Tagged: china

June 6, 2019 @ 9:02 am By Samantha Hurst  |  

Germany-based global provider of digital payments and commerce solutions Wirecard announced on Thursday it has teamed up with NK department stores to accept Chinese mobile payment methods. According to Wirecard, NK welcomes over 9 million visitors annually to its luxury stores in Stockholm and Gothenburg. The… Read More

June 1, 2019 @ 8:00 pm By Xu Gao  |  

PBOC Set Up Deposit Insurance Fund Management Company On May 24th, the People’s Bank of China (PBOC), China’s central bank, set up a deposit insurance fund management company after it took a rare move to take over Inner Mongolia-based Baoshang Bank in response to its… Read More

May 30, 2019 @ 8:54 pm By Samantha Hurst  |  

Germany-based global provider of digital payments and commerce solutions Wirecard announced on Thursday it has formed a partnership with Chinese e-commerce platform XBN to enable digital payments outside of China. According to Wirecard, XBN is on a rapid global expansion with a trading volume of more… Read More

May 27, 2019 @ 9:48 pm By Cali Haan  |  

A 61-year-old woman in China has been sentenced to 4 months in prison and fined 10 000 Yuan ($1450 USD) for allegedly “stealing the national power resources” to mine Bitcoins, Chinese news outlet The Paper reports. The Kaiping District People’s Court of Tangshan City, Hebei… Read More

May 25, 2019 @ 10:01 am By Xu Gao  |  

Fintech Research Institute of People’s Bank of China Starts Recruiting Blockchain Talent The Fintech Research Institute, established by the People’s Bank of China (PBOC), has posted several job vacancies about blockchain on recruitment website Lagou.com. Shenzhen Fintech Research Institute is a unit jointly established by… Read More

May 20, 2019 @ 2:01 pm By Samantha Hurst  |  

China-based consumer finance platform LexinFintech announced on Friday its first quarter 2019 unaudited financial results, which ended on March 31st. According to LixinFintech, Operational Highlights include: Total outstanding principal balance of loans1 reached RMB35.0 billion as of March 31, 2019, representing an increase of 64.7%… Read More

May 17, 2019 @ 3:21 pm By Samantha Hurst  |  

China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced on Friday changes in its business operations and to its board of directors. The lender revealed that it has acknowledged its inability to file its annual report on Form 20-F in a… Read More

May 15, 2019 @ 8:27 am By Samantha Hurst  |  

Tencent Holdings Limited, a leading provider of Internet value-added services based in China, announced on Wednesday its financial results of 2019’s first quarter. According to Ma Huateng, Chairman and CEO of Tencent, Tencent sustained “healthy user engagement” across its key platforms and saw notable growth in… Read More

May 13, 2019 @ 3:40 pm By JD Alois  |  

Bitcoin has been rallying in recent days compelling many followers to declare the crypto winter has ended. Crypto spring is here. Bitcoin recently bounced off of USD $8000.00 and, as of today, hovers around USD $7800.00. BTC started May at about $5300. So what gives?… Read More

May 7, 2019 @ 1:07 pm By Samantha Hurst  |  

China-based social media and payment app WeChat has reportedly updated its payment policy, which now states that those who engage in crypto trading will have their accounts terminated on the platform. According to CoinDesk, the policy was updated on April 30th and indicated that merchants… Read More

May 6, 2019 @ 10:11 pm By JD Alois  |  

Peer to peer lender Fincera (OTCQB: YUANF) has issued their 2018 year-end results. The Chinese online lender reported top line revenue for the year ended December 31, 2018 at RMB 1,412.0 million (USD $205.7 million), an increase of RMB 388.1 million from RMB 1,023.9 million… Read More

May 6, 2019 @ 12:05 pm By Samantha Hurst  |  

Ideanomics (formerly known as Seven Stars Cloud Group, Inc.) (NASDAQ: SSC), a global fintech and asset digitization services company, announced on Monday it has signed a MoU with Beijing Foton Motor Company (Foton). According to Ideanomics, the agreement for China-based activities is a 2-year deal, at 5… Read More

April 28, 2019 @ 9:02 am By Xu Gao  |  

China Requires P2P Platform Executives Not to Leave Beijing during Administrative Review On April 25th, Internet Finance Association of Chaoyang District issued an announcement about the recently launched P2P platform administrative review. According to the document, from the date of the announcement to May 31st,… Read More

April 20, 2019 @ 3:00 pm By Xu Gao  |  

PBC to launch the second-generation credit rating system The People’s Bank of China (PBC) is going to launch the second-generation credit rating system from May 2019. PBC will start using the new system for inquiry purpose, with the two systems running concurrently. After data uploaded… Read More

April 13, 2019 @ 4:00 pm By Xu Gao  |  

China Implements First National Standard for Insurance Sector On April 11th, China has implemented its first national standard for the insurance industry. The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to… Read More

April 12, 2019 @ 12:27 pm By Cali Haan  |  

In the wake of increasing Chinese state reticence towards a once supported industry, the biggest Chinese crypto mining firms have been steadily expanding or relocating to Canada, the US and Iceland, Chinese crypto news outlet 8BTC reports. But small and mid-size Chinese crypto miners have… Read More

April 11, 2019 @ 3:27 pm By Cali Haan  |  

China’s National Development and Reform Commission (NDRC) has reportedly added cryptocurrency mining to, “a revised list of industries it wants to encourage, restrict or eliminate,” Reuters reports. Cryptocurrency mining appears on the list along with 450 other industrial activities the NDRC says should be, “phased out… Read More

April 6, 2019 @ 12:37 pm By JD Alois  |  

Late last month, the Hong Kong Monetary Authority (HKMA) announced the issuance of the very first virtual banking licenses. While many jurisdictions around the world are pursuing policies that encourage Fintech innovation and digital banking what was unique about the HKMA’s announcement was the rapidity… Read More

March 30, 2019 @ 4:01 am By Xu Gao  |  

Parent Company of Shuidi Crowdfunding Receives nearly ¥500 million B-round Funding led by Tencent Shuidi, the parent company of Shuidi Crowdfunding and Shuidi Mutual Insurance, announced this week that it had received a nearly ¥500 million B-round financing. This investment was led by Tencent, and… Read More

March 23, 2019 @ 10:30 am By Xu Gao  |  

WeChat Shuts Down More Than 2,500 Accounts for Illegal Loan Activities On March 15th, China’s Central Television (CCTV) shined its spotlight on the illegal loans market during its annual Consumer Right’s Show. On March 18th, WeChat released an official statement about combating illegal credit services… Read More