Tagged: china

May 18, 2020 @ 9:31 pm By Omar Faridi  |  

Ant Financial, the Fintech division of Chinese multinational e-commerce giant Alibaba Group (NYSE:BABA), has teamed up with Digital Money Myanmar (Wave Money), in order to promote financial inclusion and help the country’s unbanked and underbanked population. Ant Financial will offer its expertise in mobile and… Read More

May 17, 2020 @ 11:08 am By Xu Gao  |  

PBC, CBIRC, CSRC and SAFE Release Opinions on Providing Financial Support for the Development of Guangdong-Hong Kong-Macao Greater Bay Area To fully implement the decisions and arrangements of the CPC Central Committee and the State Council, upon the approval of the State Council, PBC, CBIRC,… Read More

May 13, 2020 @ 12:49 pm By JD Alois  |  

The Cambridge Centre for Alternative Finance (CCAF) has launched a Bitcoin Mining Map that tracks the creation of BTC. As we all know, Bitcoin just completed its periodic “halving” event when the creation or mining of Bitcoin is cut in half. As one may expect,… Read More

May 10, 2020 @ 9:02 pm By Omar Faridi  |  

Switzerland-based UBS Group AG (SWX: UBSG), a global investment bank and financial services firm with around $1 trillion in assets, recently confirmed that it is planning to launch a digital banking platform that would reduce operational costs and stimulate growth. However, UBS said its plan… Read More

May 10, 2020 @ 4:25 pm By Xu Gao  |  

“Financial Innovation and Development Open Courses” launched on WeiyangX.com This week, WeiyangX.com launched a new series of financial open courses. Under the guidance of Beijing Municipal Bureau of Financial Work, the “Financial Innovation and Development Open Course” is hosted by PBC School of Finance, Tsinghua… Read More

May 8, 2020 @ 12:23 pm By JD Alois  |  

Bitmain, the top hardware producer for crypto-mining, is in the midst of chaos according to multiple reports. The company posted a statement today attempting to clarify company representation (translated): Beijing Bitmain Technology Co., Ltd. (hereinafter referred to as “Beijing Bit”) is a wholly foreign-owned enterprise,… Read More

May 7, 2020 @ 10:54 pm By Omar Faridi  |  

The Shanghai No. 1 Intermediate People’s Court made a public announcement on May 6, 2020, about an appeal involving a Bitcoin (BTC) foreign property damage compensation dispute. The second Court trial’s investigation into the matter confirmed that Bitcoin may be considered a digital asset. Therefore,… Read More

May 6, 2020 @ 3:15 am By Omar Faridi  |  

Li Lihui, the former president of the Bank of China, claims that the nation’s highly-anticipated virtual yuan will be launching soon. Lihui has argued that the digital renminbi could potentially replace cash. The central bank digital yuan, or CBDC, is still in its testing phase… Read More

May 2, 2020 @ 4:04 pm By Omar Faridi  |  

Tencent Holdings Ltd., a Chinese multinational conglomerate holding company whose subsidiaries offer various Internet-related products and services, has acquired a 5% stake, valued at about A$390 million (appr. $250.38 million), in Melbourne-based “buy-now-pay-later” firm, Afterpay. Tencent’s management confirmed that they built up their stake during… Read More

May 1, 2020 @ 2:08 am By Omar Faridi  |  

Tencent Holdings Ltd., a Chinese multinational conglomerate holding company whose subsidiaries offer various Internet-related products and services, has introduced a blockchain accelerator program. Tencent, which is among the world’s most valuable companies and also one of the largest VC firms and investment corporations, says it… Read More

April 28, 2020 @ 9:31 pm By Omar Faridi  |  

The Bank of China, one of the four largest state-managed commercial banking institutions in the country with over $3 trillion in assets, introduced its very first Fintech-focused regulatory pilot initiative in Beijing in 2019. The bank now says it will further expand its regulatory pilot… Read More

April 26, 2020 @ 8:18 pm By Omar Faridi  |  

Ping An Insurance Group, China’s largest insurance and logistics conglomerate, has released its Q1 2020 financial results for the three months ending on March 31, 2020. Ping An’s management noted that they are coping with the Coronavirus (COVID-19) outbreak by adopting measures which include a… Read More

April 26, 2020 @ 9:42 am By Xu Gao  |  

People’s Bank of China Held 2020 Anti-Money Laundering Work Virtual Conference On April 15th, the 2020 PBC Anti-Money Laundering Work Virtual Conference was held in Beijing. The conference fully recognized AML achievements made by the People’s Bank of China (PBC) in 2019, analyzing the current… Read More

April 24, 2020 @ 10:14 am By JD Alois  |  

While everyone expects the People’s Bank of China to launch a limited trial of its Central Bank Digital Currency (CBDC) or Digital Currency Electronic Payment (DCEP) as it is called in the country questions have frequently emerged as to how the government will utilize the… Read More

April 24, 2020 @ 8:18 am By Omar Faridi  |  

Fintech funding has declined significantly during the first quarter of this year, mainly due to the Coronavirus (COVID-19) outbreak, and resulting social and economic challenges. A recent report from Forrester has cautioned that many companies could be forced to shut down as the effects of… Read More

April 24, 2020 @ 12:54 am By JD Alois  |  

China has long been expected to become the first nation to launch a Central Bank Digital Currency (CBDC). Periodically, reports have popped up regarding the development of the digital currency and today we have another glimmer on the progress driven by the People’s Bank of… Read More

April 23, 2020 @ 10:47 pm By Omar Faridi  |  

Crypto and blockchain or distributed ledger tech (DLT) firms have been developing solutions to help people cope with the deadly Coronavirus (COVID-19) outbreak. Several crypto and Fintech firms and organizations have launched charitable initiatives in order to provide financial relief and other types of assistance… Read More

April 23, 2020 @ 10:49 am By JD Alois  |  

The Blockchain-based Service Network (BSN) in China aims to change the existing problem of the high cost of developing and deploying blockchain applications by providing public blockchain resource environments to developers. According to BSN, just like the internet, the ubiquity of access can greatly reduce… Read More

April 23, 2020 @ 1:30 am By Omar Faridi  |  

Over 70 Chinese financial services companies, including all state-managed banking institutions and the nation’s largest technology firms, are currently using some type of blockchain or distributed ledger technology (DLT)-enabled financial applications. This, according to the Industrial and Commercial Bank of China (ICBC), a multinational Chinese… Read More

April 21, 2020 @ 10:12 am By JD Alois  |  

On April 19th, Mindao Yang, founder of dForce, confessed that $25 million crypto had been stolen from his platform. In a blog post, Yang said Lendf.Me, the lending protocol of dForce, was attacked and a vulnerability was exploited to steal the digital assets. Today, it… Read More