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
Read more in: Asia, Fintech, Global | Tagged china, foreign exchange, regulation
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
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
Read more in: Investment Platforms and Marketplaces, Asia, General News | Tagged asia, china, creditease, ning tang, tradeshift
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
Read more in: Asia, Featured Headlines, Fintech, Global, Insurtech | Tagged alibaba, ant financial, china, postal savings bank of chain, tencent, wechat, weiyangx, xu gao
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
Read more in: Investment Platforms and Marketplaces, Asia | Tagged agreement, asia, china, yihan fang, yirendai
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
Read more in: Asia, Global | Tagged china, p2p, peer to peer, regulations
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
Read more in: Asia, Fintech, Global | Tagged china, kai-fu lee, sinovation ventures, Yongqianbao
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
Read more in: Asia, Global, Investment Platforms and Marketplaces | Tagged china, fraud, p2p, peer to peer
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
Read more in: Asia, Featured Headlines, Fintech, Global | Tagged alipay, china, guazi, peoples bank of china, weiyangx, xu gao, yirendai
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
Read more in: Asia, Fintech, Global, Politics, Legal & Regulation | Tagged australia, china, tencent
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
Read more in: Asia, Featured Headlines, Fintech, Global | Tagged blockchain, china, daikuan, dlt, fan yifei, jd.com, leeco, pan gongsheng, peoples bank of china, union pay, wanda, weiyangx, xu gao, yi gang, zhou xiaochuan
CreditEase Fintech Investment Fund (CEFIF), a venture fund investing in growth-stage fintech companies in China and globally created by peer-to-peer lender CreditEase, announced at LendIt USA in New York it had made investment in three new Fintech firms. According to the fund, the three investments included… Read More
Read more in: Fintech, Asia, General News, Global | Tagged anju patwardhan, china, creditease, creditease fintech investment fund, fintech, ning tang
Yirendai Ltd. (NYSE:YRD), a prominent online lender in China, announced its unaudited financial results for the quarter and full year ended December 31, 2016. Folowing the release, shares moved lower in pre-market trading. In Q4 of 2016, Yirendai reported it had facilitated 194,505 investors with total… Read More
Read more in: Asia, Global, Investment Platforms and Marketplaces | Tagged china, creditease, dennis cong, marketplace, online lending, p2p, peer to peer, yihan fang, yirendai, yrd
Chinese marketplace lending platform Yirendai announced on Thursday it has appointed Dr. Yichuan Pei as its new Chief Credit Officer. According to the lender, Dr. Pei will be responsible for the over management of its credit department to ensure that the credit risk of loan… Read More
Read more in: Investment Platforms and Marketplaces, Asia, General News | Tagged appointment, china, marketplace lending, yihan fang, yirendai
One of the fundamental differences between Chinese and US lending platforms can be found just by examining the home pages of their websites. Most, if not all, US platforms’ landing pages are targeted at borrowers and exhibit mainly information around borrowing whereas, on those of… Read More
Read more in: Asia, Featured Headlines, Global, Investment Platforms and Marketplaces, Opinion | Tagged betterment, china, lending club, marketplace, online lending, p2p, peer to peer, perspective, renrendai, sofi, spencer li, wealthfront
NPC & CPPCC 2017 Annual Sessions Focus on Risk Prevention and Industry Regulation of Fintech Industry Last week, the National People’s Congress (NPC)and Chinese People’s Political Consultative Conference (CPPCC), the country’s top legislative and political advisory body, opened the 2017 sessions in Beijing. Fintech, or… Read More
Read more in: Asia, Featured Headlines, Fintech, Global | Tagged cbrc, china, china unionpay, national people's congress, p2p, peer to peer, peoples bank of china, ping an, wanda, weiyangx, xu gao
Dr. Zhengyu (Zane) Wang, founder, chairman and CEO of China Rapid Finance Limited, revealed at the 2017 LendIt USA 2017 conference the challenges to expanding consumer finance in China’s population. According to Wang, the country has emerged from being a market that in 2000 featured… Read More
Read more in: Asia, Investment Platforms and Marketplaces | Tagged asia, china, china rapid finance, consumer finance, dr. zane wang, lendit usa
CBRC Releases “Guideline” to Regulate Funds Custody of Online Lending Platforms On February 23rd, the China Banking Regulatory Commission（CBRC)released new guidelines to regulate funds custody of online lending platforms. According to the guidelines, online lending platforms and banks must follow the regulation to restructure their funds… Read More
Read more in: Asia, Featured Headlines, Global | Tagged baidu, blockchain, cbrc, china, china rapid finance, dlt, ipo, jd finance, weiyangx, xu gao
Global investment in fintech ventures grew 10% in 2016, to US$23.2 billion, driven primarily by a wave of blockbuster deals in China, according to Accenture (NYSE:ACN) analysis of data from CB Insights, a global venture-finance data and analytics firm. Fintech financing in Asia-Pacific in 2016 eclipsed… Read More
Read more in: Asia, Fintech, General News, Global | Tagged albert chan, alibaba, asia pacific, china, jd.com, richard lumb
Lufax, othe largest peer to peer lenders in the world, is pivoting away from the online lending business. This is according to a report in WSJ.com. Lufax operates online and off – with more than 500 brick and mortar locations in over 200 cities. The… Read More
Read more in: Asia, Global, Investment Platforms and Marketplaces | Tagged alibaba, china, lufax, online lending, p2p, peer to peer
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