China’s central bank announced on Sunday plans to establish a substantial 500 billion yuan ($70 billion) re-lending initiative aimed at bolstering the nation’s science and technology sectors, according to a Reuters report. This move underscores the country’s commitment to fostering innovation and supporting its burgeoning… Read More
Mastercard (NYSE: MA) announced that its joint venture entity, Mastercard NUCC Information Technology (Beijing) Co., Ltd., has received formal approval from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) in order “to commence domestic bankcard clearing activity in China.”… Read More
The NGFS released a “Statement on Nature-related financial risks”, which acknowledges that nature-related risks, “including those associated with biodiversity loss, could have significant macroeconomic implications, and that failure to account for, mitigate, and adapt to these implications is a source of risks relevant for financial… Read More
Financial regulators in China, including the nation’s reserve bank, and the Zhejiang provincial government are reportedly supporting “controllable risks” in the country’s digital commerce hub in order to promote Fintech innovation. This, according to a government update reviewed by the SCMP. The People’s Bank of… Read More
PBC, SAMR, CBIRC and CSRC Issue the Plan for Financial Standardization during the 14th Five-Year Plan Period At the start of February, the People’s Bank of China (PBC), the State Administration for Market Regulation (SAMR), the China Banking and Insurance Regulatory Commission (CBIRC) and the… Read More
The Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBoC) have announced that they are accepting applications from financial institutions and Fintechs for conducting pilot trials of cross-boundary fintech initiatives in the Greater Bay Area (GBA). The Greater Bay Area Fintech Pilot Trial… Read More
The People’s Bank of China has commented on the country’s “Fintech Development Plan” (2022 to 2025). The PBC states that the plan is formulated in accordance with the “Fourteenth Five-Year Plan for National Economic and Social Development of the People’s Republic of China and the… Read More
China’s reserve bank confirmed on Friday (November 26, 2021) that it had accepted the application to launch a personal credit-scoring joint venture that is reportedly being backed by Alibaba‘s (NYSE: BABA) Fintech division Ant Group and various other companies. Qiantang Credit Rating Co Ltd will… Read More
The People’s Bank of China has banned the use of WeChat and Alipay payment codes for businesses beginning on March 1, 2022, according to reports. WeChat and Alipay are the two most popular digital payment platforms in China. According to China News, personal collection codes… Read More
People’s Bank of China Launches New Support Policy for Carbon Reduction On November 8th, the People’s Bank of China launched a new policy tool to support efforts of carbon reduction in China. The PBC will use this monetary policy instrument to provide low-cost funding for… Read More
Enterprise Data Search Engine Arctic Data Completes 20-million -yuan Pre-A Round Financing Enterprise Data search engine Arctic Data has recently completed a 20-million-yuan pre-A round of financing. The investment was led by Vitalbridge, and participated by Plum Ventures and Incapital. Established in 2018, Arctic Data… Read More
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China have solidified their relationship in a memorandum of understanding (MOU) that seeks to combine innovation and supervision regarding Fintech. The MOU seeks to implement the “Guangdong-Hong Kong-Macao The Outline of the Development Plan… Read More
CBIRC Supports Domestic Insurance Companies to Issue Catastrophe Bonds in Hong Kong Market On September 27th, the China Banking and Insurance Regulatory Commission (CBIRC) released the “Notice on Matters Related to Domestic Insurance Companies Issuing Catastrophic Bonds in Hong Kong Market”. According to the document,… Read More
While China’s ban on cryptocurrency transactions has had a measurable effect on the markets, it’s not a death knell by any means, one industry watcher said. Earlier this month the People’s Bank of China said all virtual currency-related business activities were illegal, claiming it would… Read More
China’s policy approach to cryptocurrency is pretty clear. It’s not allowed. While there have been ways to skirt the rules the vice has been tightening for quite some time now. A recent statement by the People’s Bank of China clarified things: “Bitcoin and other virtual… Read More
The cryptocurrency markets have been trading down after news of another crackdown on the industry from China. The People’s Bank of China (PBoC) has issued a statement that has reiterated that all cryptocurrency trading activities in the country are illegal, and regulatory authorities will be… Read More
China has effectively banned crypto. While the news should not come as any surprise as China has been tightening the regulatory vice for years now, statements by the People’s Bank of China indicate that any hope of crypto access is now dashed for consumers… Read More
E-Sign Completes 1.2-Billion-Yuan E round of Financing On September 13th, digital signature service provider E-Sign completed a 1.2-billion-yuan E round of financing, with participation from Sequoia China, IDG Capital, Hidden Hill Capital, Guangxi Investment Group, Wenshi Investment, Fortune Capital, and Grand Flight. Established in 2002,… Read More
Beijing Will Vigorously Support the Development of Two Types of Credit Rating Agencies On September 6th, Huo Xuewen, Director of Beijing Municipal Bureau of Financial Work gave a speech at the 2021 China Credit Forum. Huo introduced that Beijing would give priority to the development… Read More
Shanghai Taxis Began to Accept Digital RMB Payments Shanghai Qiangsheng Taxi Company has equipped its 6000 clean energy taxis with digital RMB payment capability. Customers could hail these taxis on 62580 APP. When they arrive at their destination, they could scan the QR code on… Read More
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