Tagged: china

July 2, 2020 @ 11:02 am By JD Alois  |  

The Beijing Municipal People’s Government has posted Beijing’s Blockchain Innovation Development plan outlining its intent to “accelerate the development of blockchain technology and industrial innovation.” [translated] The goal is to promote blockchain and accelerate its growth in its utilization across various sectors of the economy…. Read More

July 1, 2020 @ 9:11 am By Olivia Halsall  |  

China has indicated an interest in using blockchain technology to promote data sharing among medical institutions amid fears of pandemics becoming the norm. The People’s Republic were praised by the WHO for their Covid-19 response; Tedros Adhanom Ghebreyesus lauded Beijing’s ‘speed, scale and efficiency’. Despite… Read More

June 30, 2020 @ 9:59 pm By Omar Faridi  |  

Dennis Gao, partner of Management Consulting at KPMG Southern China, recently noted that Fintech is preparing to enter the “regulatory-driven 2.0 era,” and opportunities are now greater or outweigh potential challenges for Fintech due to COVID-19. Gao, whose comments came during “Financial Digitalization & Fintech… Read More

June 27, 2020 @ 11:22 am By Omar Faridi  |  

Chinese firm Ebang, a leading developer of cryptocurrency mining hardware, confirmed on June 26, 2020, that it had been listed on the Nasdaq Global Market (under the EBON ticker). Notably, Ebang is only the second Bitcoin mining equipment manufacturer to go public on a US… Read More

June 26, 2020 @ 10:34 am By Samantha Hurst  |  

On Thursday, former Treasury Secretary, Lawrence Summers, sat down with Circle CEO Jeremy Allaire on YouTube Live for a special edition of The Money Movement, a weekly interview series that explores the issues and ideas driving the world of digital money.  During the episode, Summers… Read More

June 22, 2020 @ 1:38 pm By Samantha Hurst  |  

Ant Financial Services Group, the owner and operator of Alipay, has dropped the “Financial” part of its name and is set to rebrand to Ant Technology Group, according to the Wall Street Journal. Founded in 2014 by billionaire Jack Ma, Ant Group describes itself as… Read More

June 21, 2020 @ 6:28 pm By Omar Faridi  |  

Asian Fintech firm BigPay announced on June 19, 2020, that it has added Australia and Vietnam to its global remittance service, and will be adding China soon. The company added Bangladesh and India in January of this year. BigPay’s management noted that they’re committed to… Read More

June 21, 2020 @ 4:11 pm By Xu Gao  |  

Chinese Ministry of Finance Issues Anti-Coronavirus Special Sovereign Bonds On June 16th, the Ministry of Finance of the People’s Republic of China issued a total of 70 billion yuan anti-coronavirus special sovereign bonds. According to the press release: The bonds are 10-year fixed-rate interest-bearing bonds… Read More

June 21, 2020 @ 3:56 pm By Omar Faridi  |  

George Whitridge, an analyst at ARK Invest, said during a recently held webcast, called The Future of Finance: How Fintech Could Disrupt Everything, that the future of finance will increasingly involve digital transactions and lending. He noted that back in 2005, there were around 7… Read More

June 21, 2020 @ 1:25 pm By Omar Faridi  |  

Technological advancements, money and payment systems have been closely linked from the earliest days of society and human civilization. However, technology is now transforming money and global payment platforms “to an extent and speed never before seen,” according to recent paper titled, “After Libra, Digital… Read More

June 19, 2020 @ 12:30 am By Omar Faridi  |  

Asia’s Fintech industry has been negatively affected due to socio-economic challenges resulting from the COVID-19 outbreak. There’s reportedly been a significant decline in the number of financial technology deals closed. The amount of venture capital acquired by Fintechs in the Asia-Pacific (APAC) region dropped 58.5%… Read More

June 16, 2020 @ 8:28 am By Omar Faridi  |  

The developers and management TikTok, a leading Chinese video-sharing social network, are reportedly branching out into the financial services sector with the owners of the Oversea-Chinese Banking Corporation, Limited (OCBC) Bank (SGX: O39), a multinational banking and financial services corporation. Beijing-based ByteDance, a Chinese multinational… Read More

June 15, 2020 @ 11:52 pm By Omar Faridi  |  

Many developing and developed countries across the globe are considering or already developing and testing their own central bank digital currencies (CBDCs). China might be creating an East Asia virtual currency platform, according to a report from the Nikkei Asian Review. The new currency might… Read More

June 15, 2020 @ 10:33 pm By Omar Faridi  |  

The rise of Chinese Fintech firms as major industry participants across Asia is playing a vital role in transforming the region’s financial services ecosystem. Joe Ngai, partner at consultants McKinsey & Co, confirmed: “Chinese Fintech companies have been expanding overseas.”  In 2016, Ant Financial, the… Read More

June 15, 2020 @ 9:13 am By Omar Faridi  |  

Authorities in China’s Guangdong province have reportedly frozen around 4,000 bank accounts which might be linked to money laundering operations through Bitcoin (BTC) and other cryptocurrencies. Local sources said that Guangdong police officials have identified bank accounts that allegedly belong to virtual currency over-the-counter (OTC)… Read More

June 15, 2020 @ 8:00 am By Samantha Hurst  |  

American Express (NYSE: AXP) announced over the weekend it secured a clearing license in the midland of China. According to the credit card giant, Express (Hangzhou) Technology Services Company Limited (Express Company)  received approval from the People’s Bank of China (PBOC) for the license and… Read More

June 13, 2020 @ 2:31 pm By Xu Gao  |  

Workforce Operational Solution Provider Quhuo Files for U.S. IPO On June 4th, Quhuo, a workforce operational solution provider for China’s consumer service industry, filed for an IPO on the U.S. stock market. According to the F-1 prospectus document, Quhuo plans to be listed on the… Read More

June 9, 2020 @ 11:47 am By JD Alois  |  

DeFiner, a non-custodial peer-to-peer network for digital savings, loans, and payments, has integrated with Conflux Network, according to a company release. DeFiner and Conflux are said to be working toward the goal of supporting the development of DeFi on a global scale. DeFiner’s DeFi platform… Read More

June 8, 2020 @ 11:08 am By Samantha Hurst  |  

 Alan Lau, CEO of Tencent’s insurance platform WeSure, recently announced that research has revealed the COVID-19 pandemic unexpectedly raised the sense of urgency in insurance purchase in China. Lau notably referred to the latest research Tencent WeSure conducted in partnership with Shanghai-based Fudan University, which showed a string… Read More

June 7, 2020 @ 5:00 pm By Xu Gao  |  

The People’s Bank of China Has Launched Innovative Monetary Policy Instruments to Enable Direct Support for the Real Economy In line with the arrangements of the Report on the Work of the Government, the People’s Bank of China (PBC) has launched another two instruments that… Read More