Tagged: mainland china

Bitcoin Mining Firm HASHR8 Says US and other First World Nations Might Make Crypto Mining “A Strategy to Maintain Power”

John Lee Quigley, who’s focused on building Bitcoin media and research products at HASHR8 Inc, a cryptocurrency mining and media firm that aims to support the “decentralized growth” of hashrate (or computing power used to secure digital currency networks) while enhancing the security of blockchains,… Read More

Digital Financial Services from Chinese Banks are Generally Better than other APAC Countries, and Some European, North American Providers: Report

A recently published whitepaper from Massachusetts-based International Data Corporation (IDC) and Huawei examines how banking institutions across the globe have been dealing with the COVID-19 outbreak. The paper identifies or recommends the way forward in a post COVID world which is now considered the “new… Read More

People’s Bank of China to Introduce Policies to Support Small Businesses, while Prohibiting Financial Service Providers from Offering Risky Products

China’s reserve bank stated on January 6, 2021 that it will be making its monetary policy more flexible, targeted and appropriate this year. The country will begin focusing on supporting smaller companies as the Chinese economy tries to recover following the COVID-19 outbreak. The People’s… Read More

China’s Banking and Insurance Regulatory Commission Orders All Local Firms to Investigate their Fintech Businesses

China’s banking and insurance regulator stated on December 31, 2020 (Thursday) that all Internet-based platforms in the country should investigate their Fintech-related businesses to ensure that they’re following regulatory guidelines and must also address any shortcomings. China‘s financial regulators have held discussions with Alibaba’s (NYSE:BABA)… Read More

Chinese Fintech Qudian to Explore Childhood Education Business After China Cracked Down on Micro Lending Sector

Qudian Inc. (NYSE: QD), an established technology platform that aims to improve the online consumer finance experience for Chinese consumers, recently released its unaudited financial results for the quarter ending on September 30, 2020. Qudian’s management noted that the total number of registered users “as… Read More

China’s Reserve Bank Issues License to Pudao Credit for Collecting Personal Credit Ratings

China’s reserve bank has issued the nation’s second license for collecting personal credit ratings to an initiative between a state-managed enterprise and two Internet companies. The move suggests that the Chinese government may want to get involved in deciding how technology interacts with finance (while… Read More

Chinese Banking and Insurance Regulator Releases New Guidelines for the Sales of Wealth Management Solutions by Local Banks’ Subsidiaries

China’s banking and insurance regulator released draft guidelines on Friday (December 25, 2020) regarding the sales of wealth management products by local commercial banks’ wealth management divisions. Chinese authorities will reportedly allow these wealth management subsidiaries to serve as sales agents for such products for… Read More

Digital Transformation: Chinese Consumers are Increasingly Using Smartphones to Make Payments as Thousands of Bank Branches have Shut Down

The long lines in front of ATM machines have now become a rare sight as Chinese consumers are increasingly using their smartphones to complete transactions, instead of making cash payments, according to a report from China Daily. Many people claim they can’t even recall when… Read More

China Might Further Tighten Control Over Large Fintech Firms by Limiting their Banking Partners, According to Former Finance Minister

Chinese authorities may consider further tightening control over large Fintech companies by restricting or limiting the number of banking institutions they can work with, according to the Securities Times which cited recent statements from a former Chinese finance minister. As first reported by Bloomberg, bad… Read More

Embedded Insurance May Offer $3 Trillion Market Opportunity According to Business Transformation Specialist Simon Torrance

Simon Torrance, Advisor to Boards and Leadership teams on business model transformation, platform strategy, and digital ventures, claims that embedded insurance is a $3 trillion market opportunity, which may help “close the protection gap.” Torrance, a Senior Advisor at Rainmaking, explains that embedded insurance is… Read More

China to Encourage Fintech Innovation while Improving Risk Control, According to Nation’s Banking and Insurance Regulatory Commission Official

  One of China’s top banking regulators has called into question the power of the nation’s large Fintech firms and suggested taking “timely and targeted measures to prevent new systemic risks.” As reported by CNBC, the Chinese official’s comments seem to indicate that more regulations… Read More

CBDCs: China to Distribute $3M of Virtual Yuan as JD.com Is Now the First Major Online Service to Accept the Digital Currency

China is reportedly handing out around $3 million of digital yuan as JD.com notably becomes the first online platform to begin accepting the virtual currency. As first reported by CNBC, Chinese digital commerce company JD.com confirmed that it will become the first major online platform… Read More

Top 100 Banks in the World are “Reinventing” Themselves by Leveraging Blockchain or Distributed Ledger Technology: Report

The team at Security Token Advisors, which aims to “reinvent” finance with security tokens, reveals that the world’s top 100 banks in terms of assets under management (AUM) are learning how to “reinvent themselves” with blockchain or distributed ledger technology (DLT). The Security Token Advisors… Read More

Chinese Regulators to Introduce “Special” and “Innovative” Regulatory Guidelines for Fintech Giants like Ant Group, Tencent Holdings

China is reportedly planning to introduce “special” and “innovative” regulatory guidelines for  Fintech giants like billionaire Jack Ma’s Ant Group Co., which is a subsidiary of the Alibaba Group Holding (NYSE:BABA). Regulators in China aim to create new policies so they can eliminate monopolistic practices… Read More

Chinese Fintechs Must Realize that their Products can Subject Consumers to Financial Risk, Analyst Says following Sector-Wide Crackdown

Alibaba founder Jack Ma’s plans to establish Fintech companies like Ant Group and launch IPOs in China were recently put on hold when the country’s regulators decided to make updates to regulatory requirements. As reported recently, Daniel Zhang, Chairman of Alibaba Group Holding (NYSE:BABA), noted… Read More

Daniel Zhang, Chairman of Alibaba Group, Says China’s Move to Create New Fintech Regulations Is “Timely and Necessary”

The management at Alibaba Group Holding (NYSE:BABA) has stated that they are planning to comply with China’s updated Fintech regulations after the nation’s changing regulatory environment led to Ant Group‘s initial public offering (IPO) getting suspended. Daniel Zhang, Chairman of Alibaba Group, noted during a… Read More

Ant Group Is Reportedly Moving Forward with Digital Banking License Application in Singapore, Despite Halted IPO Plans

Ant Group, which was previously known as Ant Financial, the world’s most valuable Fintech firm and a subsidiary of the Alibaba Group Holding (NYSE:BABA), will be moving forward with its application for a digital banking license in Singapore. This, despite the Fintech giant’s (potential) record… Read More

Chinese Fintech Firm Lufax to Lay the Groundwork for its Global Expansion Over Next 5 Years

Chinese Fintech firm Lufax had been planning to secure $2.36 billion through its US initial public offering (IPO). As previously reported, Lufax was once a top peer to peer lending platform but has since shifted into other areas of Fintech as well as online lending…. Read More

Ant Group Is “Most Interesting” Fintech of All Time Because it Provides Blueprint for how Unbanked Will Come Online, Industry Exec Explains

Benjamin Quinlan, CEO and Managing Partner at Quinlan & Associates, notes that there’s now an “army” of advisors being engaged to support the initial public offering (IPO) of Ant Group, which was previously known as Ant Financial, the world’s most valuable Fintech firm and a… Read More

Chinese Fintech Firm Lufax Is Reportedly Planning to Secure Up to $2.36 Billion through US IPO

Chinese Fintech firm Lufax is reportedly planning to secure $2.36 billion through its US initial public offering (IPO). Lufax was once a top peer to peer lending platform but has since shifted into other areas of Fintech as well as online lending. Lufax’s management noted… Read More

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