Tagged: china

April 22, 2017 @ 12:29 pm By Xu Gao  |  

Xiaomi Opens Xiaomi Lending to Android Users On April 11, Xiaomi Corp., China’s leading mobile phone maker, launched the mobile application Xiaomi Lending in Android market, signaling a strong ambition to expand in the country’s booming Internet Finance sector. When Xiaomi Lending was first launched… Read More

April 20, 2017 @ 10:36 pm By Jonathan Nieh  |  

Swiss Finance Minister Ueli Maurer has been touring China for the past week. On several stops along his trip, Maurer has given speeches and interviews detailing Switzerland’s hopes in strengthening financial ties with China and in sharing Fintech knowledge. Speaking with China Global Television Network, Maurer… Read More

April 20, 2017 @ 10:06 am By Samantha Hurst  |  

Chinese marketplace lending platform Yirendai (NYSE: YRD) announced on Thursday it has made incremental progress in facilitating consumer loan products with asset-backed security (ABS) structure. This news comes just a couple weeks after the online lender entered into an agreement of intent with the Beijing branch of… Read More

April 17, 2017 @ 10:49 pm By Jonathan Nieh  |  

  China Rapid Finance, a peer-to-peer (P2P) lender based in Shanghai, China, announced that it has set the terms for its upcoming US IPO. The company plans to raise $105 million through the offering of 10 million shares priced between $9.50 to $11.50 a share. At… Read More

April 16, 2017 @ 8:37 pm By JD Alois  |  

In a series of reports, ChinaNews is pointing to the increasing scrutiny of the Chinese government regarding financial fraud and over-all malpractice. In March there was the case of the “first and high profile” peer to peer lending fraud case where 41 people associated with Baiyin… Read More

April 15, 2017 @ 6:33 am By Xu Gao  |  

Wecash Nails Down Series C Funding with $ 80 million Big Data Company Wecash raised $ 80 million in series C funding led by China Merchants Capital, Fore Bright Capital and SIG. Two new investors – Dongfang Hongdao Asset Management and Lingfeng Capital joined the existing… Read More

April 14, 2017 @ 10:43 am By JD Alois  |  

Renren (NYSE: RENN), an early investor in the first Fintech unicorn SoFi, recently announced it had sold preferred shares in SoFi to investors on April 4th. The transaction was completed in conjunction with SoFi’s $500 million funding round. Renren is an early investor in SoFi which… Read More

April 14, 2017 @ 9:09 am By JD Alois  |  

  LendIt, the global lending and Fintech conference, has announced the official launch of the Asian edition of their Fintech startup competition, PitchIt, in association with JadeValue, a Shanghai-based Fintech incubator. The competition is for all early stage Fintech startups in Asia-Pacific. PitchIt will take… Read More

April 12, 2017 @ 9:36 am By JD Alois  |  

Global economic powerhouse Singapore is tightening its relationship with China as indicated by the 3rd Singapore-Shanghai Financial Forum (SSFF) in Singapore today.  The SSFF is an annual forum that seeks to bring together financial industry participants from Singapore and Shanghai to discuss pertinent market developments and… Read More

April 12, 2017 @ 8:08 am By Jonathan Nieh  |  

China’s Concerns with Outflowing Money China has a money outflow problem on its hands. More than US $1.2 Trillion has left China since its yuan was devalued in August 2015, according to Bloomberg. Money has been leaving China in several ways: increase in repaying foreign… Read More

April 9, 2017 @ 4:41 pm By JD Alois  |  

Xian Yan, the Chairman of P2P Financial Information Service Company,  was fined 3.47 billion yuan (about $503 million USD) for stock market manipulation. The China Securities Regulatory Commission (CSRC) levied that penalty that included penalties and forking over illicit profits, according to ECNS. The fine was… Read More

April 5, 2017 @ 11:42 am By Samantha Hurst  |  

Business commerce platform Tradeshift announced on Wednesday it has partnered with Chinese peer-to-peer lender CreditEase to launch a trade financing app, which is aiming to bring low-cost financing to millions of businesses in China. According to Tradeshift, the goal of this partnership is to help solve… Read More

March 31, 2017 @ 6:06 pm By Xu Gao  |  

Boao Forum for Asia Annual Conference Highlights Fintech: How will it Change Finance? Related: Boao Forum for Asia publishes “2016 Fintech Report” The four-day Boao Forum for Asia (BFA) Annual Conference 2017, themed with “Globalization & Free Trade: The Asian Perspectives”, was held from March… Read More

March 30, 2017 @ 8:39 am By Samantha Hurst  |  

Chinese marketplace lending platform Yirendai (NYSE: YRD) announced on Thursday it has entered into an agreement of intent with the Beijing branch of PICC Property and Casualty Company Limited (PICC P&C). Yirendai reported that under this new agreement, PICC P&C would provide Yirendai with a… Read More

March 29, 2017 @ 9:57 am By Jonathan Nieh  |  

China’s peer-to-peer (P2P) lending market is the largest in the world, but recently the industry has come under increased regulation from the Chinese government. Just a month ago, the China Banking Regulatory Authority (CBRA) imposed a new policy that would require all P2P lenders to appoint… Read More

March 27, 2017 @ 3:38 pm By Cole Lyons  |  

A Chinese startup has announced that it is in the process of creating new software that will render loan officers obsolete. They plan to use data-mining algorithms to offer 24/7 automatic credit available from anywhere. Yongqianbao, which literally translates as “needing money pal”, solution is… Read More

March 27, 2017 @ 12:10 pm By JD Alois  |  

In what is being described as Shanghai’s “first and high profile” peer to peer lending fraud case, 41 people associated with Baiyin Wealth Co. have been imprisoned according to China News. The case included the theft of approximately 700 million yuan or about USD $10.2… Read More

March 26, 2017 @ 11:10 am By Xu Gao  |  

China Development Forum 2017 Talked About Systematic Risk in Fintech Industry The annual session of China Development Forum 2017, organized by the China Development Research Foundation, was hosted by the Development Research Center of the State Council of China on March 18-20, 2017 at the… Read More

March 21, 2017 @ 10:18 pm By JD Alois  |  

Austrade, the Australian government trade commission for exporters and information for companies wanting to do business with Australia, is in China this week. A delegation of Aussie representatives are in Shenzhen and Shanghai sizing up Fintech opportunites.. Austrade says the emergence of China’s vibrant Fintech… Read More

March 18, 2017 @ 1:01 pm By Xu Gao  |  

Highlights of China’s central bank’s briefing on financial reform & development Last Friday, the People’s Bank of China briefed media on China’s financial reform and developments on the sidelines of the Two Sessions in Beijing.‍ Officials attending the press conference included: Zhou Xiaochuan: Governor of… Read More