China: WeiyangX Fintech Review

The Ministry of Industry and Information Technology Issues the “14th Five-Year Plan for Big Data industry development”

On November 30th, the Ministry of Industry and Information Technology released the “14th Five-Year Plan for the Development of Big Data Industry” (hereinafter referred to as the Plan).

The Plan proposes that by 2025, the estimated scale of China’s big data industry will exceed 3 trillion yuan, with a compound annual growth rate of around 25%. A modern big data industry system with strong innovation, high added value and independent control has basically taken shape. (Source: Sohu)

Xiaomi Registers XIAOMIPAY Trademark

Xiaomi Technology Co., Ltd. recently managed to apply for the registration of “XIAOMI PAY” trademark under the category of finance and management.

The application was dated back to April 2021. Xiaomi has previously applied for the trademark of “MI PAY”. (Source: TianYanCha)

Beijing Launches a New Round of Digital RMB Trials

On December 3rd, Beijing Local Financial Supervision and Administration has launched a new round of digital RMB trials with the 2022 Beijing Winter Olympics coming in months.

The new trials include forms of red envelopes and coupons for payment in bus fare, metro fare, supermarket, laundry, mail, and bookstore, etc.

Large commercial banks, including ICBC, Agriculture Bank of China, Bank of Communications, and Post Savings Bank of China, will all participate in these activities. (Source: mpaypass)

 CFSTC Launches a Consultation on Financial Data Standards

On December 3rd, China Financial Standardization Technical Committee (CFSTC) issued a consultation announcement on the standard for security and evaluation of financial data. The document defined three domains for evaluation (namely data security management, data security protection, and data security operation and maintenance) and related methods.

These standards are suitable for financial institutions to carry out financial data security assessments and provide references for third-party security assessment agencies and other units to carry out financial data security checks and assessments. (Source: CFSTC)

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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