March 28, 2021 @ 12:51 pm By Xu Gao  |  

Insurtech platform Shuidi closed its mutual insurance service On March 26th, Insurtech platform Shuidi announced that it would close its mutual insurance service at 18:00 on March 31st, 2021. Prior to this, members who were unfortunately diagnosed with a serious illness could continue to apply… Read More

March 20, 2021 @ 10:22 am By Xu Gao  |  

China Imposes Further Restrictions on Online Consumer Loans for College Students Over the past few years, some internet finance platforms have targeted college campuses and made inductive marketing through cooperation with technology companies. Such practices led some students into excessive consumption and even debt traps…. Read More

March 13, 2021 @ 4:37 pm By Xu Gao  |  

E-signature Service Provider Fadada Completes 900-million -yuan D round financing led by Tencent  On March 11th, Chinese leading e-signature service provider Fadada declared the completion of a 900-million-yuan D round of financing. The investment was led by Tencent, followed by ZWC Partners and Centurium Capital…. Read More

March 6, 2021 @ 11:02 am By Xu Gao  |  

Chinese Fintech Companies Need to Meet Capital Adequacy Requirements with a Maximum of Two Years On March 2nd, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC) said at a press conference of the Information Office of the State Council that Chinese… Read More

February 28, 2021 @ 5:22 pm By Xu Gao  |  

NUCC: Online Payment Transactions Reach ¥4.98 Trillion During the Spring Festival Holiday During the Spring Festival Holiday of 2021 (February 11th to February 17th), NetsUnion Clearing Corporation (NUCC) processed a total of 7.937 billion online payment transactions, equal to 4.98 trillion yuan. Compared with the… Read More

February 7, 2021 @ 11:36 am By Xu Gao  |  

SWIFT and the People’s Bank of China Digital Currency Research Institute Establish a Joint Venture Public records show that SWIFT has recently established a Financial Gateway Information Service Co., Ltd. in China with the People’s Bank of China Clearing Center and the People’s Bank of… Read More

February 2, 2021 @ 10:20 am By Xu Gao  |  

The Fintech Committee of the People’s Bank of China Announces Key Tasks in 2021 At the end of January 2021, the People’s Bank of China Fintech Committee meeting was held in Beijing. The meeting summarized the work in 2020 and announced key tasks in 2021…. Read More

January 24, 2021 @ 9:38 am By Xu Gao  |  

Meituan to Close its Mutual Aid Platform On January 15th, China’s leading on-demand food delivery platform Meituan announced that it would close its mutual aid platform at the end of this month. Meituan launched this program in June 2019, providing a basic health plan covering… Read More

January 17, 2021 @ 9:25 am By Xu Gao  |  

The Peoples Bank of China Issues the “Administrative Measures for Credit Investigation (Draft for Comment)” On January 11th, the People’s Bank of China (PBC) issued the “Administrative Measures for Credit Investigation (Draft for Comment)” (hereinafter referred to as “Measures”). The seven-chapters of the document covered… Read More

January 10, 2021 @ 9:10 am By Xu Gao  |  

Shanghai Reveals 2nd Batch of Projects for its Fintech Sandbox On December 31st 2020, the Shanghai Fintech Innovation Supervision Pilot Working Group revealed the second batch of projects for its fintech sandbox. The 5 innovative projects focused on cutting-edge technologies such as big data, multi-party… Read More

December 26, 2020 @ 11:00 am By Xu Gao  |  

WeBank Reduces Upper Limit of Microloan to ¥200,000 WeBank, the Tencent-backed digital bank, announced that it would reduce the upper limit of its microloan product (Weilidai) from ¥300,000 to ¥200,000 from December 26th. According to WeBank, the reduction was a response to the “Commercial Bank… Read More

December 19, 2020 @ 6:00 pm By Xu Gao  |  

China Banking and Insurance Regulatory Commission Issues Regulations Towards Internet Insurance On December 14th, the China Banking and Insurance Regulatory Commission (CBIRC) issued the “Internet Insurance Business Regulatory Measures.” Key contents of the Measures include: clarifying the nature of Internet insurance business and applicable regulations… Read More

December 12, 2020 @ 12:27 pm By Xu Gao  |  

GaiaWorks Raises ¥500 Million in Series D1 Funding Led by GGV Capital On December 8th, GaiaWorks, a Chinese leading provider of workforce management cloud services, announced that it had closed ¥500 million in Series D1 funding. The investment was led by GGV Capital, with participation… Read More

December 6, 2020 @ 3:18 pm By Xu Gao  |  

Tianjin Bans Illegal Collection of Facial Recognition Information On December 1st, Tianjin Municipality approved a new regulation which will come into effect on January 1st, 2021. According to the regulation, credit information service provider should obtain the consent of the person before collecting his/her personal… Read More

November 29, 2020 @ 3:08 pm By Xu Gao  |  

Suzhou Will Carry Out Digital RMB experiment on Dec. 12 Suzhou will become the second Chinese city after Shenzhen to carry out a digital RMB experiment, according to a source with knowledge of the matter. On December 12th, the crypto yuan for the experiment will… Read More

November 22, 2020 @ 12:21 pm By Xu Gao  |  

Corporate SaaS Platform Gongsibao Secures Series B Financing led by NIO Capital and 5Y Capital On November 18th, corporate SaaS platform Gongsibao announced that it had received more than RMB 100 million in Series B financing led by NIO Capital and 5Y Capital (formerly known… Read More

November 14, 2020 @ 3:08 pm By Xu Gao  |  

China Releases Draft Version of “Online Micro-loan Operations Provisional Administrative Measures” On November 2nd, the People’s Bank of China (PBC) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly released the draft version of “Online Micro-loan Operations Provisional Administrative Measures” (hereinafter referred to as… Read More

November 1, 2020 @ 11:13 am By Xu Gao  |  

CNCERT/CC IssueS the First General Security Technology Industry Standard for Blockchain On October 28th, the “Security Requirements for Blockchain Technology Architecture” led by the National Computer Network Emergency Response Technical Team/Coordination Center of China (known as CNCERT/CC) was officially released and implemented, making it the… Read More

October 25, 2020 @ 3:59 pm By Xu Gao  |  

PBC Digital Currency Research Institute and Rural Credit Bank Fund Clearing Center Sign a Strategic Cooperation Agreement On October 20th, the Digital Currency Research Institute of the People’s Bank of China (hereinafter referred to as the Institute of Digital Currency Research) and the Rural Credit… Read More

October 17, 2020 @ 5:00 pm By Xu Gao  |  

Insurtech Platform Nanyan Information Technology Secures 250-million-yuan Series C Round of Financing On October 14th, Chinese Insurtech platform Nanyan Information Technology (hereinafter referred to as “Nanyan”) announced that it had secured 250 million yuan in a Series C round of financing. The investment was led… Read More