Tagged: china

December 22, 2020 @ 10:42 pm By Omar Faridi  |  

Fintech has transitioned from the innovation and early development stages of OneConnect’s financial services offering to becoming its catalyst of business growth, according to Ye Wangchun, Chairperson and CEO of OneConnect Financial Technology Co., Ltd. (NYSE: OCFT). Ye‘s recent comments came during the fourth annual… Read More

December 21, 2020 @ 8:20 am By Omar Faridi  |  

The long lines in front of ATM machines have now become a rare sight as Chinese consumers are increasingly using their smartphones to complete transactions, instead of making cash payments, according to a report from China Daily. Many people claim they can’t even recall when… Read More

December 20, 2020 @ 4:10 pm By Omar Faridi  |  

Chinese authorities may consider further tightening control over large Fintech companies by restricting or limiting the number of banking institutions they can work with, according to the Securities Times which cited recent statements from a former Chinese finance minister. As first reported by Bloomberg, bad… 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 14, 2020 @ 10:09 am By JD Alois  |  

In a speech this week delivered at the China Fintech Global Summit in Shenzen, Liu Yingbin, Senior Assistant President, Hong Kong Monetary Authority (HKMA) said that Hong Kong can help mainland Chinese Fintechs go global. Yingbin touted Hong Kong’s Fintech ecosystem which has emerged as… Read More

December 13, 2020 @ 6:46 pm By Omar Faridi  |  

Simon Torrance, Advisor to Boards and Leadership teams on business model transformation, platform strategy, and digital ventures, claims that embedded insurance is a $3 trillion market opportunity, which may help “close the protection gap.” Torrance, a Senior Advisor at Rainmaking, explains that embedded insurance is… 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 9, 2020 @ 11:22 pm By Omar Faridi  |  

  One of China’s top banking regulators has called into question the power of the nation’s large Fintech firms and suggested taking “timely and targeted measures to prevent new systemic risks.” As reported by CNBC, the Chinese official’s comments seem to indicate that more regulations… Read More

December 7, 2020 @ 7:27 am By Omar Faridi  |  

China is reportedly handing out around $3 million of digital yuan as JD.com notably becomes the first online platform to begin accepting the virtual currency. As first reported by CNBC, Chinese digital commerce company JD.com confirmed that it will become the first major online platform… 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

December 4, 2020 @ 7:42 am By Omar Faridi  |  

The team at Security Token Advisors, which aims to “reinvent” finance with security tokens, reveals that the world’s top 100 banks in terms of assets under management (AUM) are learning how to “reinvent themselves” with blockchain or distributed ledger technology (DLT). The Security Token Advisors… Read More

December 1, 2020 @ 10:40 pm By Omar Faridi  |  

China is reportedly planning to introduce “special” and “innovative” regulatory guidelines for  Fintech giants like billionaire Jack Ma’s Ant Group Co., which is a subsidiary of the Alibaba Group Holding (NYSE:BABA). Regulators in China aim to create new policies so they can eliminate monopolistic practices… 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 27, 2020 @ 8:10 am By JD Alois  |  

A report claims that the US Director of National Intelligence (DNI) John Ratcliffe has contacted SEC Chairman Jay Clayton regarding China’s influence in the crypto market including mining. According to the Washington Examiner, the DNI is worried that China has too much control when it… Read More

November 26, 2020 @ 4:27 pm By Omar Faridi  |  

Alibaba founder Jack Ma’s plans to establish Fintech companies like Ant Group and launch IPOs in China were recently put on hold when the country’s regulators decided to make updates to regulatory requirements. As reported recently, Daniel Zhang, Chairman of Alibaba Group Holding (NYSE:BABA), noted… Read More

November 24, 2020 @ 9:47 am By Samantha Hurst  |  

  China-based AI-powered platform for business IceKredit announced on Tuesday it secured $33 million through its Series C funding round, which was led by Guoxin Venture Investment with participation from Guohe Capital, Yunqi Partners, and China Creation Ventures. Founded in 2015, IceKredit describes itself as an… Read More

November 23, 2020 @ 9:48 pm By Omar Faridi  |  

The management at Alibaba Group Holding (NYSE:BABA) has stated that they are planning to comply with China’s updated Fintech regulations after the nation’s changing regulatory environment led to Ant Group‘s initial public offering (IPO) getting suspended. Daniel Zhang, Chairman of Alibaba Group, noted during a… Read More

November 23, 2020 @ 8:22 pm By JD Alois  |  

China Construction Bank Corporation (CCB) has suspended its digital bond issuance on the FUSANG exchange. The digital bond was originally scheduled to go live on the Exchange on Friday, 13 November 2020. FUSANG said that just before the listing time, written communication was received from the… Read More

November 23, 2020 @ 10:38 am By JD Alois  |  

The 3rd Singapore-China (Chongqing) Connectivity Initiative (CCI) Financial Summit anticipates greater financial connectivity between the two countries, according to a note issued by the Monetary Authority of Singapore (MAS). At the event opening the Minister for Manpower, Singapore, Josephine Teo was said to highlight that… 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