Fintech in China

Banks in China Are Increasingly Partnering with BigTechs

2019 has been undeniably the year of Chinese commercial banks/tech companies collaborations. Incumbents have been actively pursuing partnerships with tech firms to drive fintech adoption as part of their digital strategies. Meanwhile, Chinese Internet giants have begun shifting their focus

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China’s New Cryptocurrency to be Tested in Shenzhen

China’s State Council and the Central Committee of the Communist Party of China have released a detailed plan for wide-ranging reforms to be implemented in Shenzhen. The new guideline, released last week, outlines Beijing’s plan to turn Shenzhen into “one

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How China’s Virtual Banks Are Offering Loans to Micro-Businesses Within Minutes

In China, online lenders are filling the credit gap, leveraging cutting edge technology including artificial intelligence (AI) to make lending decision in just a second. E-commerce giant Alibaba’s MyBank and Internet conglomerate Tencent’s WeBank, have dramatically changed the domestic financial

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One of China’s Largest Bank Is Now Using FICO’s Big Data Solution

China Construction Bank (CCB), one of the leading banks in China, announced that it has significantly lifted its approval rate and increased the automation rate in its credit card business using the FICO® Score X Data and FICO® Scorecard solutions

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Sequioa-Backed QFPay Raises US$20 Million to Fuel Its Global Expansion

QFPay, a China based digital payment technology company has received a new round of USD20 million funding. This funding round is joined by the likes Rakuten Capital, VentureSouq, MDI Ventures and existing investors like Sequoia Capital China and Matrix Partners.

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China is Issuing its Own Cryptocurrency Answer to Facebook’s Libra

The People’s Bank of China (PBoC) is close to issuing its own cryptocurrency, Shanghai Security News reports. This is in line with earlier public statements made by China stating that they are eyeing to release their cryptocurrency soon Better known

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Shenzhen Has Issued 6 Million Blockchain Invoices in a Year

Shenzhen has demonstrated its willingness to experiment with innovative technology when it issued its first digital invoice on the blockchain last year. Part of the Greater Bay Area, Shenzen has issued close to 6 million invoice according to a report

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Digital Insurance Grown 20 Times but Traditional Channels Still Dominant in China

The insurance industry is on the brink of a major transformation, driven by factors such as macroeconomic development, changing consumer expectations, technological innovation and increased competition, according to a recent insurtech report by jointly published by ZhongAn and KPMG. In

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Standard Chartered Launched eXellerator Innovation Lab in China

Standard Chartered Bank announced the launch of the eXellerator innovation lab in China, that brings together employees, corporate clients and fintechs to develop innovative solutions that meet the evolving banking needs of clients. Located in Shanghai, the eXellerator in China

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Mobile Money Transfers to Exceed 200 Billion Transactions in 2024

New data from Juniper Research has found that the volume of domestic money transfers via mobiles will exceed 203 billion in 2024, up from 130 billion in 2019. Domestic P2P payments will drive this growth; accounting for 80% of all domestic

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