Tagged: china

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

July 16, 2020 @ 11:04 pm By Omar Faridi  |  

The Chinese government released its very first blockchain or distributed ledger tech (DLT) application blueprint for managing government services. As noted in the blueprint documents, 140 government service applications are using some type of blockchain technology. These software applications include data sharing and exchange services,… Read More

July 15, 2020 @ 11:10 am By Samantha Hurst  |  

China Finance Online Co. Limited (NASDAQ GS: JRJC), a web-based financial services company that provides Chinese retail investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, announced… Read More

July 11, 2020 @ 9:59 am By Xu Gao  |  

People’s Bank of China Digital Currency Research Institute and Didi reached a strategic cooperation to explore the application of digital currency The Digital Currency Research Institute of PBC and Didi Travel have officially reached a strategic cooperation agreement to jointly explore the innovation and application… Read More

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

Tencent Cloud, the cloud computing division of Tencent Holdings, a major provider of internet value-added services in China, revealed on July 8, 2020, that it has committed to a Memorandum of Understanding (MoU) with Singapore’s Asia Digital Bank Corporation (ADBC). As mentioned in a release,… Read More

July 9, 2020 @ 3:56 pm By Omar Faridi  |  

Chinese e-commerce platform Meituan, which has more than 240 million customers and works with 5 million local merchants, has reportedly begun working cooperatively with several banks in China that are involved in the development of the digital yuan. Bilibilibili, which is China’s largest video sharing… Read More

July 7, 2020 @ 11:30 pm By Omar Faridi  |  

The ongoing U.S.-China trade wars and the COVID-19 outbreak have negatively impacted China’s $11-$13 trillion economy, however, the nation’s technology sector continues to develop rapidly. The country’s tech industry is supported by $616 billion in research and development (R&D) resources. In addition to investing in… Read More