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
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
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged alibaba, alibaba group, alibaba holding group, ant group, china, fintech regulations, jack ma, pan gongsheng, pboc, peoples bank of china
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
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged beijing, china, consumer credit, mainland china, pboc, peoples bank of china
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
Read more in: Asia, Featured Headlines, Fintech, Global, Insurtech | Tagged ant group, baoxianchacha, china, webank, weiyangx, xu gao
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
Read more in: Fintech, Asia, Politics, Legal & Regulation | Tagged asset management, china, mainland china, wealth management, wealth managers
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
Read more in: Asia, Fintech, Global, Politics, Legal & Regulation | Tagged alibaba, alipay, ant group, china
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
Read more in: Fintech, Asia | Tagged china, digital financial services, digital transformation, financial services, fintech adoption, oneconnect, ye wangchun
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
Read more in: Fintech, Asia | Tagged ai, big data, cbirc, china, china banking and insurance regulatory commission, consumer behavior, digital payments, digital technology, digital transformation, emerging technologies, emtech, fintech adoption, guo shuqing, mainland china, mobile payments, online payments, smartphones
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
Read more in: Fintech, Asia, Politics, Legal & Regulation | Tagged china, fintech adoption, fintech regulations, mainland china
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
Read more in: Featured Headlines, Fintech, Global, Insurtech | Tagged china, leapstack, weiyangx, xu gao
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
Read more in: Asia, Fintech, Global, Politics, Legal & Regulation | Tagged china, hkma, hong kong, hong kong monetary authority
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
Read more in: Asia, Fintech, Global, Insurtech, Opinion, Strategy | Tagged ant group, business transformation, china, embedded finance, embedded insurance, fintech adoption, insurance technology, insurtech, mainland china, simon torrance
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
Read more in: Asia, Featured Headlines, Fintech | Tagged cbirc, china, didi chuxing, guo shuqing, weiyangx, xu gao
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
Read more in: Fintech, Asia, Politics, Legal & Regulation | Tagged antitrust, cbirc, china, china banking and insurance regulatory commission, fintech adoption, guo shuqing, mainland china
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
Read more in: Blockchain & Digital Assets, Asia | Tagged cbdc, cbdcs, central bank digital currency, china, dcep, digital currencies, digital currency electronic payment, digital yuan, jd.com, mainland china, pboc, peoples bank of china, shenzhen, suzhou, virtual currencies, virtual renminbi, virtual yuan
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
Read more in: Asia, Fintech, Global | Tagged bytedance, china, peoples bank of china, tsinghua university, weiyangx, xu gao
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
Read more in: Blockchain & Digital Assets, Fintech, Global | Tagged china, china construction bank, distributed ledger technology, dlt, japan, jpmorgan, mainland china, mufg bank, research, Research Report, security token, security token advisors, security tokens, sta, united states, us
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
Read more in: Asia, Fintech, Politics, Legal & Regulation | Tagged alibaba, alibaba group, alibaba group holding, ant group, china, fintech adoption, guo shuqing, initial public offering, ipo, jack ma, mainland china
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
Read more in: Asia, Blockchain & Digital Assets, Fintech, Global, Insurtech | Tagged cbdc, central bank digital currency, china, tencent, waterdrop, weiyangx, xu gao
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
Read more in: Global, Asia, Blockchain & Digital Assets, Politics, Legal & Regulation | Tagged bitcoin, china, ethereum, mining
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