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Asia/Pac

·Aug. 15, 2017

China Identifies 17 Tech Hubs for Economic Development

The State Council's "Made in China 2025" initiative is seeking to transform China into a greater innovator of technology; the initiative seeks to capitalize on artificial intelligence, big data analytics and robotics and is being designated as a three-step national guideline; along with the initiative the country's State Council has identified 17 national-level innovation demonstration zones that will be allowed favorable policies in order to bolster their respective geographical strengths and support increased regional innovation. Source

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Asia/Pac Fintech News Roundup

·Jan. 19, 2017

Juzhen Launching New Blockchain Technology for Banks in 2017

Juzhen is developing new blockchain technology for banks that will focus on privacy, biometrics and access control; the firm is the largest China-based blockchain startup; it is working with the ChinaLedger blockchain consortium and has a thorough understanding of the Chinese market's infrastructure and banking culture. Source

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Asia/Pac Europe Fintech News Roundup USA

·Jul. 28, 2020

More News for July 28, 2020

Visa, Mastercard Fined Wirecard for Dubious Transactions Mexico-Based Prop Tech Flat.mx Secures $25 Million in Debt Financing From Arc Labs...

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Asia/Pac News Roundup Online Lending

·Aug. 17, 2017

Fox Fintech Group Gets First Internet Micro-Credit License from Ningbo City Government

Fox Fintech, an affiliate of Sohu.com, was able to obtain the first micro-credit license by the Ningbo City Government in China; Alex Ho, Fox Fintech Group's founder and CEO, commented, "We are applying advanced technologies in big data, facial recognition, machine learning and self-developed algorithms to bring efficient, convenient and inclusive credit service to China."; the internet micro-credit license allows for Fox Fintech to lend across the country, traditional micro-credit licenses are limited to the city where they are approved. Source

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Asia/Pac News Roundup Online Lending

·Feb. 17, 2017

Head for Consumer Finance, a Market Worth 10 Trillion RMB or More

Hexindai sees credit market opportunity in China worth 10 trillion RMB ($1.46 trillion); provides insight on the market in their featured blog post; with high net worth clients primarily served by traditional channels the firm is targeting the country's underserved population; says new and evolving technologies will be a factor helping emerging service platforms like P2P online lending gain market share. Sponsored Blog Post

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Asia/Pac Fintech News Roundup

·Aug. 31, 2017

China’s Exchange Platform ICOINFO Suspends New ICO Project Launches

ICOINFO, one of China's largest ICO exchange platforms, announces the suspension of new project launches, awaiting relevant regulatory rules; users will not be able to add value to their accounts during the suspension. Source

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Asia/Pac Fintech News Roundup

·Feb. 15, 2017

New Chinese Village Designed for Hedge Fund Community

China has developed a new Chinese village called Yuhuang Shannan which it has designed for the hedge fund community; a quiet village an hour from Shanghai offers a newly designed community tailored to the hedge fund industry with local office space, an elementary and an after work club for financiers; the number of hedge funds has been increasing in China and 1,000 hedge funds and private equity funds are registered in the village with assets under management of approximately 580 billion yuan ($84 billion); it's likely that hedge funds could become more prevalent in China and the village is receiving ongoing support from the government which currently includes a 30% tax bill subsidy. Source

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Asia/Pac News Roundup Online Lending

·Aug. 8, 2017

WeBank’s Loan Amount Exceeds RMB100bn

A WeBank employee wrote a post in WeChat Moment, announcing that the loan amount of Weilidai (WeBank's micro loan product) is over RMB100 billion ($14.92 billion); Weilidai's loan amount has increased almost 300% over the past seven months; according to its financial results, WeBank lost RMB583 million ($86.97 million) in the first year (2015); but in 2016, it made a profit of RMB401 million ($59.82 million); in the first four months of 2017, WeBank made a profit of RMB500 million ($74.59 million); in terms of product, WeBank has launched an enterprise-grade product, "Weiyedai"; Weiyedai provides unsecured loans of up to RMB3 million ($447,507) to enterprises, with annual percentage rates ranging from 10.95% to 16.43%. Source (Chinese)

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Asia/Pac Fintech News Roundup

·Dec. 15, 2016

Lufax Developing Internationalized Trading Platform

Chinese internet finance business, Lufax, is developing an online trading platform for Chinese investors that will allow them to invest in assets anywhere in the world; the firm is the world's second largest financial technology company; the trading platform it is developing will launch in 2017 and seeks to meet a demand from Chinese investors to diversify away from a depreciating yuan. Source

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Asia/Pac Europe Fintech News Roundup USA

·Jul. 20, 2020