Tag "china"
Ant Group Ordered to Revamp Its Business As Beijing Pursues Crackdown on Tech Giants
On December 26, 2020, four Chinese financial regulators, including the central bank, summoned Ant Group for regulatory talks, ordering the fintech giant to “rectify” its regulatory violations and “return to its payment origins.” Pan Gongsheng, a deputy governor at the
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Robo-Advisors Poised for Growth in China
Though robo-advisors are relatively new in China, they are rapidly rising in popularity, with now roughly 38% of adult Internet users using automated, algorithm-driven financial planning services, according to 2020 survey from Kagan, a research division within S&P Global Market
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Mastercard’s Entry into China Paints of Picture of China’s Market Liberalisation
Mastercard was granted preparatory approval from the People’s Bank of China (PBOC) to begin setting up a domestic bankcard clearing institution in China, the company announced on February 11. The news is significant for Mastercard, which has been looking to
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3 Ways China’s Bigtechs are Helping to Tackle the Coronavirus Crisis
In the midst of the global health crisis involving the novel coronavirus (2019 nCoV), China’s bigtechs including Tencent and Ant Financial, the financial affiliate of e-commerce giant Alibaba, have deployed solutions and set up financial aid programs to help combat
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China Releases Facial Recognition Payment Guidelines Amidst Growing Privacy Concerns
Amid growing adoption of facial recognition payments, the Payment & Clearing Association of China has released self-discipline guidelines aimed at tackling associated risks, reports Chinese media outlet Caixin. The guidelines detail several principles related to user consent and data collection
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Embedded Finance Crucial for Future of Fintech
Technology is transforming the banking and financial services industry and this is just the beginning. As the sector moves towards open banking and APIs, banks will need to collaborate with fintechs to remind relevant and address the many challenges arising,
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Why China Leads the World in Blockchain Development and Adoption
Blockchain has become a national priority for China both in the public and private sector. This is further accelerated thanks in part to president Xi Jinping who recently proclaimed the technology as an important breakthrough. Efforts to launch a central
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China’s P2P Lending Sector Is Coming to an End
Every peer-to-peer (P2P) lending platforms in China must become small loan providers within two years, according to an official notice issued by China’s Internet Financial Risk Special Rectification Work Leadership Team Office. It also states that all outstanding loans must
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Understanding What’s Behind China’s Booming Insurtech Scene
In 2013, ZhongAn was established as the first online-only insurance company in China. Since then, the insurance industry has undergone tremendous changes driven by advances in technology. China’s insurance market has grown rapidly over the past few years. In 2017,
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President Xi Jinping Fuels China’s Renewed Appetite For Blockchain
China’s appetite for blockchain has surged after Chinese president Xi Jinping proclaimed the technology as an “important breakthrough” and said “greater effort should be made to strengthen basic research and boost innovation capacity.” The Communications Industry Association, an affiliate of
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