CBIRC: Increasing Efforts to Crack Down on New Types of Illegal Commercial Insurance Activities
Recently, the Anti-Illegal Financial Activities Bureau of China Banking and Insurance Regulatory Commission (CBIRC) published an article entitled “Analysis of Illegal Commercial Insurance Activities and Regulatory Suggestions” in “Observation of Insurance Risk”.
As noted in the article, with the advancement of internet technology and third-party payment in recent years, the technical threshold for the establishment of related websites and APP platforms has been greatly reduced. This has led to the rapid development of illegal commercial insurance, and many third-party network platforms of information technology intermediary services are engaged in illegal insurance intermediary businesses. Therefore, in order to better protect the consumers, the article called for clarifying the regulatory body and regulatory standards for these new types of illegal online businesses in the future. (Source: Observation of Insurance Risk)
China’s Digital Economy Reaches ¥35.8 Trillion in 2019
On September 10th, the Cyberspace Administration of China released the “Report of Digital China Development (2019)”.
According to the report, China’s digital economy registered ¥35.8 trillion ($5.07 trillion) in 2019, accounting for 36.2% of China’s GDP and 67.7% of GDP growth.
The structure of the digital economy continues to be optimized and upgraded, and the added value of industrial digitalization accounts for 80.2% of the digital economy. (Source: Cyberspace Administration of China)
Jniu Technology Completes ¥35 million Pre-A Round of Financing
On September 11th, smart insurance brokerage service provider, Jniu Technology, was reported to have secured a ¥35 million Pre-A round of financing. The investment was provided by Sequoia Capital China and Eminence Ventures.
Established in 2019, Jniu empowers traditional life insurance companies’ personal insurance and insurance intermediary markets through agent operations, and help establish digital operating systems, distribution systems and supply-chain capabilities. (Source: ebrun)
Lithuania Plans to Establish Bilateral Fintech Cooperation with Hainan Province
On September 9th, an academic seminar themed “China-Europe Digital Securities and Open Finance” was held in Hainan Resort Software Community (RSC). Officers from Hainan RSC introduced the development of the park and related policies of Hainan Free Trade Port.
The Hainan FTP will offer zero tariffs, low tax rates, simplified taxation and other policy supports for trade, investment, cross-border capital flows, transportation, and safe and orderly flow of data.
Sankauskas Andrius, Senior Commercial Counselor of the Republic of Lithuania in China, said that this is in line with the EU’s policy and the cooperation between the two sides will have a more consistent policy environment.
In April 2021, Lithuania will lead global fintech companies to come to Hainan to participate in the “Hainan Fintech Week”, and plan to establish a bilateral fintech cooperation relationship between Lithuania and Hainan. (Source: Hainan Daily)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth Fintech cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.