake Capital, and followed by Plum Ventures. Traditional contract faces problems of inefficiency and risk-control. With the continuous improvement of electronic contract, and the iterative upgrade of technologies (e.g. AI, Big Data and cloud computing), the value of SaaS-based smart contract management has kept increasing. (Source: lieyun)
IPSF Releases “Common Ground Taxonomy – Climate Change Mitigation”
On November 4th, the International Platform on Sustainable Finance (IPSF), which was jointly launched by economies including China and the EU, released the Common Ground Taxonomy-Climate Change Mitigation (the CGT) at its annual event held on the sidelines of the UN COP 26 in Glasgow. In July 2020, the EU and China initiated a Working Group with the objectives to conduct a comprehensive assessment of the existing taxonomies for sustainable investments, including identifying the commonalities and differences in their respective approaches and outcomes. At the stage, the report covers economic activities from six areas, namely energy, manufacture, construction, transportation, solid waste management, and forestry. It should be noted that the report is just a technical work with no legal effect and is not formally endorsed by IPSF member jurisdictions. (Source: People’s Bank of 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.