Uncategorized
China: WeiyangX Fintech Evaluate
China Banking and Insurance coverage Regulatory Fee Points Rules In direction of Web Insurance coverage
On December 14th, the China Banking and Insurance coverage Regulatory Fee (CBIRC) issued the “Web Insurance coverage Enterprise Regulatory Measures.” Key contents of the Measures embody:
- clarifying the character of Web insurance coverage enterprise and relevant rules
- stipulating necessities for Web insurance coverage enterprise operations, strengthening the rules of licensed operation, defining licensed establishments as self-operated on-line platforms, and clarifying the prohibited conduct of non-licensed establishments;
- standardizing insurance coverage advertising and marketing and publicity;
- stipulating “particular working rules” for on-line insurance coverage corporations, insurance coverage corporations, insurance coverage middleman companies, and on-line enterprises that have interaction in insurance coverage operations
From September 28th to October 28th, the CBIRC launched a draft model of the Measures for public session. (Supply: CBIRC)
The Folks’s Financial institution of China Says No to “Money Discrimination”
Over the previous few years, on-line funds (e.g., Alipay and WeChat Pay) has gained nice reputation in China. Nevertheless, as society steadily has moved on-line, the convivence introduced by know-how innovation has change into a “digitization hole” for a lot of senior residents and different from underdeveloped areas who don’t have any or restricted entry to the Web and associated services.
On December 15th, the Folks’s Financial institution of China (PBC) issued an announcement, calling for wider acceptance of money cost in financial actions, particularly in giant and medium-sized wholesale and retail enterprise, catering and lodging, primary public providers (medical therapy, water, electrical energy and fuel charges).
” The innovation of consumption and cost strategies ought to assist construct a easy cost surroundings, shield individuals’s livelihood, and improve the sense of public happiness,” as stated within the assertion.
RMB money is a primary cost means and PBC vowed to research and punish those that refuse to just accept or undertake discriminatory measures in the direction of money cost. (Supply: PBC)
China Securities Regulatory Fee Official: China Ought to Contemplate Whether or not to Impose Digital Providers Tax on Tech Firms
On December 16th, Qian Yao, science and know-how supervision bureau chief of China Securities Regulatory Fee (CSRC), talked about digital providers tax at a summit held in Beijing.
Based on Yao, some third-party platforms maintain a considerable amount of person knowledge which could possibly be used for the evaluation of customers’ conduct and associated adjustment of market technique. In different phrases, the info is like valuable mineral mines. Nevertheless, as the true creators of the platform worth, customers have not likely shared actual advantages from the revenues generated from their knowledge. Because the representatives of the general public, the federal government ought to pursue in-depth analysis about whether or not to introduce digital providers tax on the platform-like enterprises. (Supply: bkeconomy)
Fintech Service Supplier Leapstack Secures B+ Spherical Financing
Fintech service supplier Leapstack is reported to have secured a USD $10 million B+ spherical of financing. The funding was led by Huazhi Capital and took part by GF Qianhe.
Established in 2016, Leapstack is an AI-focused Insurtech, aiming to supply a risk-control resolution for insurers and insurance coverage brokers.
At current, Leapstack has established cooperation with a gaggle of home insurance coverage magnates together with China Life, PICC, China Taiping and China Continent Insurance coverage. Prior to now three years, Leapstack has gained a rising recognition throughout the trade. It has been introduced because the affiliate member of LIMBRA, TOP 50 China Insurtechs in InsurStar50 and TOP 10 in International Fintech Enterprise Competitions held by Institute for Fintech Analysis, Tsinghua College in 2019. (Supply: lieyun.com)
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 most recent information, trade knowledge evaluation, enterprise practices, and in-depth Fintech instances 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 finest practices, selling interdisciplinary innovation, and inspiring entrepreneurship within the subject of fintech via scientific analysis and progressive mission incubation.