Archives

China: WeiyangX Fintech Review

WeChat Pay Offers Special Call Center Service for Users Over 60 Years Old On February 3rd, CNNIC released “The 47th Statistical Report on China’s Internet Development”. Up to December 2020, the number of mobile payment users in China stood at 853 million, up 87.44 million… Read More

WeChat Pay to Expand Operations and Services in the UAE Following Agreement with Tencent Holdings, Network International

WeChat Pay is planning to expand its operations and services in the United Arab Emirates (UAE), after an agreement was finalized between Tencent Holdings and UAE-headquartered solutions developer Network International. Merchants that use Network International in the UAE will soon have the option to set… Read More

China: WeiyangX Fintech Review

China to Enact Personal Information Protection Law and Data Security Law in 2020 On December 20th, the Legislative Affairs Commission of the NPC Standing Committee held its third press conference. According to the Legislative Law of the People’s Republic of China, the Standing Committee of… Read More

Chinese Internet Giant Tencent Is Reportedly Planning to Launch a Digital Currency Research Group

Tencent, which operates the popular Chinese social media app WeChat, is reportedly planning to establish a digital currency research division in order to support the ongoing development and advancement of blockchain or distributed ledger technology (DLT) initiatives. Chinese media outlet iFeng revealed on December 23… Read More

China: WeiyangX Fintech Review

Alipay and WeChat Pay Open to International Visitors Previously, international tourists visiting China cannot enjoy the convenience of local mobile payment (Alipay & WeChat Pay) services if he/she did not have a Chinese mobile number and bank account. This changed this week. On November 7th,… Read More

China: WeiyangX Fintech Review

China Issues New Rules Against Illegal Lending On October 21st, a new financial rule was jointly released by four ministries and commissions of China’s central government-the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security and the Ministry of Justice. According to… Read More

WeChat Updates Payment Policy: Bans Cryptocurrency Transactions

China-based social media and payment app WeChat has reportedly updated its payment policy, which now states that those who engage in crypto trading will have their accounts terminated on the platform. According to CoinDesk, the policy was updated on April 30th and indicated that merchants… Read More

China: WeiyangX Fintech Review

Visa Will Establish Asia’s Second Innovation Center in Beijing It is always not easy for payment Giant Visa to enter the Chinese market. Yet, it still does not give up. According to Yu Xueli, president of Visa (Greater China), Visa is planning to set up… Read More

China: WeiyangX Fintech Review

Tsinghua PBCSF Releases “2018 Global Insurtech Report by Subsector” Early this month, the China Insurance and Pension Research Center of the National Finance Research Institute of Tsinghua University released the “2018 Global Insurtech Report by Subsector“. The report provides case studies of Insurtech companies in… Read More

China: WeiyangX Fintech Review

Sesame Credit Accepted for Canadian Visa Application This week, the Canadian Immigration Department (IRCC) announced that Chinese tourists can choose to submit his/her Sesame Credit Visa report (≥750 points) as financial proof for Canadian visa application. Sesame Credit is credit-assessment service offered by Ant Financial,… Read More

China: WeiyangX Fintech Review

IFR of Tsinghua University Launches Global Fintech Venture Competition (2018) at the 5th World Internet Conference On November 8, the 2018 Global Fintech Venture Competition (hereinafter referred to as the “Competition”) was officially launched at the Fintech and Credit Society Construction Forum of the 5th… Read More

China: WeiyangX Fintech Review

Alibaba Submits Blockchain Patent Applications that Allow “administrative intervention” On October 6th, Chinese e-commerce giant Alibaba applied for a blockchain system patent, allowing third-party administrators to perform “special treatment” (e.g. suspend a smart contract or freeze an account associated with an illegal activity). For example,… Read More

China: WeiyangX Fintech Review

By 偉宗 勞 on Unsplash China Metro Transportation

Beijing Launches Internet Court, Accepting and Hearing Cases of Online Lending On September 9, Beijing unveiled its Internet court. The court, located in Fengtai District, mainly accepts cases regarding the Internet and intellectual property rights, including disputes caused by online loans, online shopping contracts, and… Read More

Popular Chinese Apps WeChat Pay and Alipay Escalating Crypto Countermeasures

Earlier today, and two days after WeChat suspended the social media accounts of 8 Chinese crypto news outlets, WeChat parent company Tencent has announced it will undertake “remediation measures” to monitor and “intercept” cryptocurrency sales and purchases on its WeChat Pay app. Similar news was… Read More

China’s Shenzhen District and Tencent Partnering to Develop an “Intelligent Tax” System on Blockchain

Chinese tech behemoth TenCent is cooperating with tax authorities in the Shenzhen province to develop a blockchain-based and Big Dat-fed “intelligent tax” system.   Tencent last year joined Facebook, Google and Amazon as one of handful of companies on the globe to pass the $500 billion… Read More

China: WeiyangX Fintech Review

Tencent Credit Launches Public Beta Testing in China On January 30th, Tencent officially launched a public beta testing for its credit service-Tencent Credit. Users may get access to the service by searching “Tencent Credit” within WeChat, complete real-name authentication, bind his/her mobile phone number to… Read More

China: WeiyangX Fintech Review

Robo-advisors Now Required to Gain License to Operate in Mainland China On November 17th, top financial regulators in mainland China (including PBOC, CBRC, CSRC, CIRC and SAFE) released a new set of rules covering the country’s asset management market. It is the first time that… Read More

China: WeiyangX Fintech Review

China is Reported to Shut Down Illegal Cash Loan Platforms Bloomberg, citing sources close to the situation, reported that regulators in China has started to consider strengthening supervisions towards cash loan platforms, with high probability of shutting down illegal ones. This round of inspections will… Read More

China: WeiyangX Fintech Review

51 CreditCard (u51.com) is Planning to List in Hong Kong in 2018 51 CreditCard (u51.com), a leading online platform for credit card bill management, is reported to be listed on Hong Kong Exchanges and Clearing Limited (HKEX) in 2018, aiming to raise at least 500… Read More

China: WeiyangX Fintech Review

Online Marketplace Lenders Banned from Lending to College Students in China On September 6th, Zhao Jianjun, deputy director of the Department of Finance at Ministry of Education, announced at a press conference that online marketplace lenders are banned from lending to college students in China…. Read More

Send this to a friend