Tagged: peoples bank of china

China: WeiyangX Fintech Review

China Releases Draft Version of “Online Micro-loan Operations Provisional Administrative Measures” On November 2nd, the People’s Bank of China (PBC) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly released the draft version of “Online Micro-loan Operations Provisional Administrative Measures” (hereinafter referred to as… Read More

China: WeiyangX Fintech Review

PBC Digital Currency Research Institute and Rural Credit Bank Fund Clearing Center Sign a Strategic Cooperation Agreement On October 20th, the Digital Currency Research Institute of the People’s Bank of China (hereinafter referred to as the Institute of Digital Currency Research) and the Rural Credit… Read More

China: WeiyangX Fintech Review

Insurtech Platform Nanyan Information Technology Secures 250-million-yuan Series C Round of Financing On October 14th, Chinese Insurtech platform Nanyan Information Technology (hereinafter referred to as “Nanyan”) announced that it had secured 250 million yuan in a Series C round of financing. The investment was led… Read More

Bank of Japan Official Argues that No Single Virtual Currency will Dominate Global Transactions

A Bank of Japan official recently noted that there’s no single virtual currency that will completely dominate global transactions, but only if reserve banks focus on enhancing their existing settlement systems. China, which has been leading the charge when it comes to implementing a national… Read More

China: WeiyangX Fintech Review

PBC Releases Implementation Measures of the People’s Bank of China for the Protection of Financial Consumer Rights In order to accelerate the building of a full-fledged mechanism for the protection of financial consumers’ rights and interests and protect the long-term and fundamental rights of financial… Read More

Digital Yuan will “Hardly Put a Dent” in US Dollar Dominance and its Role as Global Reserve Currency, Cornell Professor Claims

Eswar Prasad, professor of Trade Policy at Cornell University and senior fellow at the Brookings Institution, acknowledges that the Chinese digital yuan will improve the nation currency’s role as an international payment method. However, he clarified that it will “hardly put a dent” in the… Read More

China: WeiyangX Fintech Review

Insurtech Platform Shuidi SecureS US $230 Million D-round of Financing On August 20th, at the 2020 Global Partner Conference of Shuidi Insurance Mall, Shen Peng, founder & CEO of Shuidi, announced that the company had completed a series D financing of US$230 million, led by… Read More

China: WeiyangX Fintech Review

Buy Insurance for Your Pet on Alipay On July 20th, Alipay started to offer pet insurance in collaboration with China Continent Insurance and ZhongAn Insurance. The pet insurance will use nose print recognition to register pets when you purchase the policy and verify pets when… Read More

Chinese Scammers are Impersonating Central Bank Digital Currency Testers in order to Lure Victims into Fraudulent Investment Schemes

Cities throughout China are planning to begin testing (or already are) the country’s central bank digital currency (CBDC). Scammers have reportedly been impersonating CBDC testing groups. Tencent QQ reports that criminals have been promoting a scam that asks unsuspecting Chinese residents to sign up for… Read More

CBDCs: China and Japan Continue to Work on their Respective Digital Currency Projects, New Reports Confirm

The global COVID-19 crisis has forced many businesses to either shut down or make significant changes to their business models. Individuals and companies are increasingly using digital platforms and services to conduct transactions or complete routine tasks that they normally carried out at physical locations…. Read More

China: WeiyangX Fintech Review

People’s Bank of China Digital Currency Research Institute and Didi reached a strategic cooperation to explore the application of digital currency The Digital Currency Research Institute of PBC and Didi Travel have officially reached a strategic cooperation agreement to jointly explore the innovation and application… Read More

New Proposal Recommends Multi-Currency CBDC including Chinese Yuan, Japanese Yen, South Korean Won, Hong Kong Dollar

Many developing and developed countries across the globe are considering or already developing and testing their own central bank digital currencies (CBDCs). China might be creating an East Asia virtual currency platform, according to a report from the Nikkei Asian Review. The new currency might… Read More

China: WeiyangX Fintech Review

Workforce Operational Solution Provider Quhuo Files for U.S. IPO On June 4th, Quhuo, a workforce operational solution provider for China’s consumer service industry, filed for an IPO on the U.S. stock market. According to the F-1 prospectus document, Quhuo plans to be listed on the… Read More

China: WeiyangX Fintech Review

The People’s Bank of China Has Launched Innovative Monetary Policy Instruments to Enable Direct Support for the Real Economy In line with the arrangements of the Report on the Work of the Government, the People’s Bank of China (PBC) has launched another two instruments that… Read More

People’s Bank of China Announces Second Batch of 11 Fintech Projects to Participate in Regulatory Sandbox Program

The People’s Bank of China (PBoC), the nation’s reserve bank with around $3.2 trillion in assets, recently announced the second batch of Fintech initiatives that will take part in a pilot program involving new regulations. The pilots will take place in China’s capital, Beijing, and… Read More

People’s Bank of China Confirms there’s No Definite Launch Date Set for Virtual Yuan, Despite Rumors

The People’s Bank of China (PBoC) recently noted that it has not yet provided a definite timetable on a formal or official virtual yuan launch. During a recent interview, PBoC Governor Yi Gang clarified that the institution was only performing “routine work for the research and… Read More

The Economist Calls China’s CBDC the Anti-Bitcoin

While everyone expects the People’s Bank of China to launch a limited trial of its Central Bank Digital Currency (CBDC) or Digital Currency Electronic Payment (DCEP) as it is called in the country questions have frequently emerged as to how the government will utilize the… Read More

China Expected to Enlist the Assistance of Starbucks, McDonalds & Others to Test Central Bank Digital Currency

China has long been expected to become the first nation to launch a Central Bank Digital Currency (CBDC). Periodically, reports have popped up regarding the development of the digital currency and today we have another glimmer on the progress driven by the People’s Bank of… Read More

China’s Virtual Yuan will Use Dual Offline Technology to Ensure that the National Digital Currency Works Even with Poor Signal Strength

The Bank of China’s somewhat secretive digital currency pilot program has made many people quite curious. The bank recently provided an official explanation of how the virtual yuan or renminbi was being tested and how it might work if and when it is launched. A… Read More

CBDCs: State-managed Bank in China Introduces Test App for National Digital Currency

A state-managed bank in China seems to have launched a mobile-based test app that supports the People’s Bank of China’s (PBOC) virtual currency initiative. A website link allows users to download a payments app that has been provided by the Agricultural Bank of China (according… Read More

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