Tagged: peoples bank of china

China: WeiyangX Fintech Review

SWIFT and the People’s Bank of China Digital Currency Research Institute Establish a Joint Venture Public records show that SWIFT has recently established a Financial Gateway Information Service Co., Ltd. in China with the People’s Bank of China Clearing Center and the People’s Bank of… Read More

China: WeiyangX Fintech Review

The Fintech Committee of the People’s Bank of China Announces Key Tasks in 2021 At the end of January 2021, the People’s Bank of China Fintech Committee meeting was held in Beijing. The meeting summarized the work in 2020 and announced key tasks in 2021…. Read More

CBDCs: China’s Digital Currency Might Raise Financial Privacy Issues, National Security Concerns, Political Power Challenge for US

Although not very many technical details of China’s plans for its central bank digital currency (CBDC) have been shared publicly, the virtual yuan is raising privacy concerns and may lead to potential national security issues and problems related to political power. The Digital Currency/Electronic Payment… Read More

China: WeiyangX Fintech Review

The Peoples Bank of China Issues the “Administrative Measures for Credit Investigation (Draft for Comment)” On January 11th, the People’s Bank of China (PBC) issued the “Administrative Measures for Credit Investigation (Draft for Comment)” (hereinafter referred to as “Measures”). The seven-chapters of the document covered… 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

Chinese Regulators Order Billionaire Jack Ma’s Fintech Ant Group to Return to its Payments Services Business, Place New Restrictions

Chinese regulatory authorities have ordered billionaire Jack Ma’s Fintech firm Ant Group Co. to return to offering payments services, instead of attempting to expand its operations into consumer loans or wealth management. China’s reserve bank officials recently held discussions with Ant Group’s management and instructed… 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

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

China: WeiyangX Fintech Review

Tianjin Bans Illegal Collection of Facial Recognition Information On December 1st, Tianjin Municipality approved a new regulation which will come into effect on January 1st, 2021. According to the regulation, credit information service provider should obtain the consent of the person before collecting his/her personal… Read More

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

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