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Hong Kong Fintech Platform WeLab Grabs $156 Million in Series C Financing Round
Hong Kong virtual bank licensee WeBank has just completed one of China’s biggest fintech fundraising rounds for 2019. More »
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Fintech
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Shanghai Seeks to Establish Fintech Hub and Regulatory Sandbox in Pudong District
The Shanghai district of Pudong is currently in the process of creating a fintech hub to drive development of the regional sector. More »
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Banks of the Future Will Be Like Fintech Companies, Shift to Dependence on Data instead of Experience: ICBC President Gu Shu
The head of the world’s biggest bank in terms of assets has stressed the critical importance of big data and fintech to future operations. More »
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Chinese Central Bank Issues Warning over Use of Statutory Digital Currency as Cover for Fraud
The People’s Bank of China (PBOC) has issued an official warning over fraudulent schemes that make false claims in relation to the central bank digital currency (CBDC) or digital currency/electronic payments (DC/EP) system. More »
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China’s Trials of Central Bank Digital Currency Still Far Off, Will Only Be Internal Tests
Inside sources have said to domestic media that the People’s Bank of China’s (PBOC) proposed central bank digital currency (CBDC) is still some distance away from the testing phase. More »
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UnionPay Does Not Expect Facial Scans to Replace Existing Payments Technologies
A senior figure from China’s leading card payment organisation say he does not expect facial recognition technology to become a panacea for Chinese payments. More »
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Lufax CEO Greg Gibb Says China’s Fintech Companies Will Drop from Thousands to Several Hundreds
The head of one of China’s biggest fintech companies has outlined his expectations for the future of the Chinese sector at an industry event in Shanghai. More »
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CSRC Establishing New Regtech Department, Ex-Central Banker Tao Qian Appointed as Head
China’s securities authority is preparing to establish a new regtech department that will be headed by an ex-vice governor of the Chinese central bank. More »
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China Construction Bank Launches Blockchain-driven Refactoring Platform
One of China’s big six state-owned banks is applying blockchain technology to its refactoring operations. More »
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China’s Internet Security Sector Sees over 20% Per Annum Growth Since 2016, Could Exceed $8.5B by 2020
The Chinese internet security sector has seen roaring growth since the launch of the 13th Five Year Plan (2016 – 2020). More »
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Chinese Central Bank Launches Electronic Letter of Credit Information Exchange System with 14 Lenders
The People’s Bank of China’s (PBOC) hopes to facilitate letter of credit operations in China with the launch of a new online cross-bank letter of credit information sharing system. More »
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Bank of China Debuts Use of Blockchain to Issue Bonds for Micro and Small Enterprises
Big state-owned lender Bank of China (BOC) has made use of blockchain technology to facilitate the issuance of bonds to raise funds for micro and small enterprises. More »
