Tagged: china

August 31, 2020 @ 3:03 pm By Samantha Hurst  |  

China Construction Bank (CCB), one of the nation’s largest financial institutions, has reportedly disabled its digital yuan wallet, which was available inside the banking group’s mobile app, after the service’s soft launch drew wide attention. According to Coindesk, It is unclear when the banking group… Read More

August 29, 2020 @ 6:09 pm By Xu Gao  |  

Cybersecurity Insurance Provider Yuanbao Tech Completes A Round of Financing led by GL Ventures On August 28th, cybersecurity insurance service provider Yuanbao Tech announced that it had completed a ¥ 10-million-level A round of financing. The investment was led by GL Ventures, with participation from… Read More

August 29, 2020 @ 11:27 am By Omar Faridi  |  

Eswar Prasad, professor of Trade Policy at Cornell University and senior fellow at the Brookings Institution, acknowledges that the Chinese digital yuan will improve the nation currency’s role as an international payment method. However, he clarified that it will “hardly put a dent” in the… Read More

August 26, 2020 @ 5:51 pm By Omar Faridi  |  

The decentralized finance (DeFi) space is growing rapidly. Oracle protocols like Chainlink, BAND and Gravity have experienced a significant increase in adoption in a cryptocurrency market that’s still highly speculative and plagued by market manipulative and wash trading. Fetch.ai, an open-access machine learning network established… Read More

August 25, 2020 @ 12:31 pm By Omar Faridi  |  

UK-based Fintech firm Paysend, which focuses on global payments, has revealed that it will be working with Alipay to offer new cross-border money transfer options that aim to bring more seamless and inclusive financial services to consumers throughout the world. Paysend claims that its agreement… Read More

August 25, 2020 @ 8:40 am By Samantha Hurst  |  

FinVolution Group, a China-based fintech that connects underserved individual borrowers with financial institutions, announced on Tuesday its new share repurchase program. whereby the Company is authorized to repurchase its own Class A ordinary shares in the form of American depositary shares (ADS) with an aggregate… Read More

August 22, 2020 @ 7:39 pm By Omar Faridi  |  

Hangzhou’s Alibaba Cloud (Aliyun), a Chinese cloud computing company that operates as a subsidiary of the e-commerce giant, Alibaba Group (NYSE:BABA), has partnered with the Fintech Academy in Singapore and Pfizer, an American multinational pharmaceutical corporation. Through the partnership, the two companies and the Fintech Academy… Read More

August 22, 2020 @ 5:55 pm By Xu Gao  |  

Insurtech Platform Shuidi SecureS US $230 Million D-round of Financing On August 20th, at the 2020 Global Partner Conference of Shuidi Insurance Mall, Shen Peng, founder & CEO of Shuidi, announced that the company had completed a series D financing of US$230 million, led by… Read More

August 21, 2020 @ 9:19 am By Omar Faridi  |  

Chinese Fintech Unicorn Ant Group, which is part-owned (33%) by digital commerce giant Alibaba, is currently planning dual IPO listings in Hong Kong and Shanghai. Established by billionaire Jack Ma’s Alibaba (NYSE:BABA), Ant Group, which includes AliPay, earned 9.2 billion CNY (appr. $1.3 billion) in… Read More

August 20, 2020 @ 10:24 am By JD Alois  |  

It is no secret that China has long been working on a Central Bank Digital Currency (CBDC). Today, there is a video circulating on Twitter of an individual using the digital RMB.   China is starting to test the Digital RMB and educate its citizens…. Read More

August 18, 2020 @ 7:23 pm By JD Alois  |  

Conflux Network, a permissionless blockchain network, has received a second public endorsement from a Chinese government entity. In a release, Conflux said that the Hunan government has joined the Shanghai government in blessing their blockchain. Conflux notes that they are the only privately created blockchain… Read More

August 18, 2020 @ 2:29 pm By Samantha Hurst  |  

  Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) recently announced it has launched an upgraded version of its new form of social e-commerce platform Xiaobai Maimai, offering high-quality and affordable branded products. According to Hexindai, Xiaobai Maimai uses its cooperation with domestic e-commerce platforms and… Read More

August 15, 2020 @ 3:09 pm By Omar Faridi  |  

Peer to peer (P2P) investors based in China are reportedly facing losses of over 800 billion yuan (appr. $115 billion) in unpaid debt, due to failed lending platforms, according to the head of the nation’s banking industry regulator. Guo Shuqing, chairman of the Chinese Banking… Read More

August 15, 2020 @ 12:00 pm By Xu Gao  |  

Moka, an Intelligent Recruitment Management System, Completes 100-million-yuan Series B+ Financing Moka, a provider of intelligent recruitment management solutions, has completed a Series B+ round of financing of more than 100 million yuan led by a well-known venture capital fund. Up to now, Moka’s B… Read More

August 15, 2020 @ 11:31 am By Omar Faridi  |  

There are now at least 67 FIntech unicorns, globally, that are valued at a combined $244.6 billion, according to a recently published infographic by CBInsights which shows that North America, particularly the US, is home to some of the world’s largest Fintechs. Fintech unicorns are… Read More

August 14, 2020 @ 5:56 pm By Omar Faridi  |  

Guided by the government’s Fintech focused development plan and innovation strategy, China is reportedly leading the charge when it comes to establishing financial technology businesses in the country. A recent survey of business Fintech usage, performed by CPA Australia, an established accounting firm, reveals that… Read More

August 12, 2020 @ 11:52 pm By Omar Faridi  |  

China’s virtual yuan (CBDC), which is also referred to as digital currency electronic payment (DCEP), will reportedly be introduced for testing in Hong Kong’s Greater Bay Area within the next few weeks. The Greater Bay Area is a megapolis that includes nine major cities (Guangzhou,… Read More

August 12, 2020 @ 10:04 pm By Omar Faridi  |  

Jameson Lopp, the CTO at Casa, a Bitcoin focused security company, notes that since the industrialization of BTC mining began in 2015, there have been concerns regarding the concentration of hashpower within Chinese borders. Hashpower is the computing power needed to secure the Bitcoin network,… Read More

August 9, 2020 @ 4:57 pm By Omar Faridi  |  

A division of China’s state-owned power grid has reportedly introduced a blockchain-enabled blackout insurance policy that’s issued to the chairman of a local firm that had to compensate for a recent loss due to a power outage. The Zhejiang Ningbo Power Supply Company has teamed… Read More

August 5, 2020 @ 12:30 am By Omar Faridi  |  

Critical gaps in the global banking system, especially in emerging markets, have restricted business growth and development. Consumer demand cannot be effectively addressed if banking platforms are not updated to meet the requirements of individuals and small business owners. Billions of people across the globe… Read More