Tagged: china

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

August 4, 2020 @ 1:09 pm By Samantha Hurst  |  

Mastercard recently announced it has partnered with Bank of Shanghai to enable better cross-border business payments in China. Mastercard reported that with its cross-border services, businesses will be able to transfer funds to local banks in China. The service will also reduce transaction costs and… Read More

August 3, 2020 @ 11:03 pm By Omar Faridi  |  

Wang Yongli, the former VP of China’s reserve bank, has argued that central bank digital currencies (CBDCs) can serve as a substitute for cash or paper money in circulation. Yongli, the director of the Haixia Blockchain Research Institute, noted that virtual currencies can effectively serve… Read More

August 1, 2020 @ 10:22 pm By Omar Faridi  |  

Authorities in China have reportedly arrested 27 suspects who are allegedly responsible for conducting one of the largest cryptocurrency related scams, which is now well-known as the Plus Token Ponzi scheme. The arrests were made following extensive investigations by local agencies including China’s Ministry of… Read More

August 1, 2020 @ 12:27 pm By Xu Gao  |  

Agricultural Bank of China Establishes Financial Technology Subsidiary On July 28th, the Agricultural Bank of China officially launched the “Agricultural Bank of China Fintech Co., Ltd.”. The new subsidiary is headquartered in Tongzhou District, Beijing with a registered capital of 600-million-yuan. Its main business is… Read More

July 29, 2020 @ 11:35 pm By Omar Faridi  |  

The global Fintech ecosystem is growing steadily. The financial technology sector is projected to reach $460 billion within the next five years. But financial losses due to fraudulent activities have reached $42 billion, globally, during the past two years. The billions of dollars stolen due… Read More

July 26, 2020 @ 9:45 pm By Omar Faridi  |  

The Dubai International Financial Center (DIFC) and Jiaozi Fintech Dreamworks, a Chengdu, China-based Fintech innovation platform, have agreed to allow financial technology firms in both China and the UAE to take advantage of new opportunities by accessing each others’ respective markets. Under the agreement, the… Read More

July 25, 2020 @ 6:00 pm By Xu Gao  |  

Buy Insurance for Your Pet on Alipay On July 20th, Alipay started to offer pet insurance in collaboration with China Continent Insurance and ZhongAn Insurance. The pet insurance will use nose print recognition to register pets when you purchase the policy and verify pets when… Read More

July 23, 2020 @ 12:18 pm By Omar Faridi  |  

Open-source blockchain platform Nervos announced on July 22, 2020 that it’s planning to integrate with China’s Blockchain-based Services Network (BSN). Nervos claims that it will be one of the first public blockchains to join the distributed ledger technology (DLT)-powered network. As mentioned in a release… Read More

July 21, 2020 @ 11:55 pm By Omar Faridi  |  

Cities throughout China are planning to begin testing (or already are) the country’s central bank digital currency (CBDC). Scammers have reportedly been impersonating CBDC testing groups. Tencent QQ reports that criminals have been promoting a scam that asks unsuspecting Chinese residents to sign up for… Read More

July 21, 2020 @ 10:34 pm By Omar Faridi  |  

The People’s Bank of China (PBoC), the nation’s central bank that’s also tasked with managing monetary policy and the regulation of financial institutions in mainland China, has reportedly added Chengdu, the capital of the Sichuan province, to its list of approved regions for conducting Fintech… Read More

July 20, 2020 @ 9:33 pm By Omar Faridi  |  

The global COVID-19 crisis has forced many businesses to either shut down or make significant changes to their business models. Individuals and companies are increasingly using digital platforms and services to conduct transactions or complete routine tasks that they normally carried out at physical locations…. Read More

July 20, 2020 @ 9:05 am By JD Alois  |  

Ant Group (formerly Ant Financial) plans to execute concurrent listing on Shanghai Stock Exchange’s STAR market and The Stock Exchange of Hong Kong, according to a company release. The news of a pending initial public offering (IPO) was previously reported as word of the listing… Read More

July 19, 2020 @ 8:29 pm By Omar Faridi  |  

A recent blog post notes that since the COVID-19 pandemic began, there’s been a significant acceleration in digital banks and P2P wallet activity volume (during the first half of 2020). The blog states that the impact of the Coronavirus crisis has “disproportionately” affected the world’s… Read More

July 18, 2020 @ 10:04 am By Xu Gao  |  

Beijing Makes Policy Update for Startup Loans On July 13th, Beijing Municipal Human Resources & Social Security Bureau and the Business Administration Department of PBC jointly made an update for the startup-loan support policy. Eligible individual borrowers can apply for a business guarantee loan up… Read More