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China: WeiyangX Fintech Review

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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.

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Cryptocurrency Derivatives Exchange FTX Acquires Mobile Cryptocurrency Portfolio Tracking Platform Blockfolio

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Blockfolio, a U.S.-based network for mobile cryptocurrency portfolio tracking and management, announced on Wednesday it has been acquired by cryptocurrency derivatives exchange, FTX. Founded in 2014, Blockfolio claims that millions of users trust its platform to stay connected to the “pulse” of the cryptocurrency industry through market data, news, and direct updates from leaders of crypto projects. The company provides 100% free access to its services. 

“Blockfolio takes a user-first approach and is committed to providing the best products to help the advancement of the decentralized movement and ecosystem. At Blockfolio, we believe that market data and information should be freely available for the benefit of the ecosystem. We are committed to always providing our services 100% free of charge to our end users.”

Speaking about the acquisition, the Blockfolio team stated that they will be launching a retail trading experience, powered by FTX. They also shared:

“For our current users wondering what this means for them, fear not. Blockfolio will continue to operate as an independent app, and nothing has changed about how seriously we take your data and privacy. In the app, you’ll still be able to import data from whichever exchanges you prefer to use.”

The team further added that the acquisition does not end Blockfolio’s story. They claim they are teaming up with one of the most dynamic companies in the crypto space because the stakes of crypto are about to get much higher, the community of crypto users is about to get much bigger, and together, the possibilities for what we can build for them are endless. They did not disclose what company they are teaming up with.

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RateSetter’s Australian P2P Lending Platform Rebrands to Plenti Following Acquisition By Metro Bank

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RateSetter, a leading UK based peer to peer lender, has rebranded its Australian P2P lending platform to Plenti. Head of Marketing at Plenti, Sebastian Paulin, shared more details about the rebranding, by stating:

“As Plenti, we want to help our customers make the most of their money. We believe that what you do today can transform your tomorrow. That’s why we’ve built a new world of lending and investing that makes the experience faster and simpler for all. Powered by technology so smart you can’t even see it.”

Paulin noted that while a name change is big, it’s still important to remember that the platform is still the same platform as it was. The products and people have notably remained unchanged, just like the platform’s “determination” to bring users better value from their money. He further explained:

“All the things that count about your loans and investments are here to stay, like the fast online experience, fair interest rates and flexible loan terms that match your needs. And we’ll still always be here to help when you need us.”

The rebranding comes just days after RateSetter was acquired by Metro Bank. As previously reported, the purchase of RateSetter was long been anticipated as the P2P lender messaged earlier that it was exploring “strategic options” – a euphemism for a sale. In June, there were reports specifically mentioning an acquisition by Metro Bank. The news of the acquisition was shared in a blog post by RateSetter:

“Both RateSetter and Metro Bank are innovative businesses with a shared focus on delivering something better for customers, making this a natural pairing.  Metro Bank plans to significantly grow RateSetter’s lending through the RateSetter platform, using the lending and credit management capability RateSetter has built over the last decade. Over 750,000 people have invested or borrowed through RateSetter and we are enormously grateful for the trust they have placed in RateSetter.”

Metro Bank reported at the time it has agreed to acquire RateSetter for initial consideration of £2.5 million, with additional consideration of up to £0.5 million payable 12 months after completion subject to certain criteria and further consideration of up to £9 million payable on the third anniversary of the completion of the transaction. The transaction must receive the blessing of the UK Financial Conduct Authority (FCA).

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