Tagged: china

January 25, 2021 @ 11:21 pm By Omar Faridi  |  

Hong Kong might lead China’s financial integration efforts with other countries and could also help promote the adoption of the digital yuan, according to government officials. But regardless of what Hong Kong actually does to fulfill its role, the special administrative region of the People’s… Read More

January 24, 2021 @ 8:51 pm By Omar Faridi  |  

TNG Digital, the digital wallet provider that was launched via a joint initiative between CIMB Bank and China’s Ant Financial (now Ant Group), is reportedly planning to secure $150 million in capital according to a recent report from Reuters. The Malaysian digital wallet operator, owned… 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 @ 7:22 pm By Omar Faridi  |  

John Lee Quigley, who’s focused on building Bitcoin media and research products at HASHR8 Inc, a cryptocurrency mining and media firm that aims to support the “decentralized growth” of hashrate (or computing power used to secure digital currency networks) while enhancing the security of blockchains,… 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 12, 2021 @ 10:22 pm By Omar Faridi  |  

A recently published whitepaper from Massachusetts-based International Data Corporation (IDC) and Huawei examines how banking institutions across the globe have been dealing with the COVID-19 outbreak. The paper identifies or recommends the way forward in a post COVID world which is now considered the “new… 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

January 7, 2021 @ 11:58 pm By Omar Faridi  |  

China’s reserve bank stated on January 6, 2021 that it will be making its monetary policy more flexible, targeted and appropriate this year. The country will begin focusing on supporting smaller companies as the Chinese economy tries to recover following the COVID-19 outbreak. The People’s… Read More

January 6, 2021 @ 12:32 pm By Omar Faridi  |  

US President Donald Trump has signed an order that aims to place a ban on US transactions with eight major Chinese apps – which reportedly includes Ant Group’s Alipay and Tencent Holdings’ online wallets. Notably, this order has arrived just days before the Trump administration… Read More

January 3, 2021 @ 9:49 pm By Omar Faridi  |  

China’s banking and insurance regulator stated on December 31, 2020 (Thursday) that all Internet-based platforms in the country should investigate their Fintech-related businesses to ensure that they’re following regulatory guidelines and must also address any shortcomings. China‘s financial regulators have held discussions with Alibaba’s (NYSE:BABA)… Read More

January 3, 2021 @ 9:00 pm By Timothy Li  |  

Fintech enthusiasts welcome back to my 5th annual “Top Ten” Fintech prediction series. This year I’ve met a lot of powerful movers and shakers in the Fintech space. My take away from these meetings and interactions is how little do I know about this ever-expanding… Read More

December 30, 2020 @ 10:25 pm By Omar Faridi  |  

VeChain, a major blockchain platform focused on developing supply chain management solutions among other use cases, has released its latest financial executive report in order to promote “fairness, transparency, and openness.” As mentioned in the report, published on December 29, 2020: “During this quarter, the… Read More

December 30, 2020 @ 8:41 pm By Omar Faridi  |  

Firms secured more capital via stock market listings in 2020 than in any other year, except for 2007, as a recovery in equities valuations managed to attract various firms and blank-cheque acquisition vehicles were increasingly used to carry out listings in US markets. The hot… Read More

December 30, 2020 @ 1:19 am By Omar Faridi  |  

Qudian Inc. (NYSE: QD), an established technology platform that aims to improve the online consumer finance experience for Chinese consumers, recently released its unaudited financial results for the quarter ending on September 30, 2020. Qudian’s management noted that the total number of registered users “as… Read More

December 29, 2020 @ 4:42 pm By JD Alois  |  

NetEase (NASDAQ: NTES), a large Chinese tech firm that has a significant presence in gaming, has decided to close down its personal finance app Youqian, according to a report. NetEase attempted to enter various Fintech verticals during the boom days of peer to peer lending alongside many… Read More

December 28, 2020 @ 8:20 am By Omar Faridi  |  

Chinese regulatory authorities have ordered billionaire Jack Ma’s Fintech firm Ant Group Co. to return to offering payments services, instead of attempting to expand its operations into consumer loans or wealth management. China’s reserve bank officials recently held discussions with Ant Group’s management and instructed… Read More

December 27, 2020 @ 10:02 pm By Omar Faridi  |  

China’s reserve bank has issued the nation’s second license for collecting personal credit ratings to an initiative between a state-managed enterprise and two Internet companies. The move suggests that the Chinese government may want to get involved in deciding how technology interacts with finance (while… 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 26, 2020 @ 10:03 am By Omar Faridi  |  

China’s banking and insurance regulator released draft guidelines on Friday (December 25, 2020) regarding the sales of wealth management products by local commercial banks’ wealth management divisions. Chinese authorities will reportedly allow these wealth management subsidiaries to serve as sales agents for such products for… Read More

December 24, 2020 @ 12:23 pm By JD Alois  |  

Chinese regulators are said to be investigating whether Alibaba (NYSE:BABA) has been engaging in non-competitive practices. Simultaneously, Ant Group – a top Fintech, is receiving additional scrutiny. Ant Group is the parent company of Alipay, China’s largest mobile payment platform. Additionally, it has been widely… Read More