Tagged: china

PayPal Tops Earnings, Announces First Online Payment Service in China, Shares Rise After Hours

Global Payments platform PayPal (NASDAQ:PYPL) beat on earnings today and shares in the company responded after hours jumping by over 8%. Revenue for Q3 increased by 19% to $4.38 billion as users increased by 7% during the quarter adding 9.8 million users. In total, PayPal… Read More

China: WeiyangX Fintech Review

The 2019 Global Fintech Venture Competition Launched in Beijing On October 12th, the “2019 Global Fintech Venture Competition” (hereinafter referred to as “the Venture Competition”) was officially launched at the WDK Fintech Exchange Center in Beijing. The Venture Competition is a high-level fintech competition initiated… Read More

As Crypto Ban Persists in China, Binance Exchange Enables WeChat and Alipay

Changing Zhao (CZ), CEO of Binance, one of the world’s largest cryptocurrency trading platforms, has confirmed on Twitter that the platform will begin accepting money transfers via Chinese payment giants WeChat and Alipay. The news is very significant because China has been pursuing a progressively… Read More

China Rapid Finance Announces New Partnership with Chengdu Qiye Technology

China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced on Tuesday it has formed a new strategic partnership with Chengdu Qiye Technology to offer services for institutionally-funded lending to small and medium-sized businesses. According to China Rapid Finance, the partnership marks… Read More

PayPal Receives Approval to Provide Online Payment Services in China

Payments platform giant PayPal announced earlier this week it has received approval from The People’s Bank of China to acquire 70% equity interest in Guofubao Information Technology Co. (GoPay), Ltd., a holder of a payment business license in China. This will allow PayPal to provide… Read More

China: WeiyangX Fintech Review

The CBIRC and PBC Jointly Release 2019 China Inclusive Finance Development Report On September 29th, the China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBC) jointly released the “2019 China Inclusive Finance Development Report ” (hereinafter referred to as the… Read More

Alibaba’s Ant Financial Partners With Bayer Crop Science to Develop Blockchain-based Agricultural Monitoring Product

Ant Financial Services Group, an affiliate company of the Chinese Alibaba Group (NYSE:BABA), is teaming up with Bayer Crop Science to create a blockchain-enabled platform for monitoring agricultural product. Ant Financial and Bayer Crop signed a letter of intent to leverage blockchain technology to develop… Read More

LexinFintech Appoints Suining Xiao to the Board of Directors

Chinese consumer financing platform LexinFintech announced on Monday it has appointed  Suining Xiao to its board of directors. According to LexinFintech, Xiao has been appointed as a designee of PAG, an Asia-focused private equity firm, in connection with PAG’s purchase of convertible notes from the… Read More

Dr. Zhou Xiaochuan Former Governor, People’s Bank of China, Discusses Digital Currencies in Singapore

Dr. Zhou Xiaochuan, President, China Society for Finance and Banking, and former Governor, People’s Bank of China, addressed a closed-door audience today in an event sponsored by the Monetary Authority of Singapore (MAS). The topic of Dr. Xiaochuan’s speech was “Fintech development and its interaction… Read More

China: WeiyangX Fintech Review

The People’s Bank of China Issues “China Rural Financial Services Report (2018)” On September 19th, the People’s Bank of China issued the “China Rural Financial Services Report (2018)” (hereinafter referred to as the “Report”). The report provides a detailed review of the development of China’s… Read More

Research: Beijing and Shanghai Top the List in Global Fintech Ranking

China’s capital Beijing and global financial hub Shanghai have topped the list of cities that are recognized for fostering a rapidly evolving Fintech industry. This, according to a semi-annual survey performed by Shenzhen-based think tank China Development Institute (CDI) and London-headquartered think tank Z/Yen Partners…. Read More

World’s Largest Crypto Exchange Binance Invests in Chinese Media Firm Mars Finance

Malta-based Binance, the world’s largest crypto asset exchange by adjusted trading volume, has invested in Mars Finance, a Chinese media and data source company. Although the exact amount invested has not been shared publicly, the company is valued at $200 million, according to a press… Read More

277 Chinese Nationals Arrested in Philippines for Pervading Alleged Crypto Scam

On a tip from authorities in China, police in the Philippines have arrested 277 people they believe pervaded a cryptocurrency scam that defrauded at least 1000 Chinese nationals, Business Inquirer reports. The scheme reportedly emanated from a company called Golden Millennial Quickpay Inc. Ltd., an offshore… Read More

China: WeiyangX Fintech Review

The National Internet Finance Association of China Requires Members to Disclose Annualized Lending Costs This week, the National Internet Finance Association of China (NIFA) issued a notice to member institutions about annualized lending costs disclosure and industry discipline. According to the notice, some online lending… Read More

Head of Libra Association Says Facebook’s Cryptocurrency Will Launch in 2020, Renminbi “Will Not Be Part of It”

Bertrand Perez, General Director of the Libra Association says Facebook has no plans to delay the launch of its global (crypto)currency network, despite outcry from global regulators. “We are firmly maintaining our launch schedule, between the end of the first half of next year and… Read More

Report: China’s Digital Currency Probably Won’t Involve Blockchain

Although payments are increasingly digital, China has little interest in creating a self-settling digital yuan system using blockchain, Abacus News reports. According to the outlet: “China is increasingly a cashless society. Even street-food sellers in small towns will prefer to use a mobile payment app… Read More

LexinFintech Secures $300 Million Private Placement of Convertible Notes with PAG

Chinese consumer financing platform LexinFintech announced on Wednesday it has entered into a convertible note purchase agreement with PAG issue and sell convertible notes in an aggregate principal amount of $300 million through a private placement.  LexinFintech reported that the convertible notes will mature in seven… Read More

Hexindai Announces Support For Regulators’ Decision to Include P2P Platforms in Central Bank’s Credit System

Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) announced on Tuesday its support for the decision by industry regulators to include the country’s P2P platforms in the central bank’s credit system. The online lender reported that it believes this as a positive move for the P2P… Read More

Tether Launches Offshore Chinese Yuan Proxy

Controversial stablecoin issuer Tether has launched its promised “CNHt” coin, which is designed to act as a cryptographic proxy of offshore Chinese yuan (CNH). The coin will run as an ERC-20 token on the Ethereum network. Offshore Chinese yuan (CNH) added to our basket of… Read More

Alibaba Acquires Kaola for $2 Billion from Entertainment Giant NetEase, Creates China’s Largest International E-commerce Platform

Chinese multinational conglomerate Alibaba Group has acquired Kaola for approximately $2 billion from Hangzhou-based entertainment giant NetEase. The acquisition has created the largest cross-border e-commerce platform in China, according to Alibaba’s management. Commenting on Alibaba Group’s latest acquisition, company chief executive Daniel Zhang said:  “With… Read More

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