Tag Archives: Fintech

Coming up: Shenzhen’s new fintech trick

Yesterday the Shenzhen Evening News had a long article extolling the virtues of the Futian district as the city’s financial heart. The main thrust of the piece is preceded by accounts of what the political leadership has been up to recently, including that Party Secretary Wang Weizhong met on August 29 with Yi Gang, head of the central bank, in Shenzhen. They discussed what any two cadres with their fingers on the pulse of international finance would: Internationalization of the renminbi, digital currency research, green finance, etc. They decided to, first and foremost, continue to deepen financial reform and opening up, realize the high-quality development of Shenzhen’s financial industry, and fully promote the implementation of the major decision-making arrangements of the Party Central Committee.

Continue reading Coming up: Shenzhen’s new fintech trick

Guangdong Financial High-tech Zone turns 12

The Guangdong Financial High-tech Zone, located in Foshan’s Nanhai district, close to the border of Guangzhou, has attracted more than 670 financial institutions and enterprises in the past 12 years. 

Yes, we have never heard of it, either. 

The provincial government backed high-tech zone, which is positioned as a support base for the development of the province’s finance industry, has seen its companies execute investments worth RMB112 billion, with RMB820 billion of assets under management.  

The zone is home to over 30,000 staff, primarily working as back-office support to finance companies. They work mostly in clusters. In the Qiandenghu (Thousand Lamp Lake) town, for example, there are 489 private equity funds with names such as IDG Capital, Technology Financial Group, Beijing Heju Investment, and China Trust Protection Fund. These have raised a total of RMB61 billion. 

Last year, the Financial High-tech Zone set an audacious new goal for itself: to create a “blockchain” powered fintech innovation base, and to construct a complete value chain that complements the ​​Qiandenghu Venture Capital Town.

Now that we know about it, watch this space for more detailed introduction to the zone. 

Guangdong fair sees RMB350b contracts signed

The annual China (Guangzhou) International Financial Exchanges Expo was held over the weekend, with more than 100,000 visitors attending. No fewer than 48 projects were sealed at the fair, with contracts signed worth nearly RMB 350 billion. These included seven major projects related to infrastructure buildout in the Greater Bay Area.

While the headline figure may sound large, these projects are all related to plans that have been in the pipeline for some time. They are part of the province’s ongoing public spending program. Still, the fair was noteworthy for the fact that fintech projects were exhibiting for the first time.

Read more.

Hong Kong issues four more virtual bank licenses

Hong Kong’s monetary authority has issued four virtual banking licenses to applicants affiliated with a trio of China’s largest technology companies as well as the city’s stock exchange, in a move to speed up disruption and innovation in one of the world’s best served financial centers, reports the SCMP.

The four new licenses have gone to Ping An Insurance’s subsidiary Ping An OneConnect, Ant Financial Services’ unit Ant SME Services, a Xiaomi-AMTD Group venture called Insight Fintech HK, and the Infinium consortium that includes Tencent Holdings, the Industrial and Commercial Bank of China (ICBC), and Hong Kong Exchanges and Clearing (HKEX). 

The latest permits add to the four that the monetary authority (HKMA) has already issued since March to spur competition and innovation. 

Read more.

StanChart gets going on virtual bank

As one of the first three joint ventures granted a virtual banking license in Hong Kong, Standard Chartered has embarked on a PR effort to raise awareness of what it is doing. The bank’s Hong Kong CEO, Mary Huen Wai-yi, told the 21st Century Business Herald that the virtual bank will focus initially on providing basic deposit and lending services, which would not have minimum-balance requirements, while the process of opening an account would be easier than at a traditional bank.

Standard Chartered won the license in a venture together with Hong Kong Telecom, PCCW and China’s largest online travel agency, Ctrip. Huen did not reveal the product brand that will be offered by SC Digital Solutions, but said that it has already recruited around 100 staff from home and abroad.

Huen said the bank will ramp up its pre-opening operations over the next six to nine months. It is building capabilities in risk management, anti-money laundering, identity verification and online account set-up. The goal is to bring banking services into people’s day to day lifestyles – which are increasingly online. For example, if a user needs to book an overseas hotel through Ctrip, they should be able to do currency exchange and buy travel insurance seamlessly with the new bank.

Tencent to build fintech lab focused on ‘open banking’


Tencent is putting two of its key subsidiaries together in a fintech innovation lab focused on the research and development of applications for “open banking.” The joint venture is between Tencent Cloud, a global cloud services provider, and WeBank, China’s first online bank.

Open banking can be defined as a collaborative model in which banking data are shared through APIs between two or more unaffiliated parties.

WeBank’s Wei Li Dai (微粒贷) financial product was the first in China to provide consumers with a complete online lending process, from application and approval to the provision of funds. Borrowers are not required to provide collateral or security for credit, and instead only need to provide their identification numbers and mobile phone numbers through Tencent’s ubiquitous social media app WeChat and instant messaging software service QQ in order to obtain loans of between RMB500 and RMB200,000.

Tencent Cloud and WeBank’s new collaboration will be based on the concept of “open banking” to explore technical innovations on its fundamental structure, financial application and experiential innovation.