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China: WeiyangX Fintech Evaluation
CBIRC: Rising Efforts to Crack Down on New Kinds of Unlawful Industrial Insurance coverage Actions
Just lately, the Anti-Unlawful Monetary Actions Bureau of China Banking and Insurance coverage Regulatory Fee (CBIRC) printed an article entitled “Evaluation of Unlawful Industrial Insurance coverage Actions and Regulatory Ideas” in “Commentary of Insurance coverage Danger”.
As famous within the article, with the development of web know-how and third-party fee in recent times, the technical threshold for the institution of associated web sites and APP platforms has been vastly lowered. This has led to the speedy growth of unlawful industrial insurance coverage, and lots of third-party community platforms of data know-how middleman providers are engaged in unlawful insurance coverage middleman companies. Subsequently, with a view to higher shield the shoppers, the article known as for clarifying the regulatory physique and regulatory requirements for these new forms of unlawful on-line companies sooner or later. (Supply: Commentary of Insurance coverage Danger)
China’s Digital Economic system Reaches ¥35.eight Trillion in 2019
On September 10th, the Our on-line world Administration of China launched the “Report of Digital China Improvement (2019)”.
In keeping with the report, China’s digital economic system registered ¥35.eight trillion ($5.07 trillion) in 2019, accounting for 36.2% of China’s GDP and 67.7% of GDP progress.
The construction of the digital economic system continues to be optimized and upgraded, and the added worth of business digitalization accounts for 80.2% of the digital economic system. (Supply: Our on-line world Administration of China)
Jniu Expertise Completes ¥35 million Pre-A Spherical of Financing
On September 11th, sensible insurance coverage brokerage service supplier, Jniu Expertise, was reported to have secured a ¥35 million Pre-A spherical of financing. The funding was offered by Sequoia Capital China and Eminence Ventures.
Established in 2019, Jniu empowers conventional life insurance coverage firms’ private insurance coverage and insurance coverage middleman markets by agent operations, and assist set up digital working methods, distribution methods and supply-chain capabilities. (Supply: ebrun)
Lithuania Plans to Set up Bilateral Fintech Cooperation with Hainan Province
On September 9th, an instructional seminar themed “China-Europe Digital Securities and Open Finance” was held in Hainan Resort Software program Neighborhood (RSC). Officers from Hainan RSC launched the event of the park and associated insurance policies of Hainan Free Commerce Port.
The Hainan FTP will provide zero tariffs, low tax charges, simplified taxation and different coverage helps for commerce, funding, cross-border capital flows, transportation, and secure and orderly circulate of knowledge.
Sankauskas Andrius, Senior Industrial Counselor of the Republic of Lithuania in China, mentioned that that is consistent with the EU’s coverage and the cooperation between the 2 sides could have a extra constant coverage setting.
In April 2021, Lithuania will lead world fintech firms to return to Hainan to take part within the “Hainan Fintech Week”, and plan to determine a bilateral fintech cooperation relationship between Lithuania and Hainan. (Supply: Hainan Every day)
The above is a weekly synopsis of the largest tales on Fintech in China offered by WeiyangX, a part of Tsinghua College, in partnership with Crowdfund Insider.
WeiyangX is probably the most influential web site specializing in Fintech in China. The location covers the newest information, business knowledge evaluation, enterprise practices, and in-depth Fintech circumstances in Fintech. WeiyangX is incubated by Fintech Lab. Based by Tsinghua College’s Folks’s Financial institution of China (PBC) Faculty of Finance in 2012, the Fintech Lab is the primary and main analysis entity devoted to main greatest practices, selling interdisciplinary innovation, and inspiring entrepreneurship within the discipline of fintech by scientific analysis and revolutionary undertaking incubation.