Tagged: china

September 7, 2019 @ 8:33 am By Xu Gao  |  

China to Include P2P lending Industry into Credit System On September 2nd, the special working group for Fintech risk ratification and special working group for online lending administration jointly issued a notice, requiring all p2p lending institutions to be connected to the credit system established… Read More

September 6, 2019 @ 10:12 am By JD Alois  |  

Late last month, the Monetary Authority of Singapore (MAS) announced it has begun accepting applications for digital bank licenses. The new banking licenses are only for aspiring non-bank Fintechs. MAS leadership explained that virtual banks will help assure the banking sector remains resilient and competitive… Read More

September 5, 2019 @ 2:13 pm By Samantha Hurst  |  

Ping An Insurance Group announced on Thursday it was selected to develop the national Open Innovation For Next Generation Artificial Intelligence. The company reported that the announcement was made at the World Artifical Intelligence Conference 2019 in Shanghai and Ping An is claimed to be… Read More

September 1, 2019 @ 11:34 am By JD Alois  |  

While China has obviously morphed from a command economy to one that has wholeheartedly embraced the benefits of capitalism and a market economy there still remains substantial central planning. The current Belt and Road initiative is all about global development and increasing China’s influence around… Read More

August 31, 2019 @ 12:23 pm By Xu Gao  |  

China Construction Bank Approves to Launch Digital Banking Business in Malaysia On August 26th, China Construction Bank Co., Ltd. Labuan Branch announced that it had received regulatory approval from Labuan Financial Services Authority to conduct digital banking business. According to the statement, it would become… Read More

August 30, 2019 @ 10:37 pm By Samantha Hurst  |  

Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) announced on Friday it has made some changes to its management team. Hexindai reported that Johnson Qisen Zhang, the online lender’s CFO, has departed from the company and Kerrie Rui Zhang has replaced Johnson as Hexindai’s new CFO. … Read More

August 29, 2019 @ 4:26 pm By JD Alois  |  

In October 2018, China based Pintec (NASDAQ:PT), a Fintech providing a portfolio of services, launched an initial public offering in the US. According to a release, the underwriters for the transaction were Goldman Sachs (Asia) LLC, Deutsche Bank Securities, Citigroup, and ICBC International. Pintec describes… Read More

August 24, 2019 @ 12:00 pm By Xu Gao  |  

People’s Bank of China issues “Fintech Development Plan (2019-2021)” On August 22nd, the People’s Bank of China issued a three-year development plan for the country’s emerging Fintech industry. According to the plan, China will improve the top-down design of the Fintech industry, further boost the… Read More

August 23, 2019 @ 8:16 am By Samantha Hurst  |  

CareVoice, a China-based insurtech startup, announced earlier this week it secured eight figures during its Series A investment round, which was led by LUN Partners Group with participation from DNA Capital, SOSV, and Artesian Capital. Founded in 2014, CareVoice states it provides a mobile-based data-driven… Read More

August 22, 2019 @ 7:50 am By Cali Haan  |  

Heavy seasonal rains and flooding in Sichuan, China’s “Bitcoin mining capital” have once again damaged cryptomining facilities in the region, Chinese crypto press outlet 8BTC reports. This year’s continuous heavy rainfall began August 18th, and while the devastation so far appears to be less than last year’s,… Read More

August 22, 2019 @ 1:36 am By Cali Haan  |  

Tether is continuing its bid to sell synthetic versions of world currencies by issuing yet another “stablecoin,” this time in the form of CNHT, which will act as a proxy for offshore Chinese yuan (CNH). Tether, its parent company iFinex and sister company, crypto exchange… Read More

August 18, 2019 @ 10:11 pm By Samantha Hurst  |  

OneConnect Financial Technology Co. Ltd. (OneConnect), an associate company of China’s insurance giant Ping An Group, announced last week the launch of its Data Governance Solution in China. OneConnect reported that its solution can support smart management for all scenarios and a large amount of data…. Read More

August 17, 2019 @ 12:05 pm By Xu Gao  |  

Tencent-backed WeBank Fined ¥2 million for multiple violations WeBank, China’s first internet bank, was fined for ¥2 million for multiple violations against Law of the People’s Republic of China on Commercial Banks. In an inspection last year, the Shenzhen branch of the China Banking and… Read More

August 14, 2019 @ 3:19 pm By JD Alois  |  

Fincera Inc. (OTCQB: YUANF), a China-based peer to peer lending platform providing access to capital for SMEs, has become the target of a local government attempt to shut down P2P lenders. According to a note from Fincera, the Hebei provincial government, where Fincera is based,… Read More

August 14, 2019 @ 8:14 am By JD Alois  |  

Singularity Studio, the for-profit spin-off of SingularityNET (SNET) – a non-profit Netherlands foundation building a decentralized blockchain AI platform, has signed a “Strategic Cooperation Memorandum” with PICC Finance Services. PICC is a subsidiary of the Fintech arm of the People’s Insurance Company of China Holding… Read More

August 12, 2019 @ 8:45 pm By Cali Haan  |  

Bitmain, the world’s largest cryptomining firm and manufacturer of cryptomining equipment says the company name is being fraudulently used by a project called “Mangocoin.” “We recently become aware of the fraudulent use of the ‘Bitmain’ brand in the sale of a product named ‘Bitmain Cloud… Read More

August 12, 2019 @ 5:19 pm By Cali Haan  |  

After five years in development, the deputy director of the People’s Bank of China’s Payments and Settlement Division, Mu Changchun, says, “(The) People’s Bank digital currency can now be said to be ready.” Shanghai Securities News (SSN) writes that  Mu made the announcement at the third… Read More

August 10, 2019 @ 3:17 pm By Xu Gao  |  

Ride-Sharing Platform DiDi Plans to Set up a Private Bank Didi Chuxing (DiDi) is a leading ride-sharing platform in China. After making its debut in online micro-lending, insurance, payments, and financial leasing industries, Didi is aiming to acquire a banking license and establish a private… Read More

August 7, 2019 @ 2:42 am By Cali Haan  |  

Kyle Bass, a fund manager who predicted the 2008 economic crisis says the troubles in Hong Kong, US-China trade tensions and Chinese debt are probably incentivizing capital flight into Bitcoin, gold, and other currencies as investors and citizens seek refuge from a depreciating yuan. “If… Read More

August 6, 2019 @ 9:18 am By JD Alois  |  

ZhongAn Fintech Institute and KPMG China have joined together to publish a report, Insurtech: Infrastructure for New Insurance, on the fast emerging Insurtech marketplace. ZhongAn is an online-only Insurtech firm backed by some of the biggest names in China tech. ZhongAn trades on the Hong… Read More