Tagged: china

Chinese Consumer Finance Platform LexinFintech Announces First Quarter 2019 Unaudited Financial Results

China-based consumer finance platform LexinFintech announced on Friday its first quarter 2019 unaudited financial results, which ended on March 31st. According to LixinFintech, Operational Highlights include: Total outstanding principal balance of loans1 reached RMB35.0 billion as of March 31, 2019, representing an increase of 64.7%… Read More

Following Delay of Financial Reports to NYSE, China Rapid Finance Announces Business Operations & Board of Directors Changes

China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced on Friday changes in its business operations and to its board of directors. The lender revealed that it has acknowledged its inability to file its annual report on Form 20-F in a… Read More

Tencent Announces 2019 First Quarter Financial Results

Tencent Holdings Limited, a leading provider of Internet value-added services based in China, announced on Wednesday its financial results of 2019’s first quarter. According to Ma Huateng, Chairman and CEO of Tencent, Tencent sustained “healthy user engagement” across its key platforms and saw notable growth in… Read More

Bitcoin Rises. Flight to Safety?

Bitcoin has been rallying in recent days compelling many followers to declare the crypto winter has ended. Crypto spring is here. Bitcoin recently bounced off of USD $8000.00 and, as of today, hovers around USD $7800.00. BTC started May at about $5300. So what gives?… 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

Peer to Peer Lender Fincera Announces Year End Results. Issues First Semi Annual Dividend of $0.30

Peer to peer lender Fincera (OTCQB: YUANF) has issued their 2018 year-end results. The Chinese online lender reported top line revenue for the year ended December 31, 2018 at RMB 1,412.0 million (USD $205.7 million), an increase of RMB 388.1 million from RMB 1,023.9 million… Read More

Global Fintech Ideanomics Signs MoU with Beijing Foton Motor Company

Ideanomics (formerly known as Seven Stars Cloud Group, Inc.) (NASDAQ: SSC), a global fintech and asset digitization services company, announced on Monday it has signed a MoU with Beijing Foton Motor Company (Foton). According to Ideanomics, the agreement for China-based activities is a 2-year deal, at 5… Read More

China: WeiyangX Fintech Review

China Requires P2P Platform Executives Not to Leave Beijing during Administrative Review On April 25th, Internet Finance Association of Chaoyang District issued an announcement about the recently launched P2P platform administrative review. According to the document, from the date of the announcement to May 31st,… Read More

China: WeiyangX Fintech Review

PBC to launch the second-generation credit rating system The People’s Bank of China (PBC) is going to launch the second-generation credit rating system from May 2019. PBC will start using the new system for inquiry purpose, with the two systems running concurrently. After data uploaded… Read More

China: WeiyangX Fintech Review

China Implements First National Standard for Insurance Sector On April 11th, China has implemented its first national standard for the insurance industry. The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to… Read More

Mid-Size Chinese Cryptominers Weathering Risks to Access Cheap Power in Iran

In the wake of increasing Chinese state reticence towards a once supported industry, the biggest Chinese crypto mining firms have been steadily expanding or relocating to Canada, the US and Iceland, Chinese crypto news outlet 8BTC reports. But small and mid-size Chinese crypto miners have… Read More

China’s State Planning Commission Proposes Ban on Cryptocurrency Mining

China’s National Development and Reform Commission (NDRC) has reportedly added cryptocurrency mining to, “a revised list of industries it wants to encourage, restrict or eliminate,” Reuters reports. Cryptocurrency mining appears on the list along with 450 other industrial activities the NDRC says should be, “phased out… Read More

Hong Kong is Aggressively Developing itself as a Leading Fintech Hub

Late last month, the Hong Kong Monetary Authority (HKMA) announced the issuance of the very first virtual banking licenses. While many jurisdictions around the world are pursuing policies that encourage Fintech innovation and digital banking what was unique about the HKMA’s announcement was the rapidity… Read More

China: WeiyangX Fintech Review

Parent Company of Shuidi Crowdfunding Receives nearly ¥500 million B-round Funding led by Tencent Shuidi, the parent company of Shuidi Crowdfunding and Shuidi Mutual Insurance, announced this week that it had received a nearly ¥500 million B-round financing. This investment was led by Tencent, and… Read More

China: WeiyangX Fintech Review

WeChat Shuts Down More Than 2,500 Accounts for Illegal Loan Activities On March 15th, China’s Central Television (CCTV) shined its spotlight on the illegal loans market during its annual Consumer Right’s Show. On March 18th, WeChat released an official statement about combating illegal credit services… Read More

Bitmain Says its New Equihash Cryptominer 3X Faster

Bitmain-ASIC-chip

One of the world’s largest cryptomining companies, Bitmain, has announced the release of a new crypto mining machine it claims is three times faster than its previous model. The new “Antminer Z11” is designed for the dedicated mining of cryptocurrencies that use the Equihash algorithm… Read More

Chinese Crypto Exchange CoinAll Launches New-User Campaign For Expand Community

Chinese cryptocurrency exchange CoinAll announced on Thursday the launch of a new user campaign which will last a month and features a 10,000 USDT bonus pool. It was revealed that users who complete the two-task mission will have a chance to share in the bonus.  According to CoinAll,… Read More

Asian Blockchain Information Platform CoinNess Compelts Series A Funding Round led by Chinese Venture Capital ShunWei Capital, QF Capital, & FreesFund

CoinNess, an Asian cryptocurrency and blockchain information provider, announced on Monday it closed its Series A round funding calculated in millions of dollars, led by Chinese leading venture capital ShunWei Capital, QF Capital, and FreesFund. Speaking about the investment, Peter TAN, CEO of CoinNess, stated:… Read More

China: WeiyangX Fintech Review

AI Startup Tigerobo Receives $33 Million in Series A Financing Early this week, intelligent financial search engine Tigerobo announced the completion of $33 million Series A financing, which was funded by PAC, CreditEase New Finance Industry Investment Fund and Gaorong Capital. Chen Bo, founder and… Read More

PINTEC Forms New Partnership With China UMS For Customized & Digital Lending Solutions For SME Financing

Chinese fintech Pintec Technology Holdings Limited (PINTEC) announced on Friday it has formed a partnership with China UnionPay Merchant Services Co., Ltd. (China UMS) to develop customized and efficient digital lending solutions to serve small and micro-sized enterprises (SMEs).  PINTEC reported that it will cooperate… Read More

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