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Focus China News Roundup- Issue #32

Every fortnight we compile a list of important news updates and events covering the Chinese FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.

For a downloadable copy of China’s Issue #32


Huawei obtained a payment licence
Huawei has acquired SmartPay, a payment agency. After Xiaomi, Huawei became the second mobile phone manufacturer that obtained a payment license. Huawei is currently hiring for a number of payments-related jobs.
Hongbin Wan is the Executive Director at Huawei

Ant Group has cooperated with several Russian enterprises to promote mobile payment
Russian Internet company Mail.ru, the Russian Direct Investment Fund (RDIF), mobile operators MegaFon and USM Holdings signed a cooperation agreement with Ant Group. They set up a joint venture to provide financial inclusion services to local users.
Alan Wang is the GM at Ant Financial

Bytedance publicizes patents for digital currency payments
Bytedance Publishes Patent on “Method of Generation of Digital Currency Wallet, Method of Digital Currency Payment, Device and Electronic Device”. The publication date is January 19, and the patent number is CN112241885A.
Lisa Miao is the investment director at ByteDance

Vending machines in Shanghai subway stations can be paid in digital RMB
Some vending machines in Shanghai subway stations can now use digital yuan for payment. Shanghai is promoting digital RMB. Merchants who have opened the digital currency collection function can trade by digital RMB.

Beijing will build itself into an international center of scientific and technological innovation
The CSRC is carrying out the pilot work of capital market fintech innovation in Beijing. To build itself into an international innovation center for science and technology, Beijing will improve its capital market, guide capital agglomeration, support scientific and technological innovation and deepen the reform of the New Third Board. In addition, Beijing will improve the quality of listed companies and encourage them to improve their governance and strengthen information disclosure.

The State Council encourages the development of small – amount credit to peasant households
The State Council encourages financial institutions to set up internal institutions to serve rural revitalization, and supports the sharing of rural credit information databases. China will establish a rural credit system within three years. Develop rural digital inclusive finance, and develop small credit loans for rural households, insurance pledge loans, and mortgage loans for agricultural machinery and tools and greenhouses.

Shenzhen has strengthened efforts to tackle key core technologies in areas such as blockchain
Shenzhen has intensified efforts to tackle key core technologies, focusing on breakthroughs in key core technologies such as 5G, artificial intelligence, integrated circuits, biomedicine, high-end equipment, new materials, and blockchain. Shenzhen will break technological bottlenecks in industrial development and foster new industries and new forms of business such as the smart economy, health industry and Marine economy.

Micro Union Group set up data intelligent industry fund
Micro Union Group set up an industry fund focusing on the field of data intelligence, which is Beijing Micro Union Digital Science Investment Center. The scale of the first phase of the fund is 500 million CNY. The fund will focus on investment opportunities in the field of data intelligence, with a focus on cloud computing, AI, big data, and Internet of Things.

Industrial Consumer Finance Blockchain Electronic Deposit System was launched
Industrial Consumer Finance launched the blockchain electronic depository system. Blockchain, big data and other new information technology means are used to connect the data between the business systems of financial institutions and the financial case handling systems of courts.

Lakala set up Blockchain Lab
Lakala set up the Blockchain Lab to strengthen the exploration of the application and service of the core blockchain technology in regulatory technology, joint risk control, information security, anti-fraud, and commodity traceability.
Yangiang Zhu is the VP at Lakala

Lingcai Technology” completed the A round financing of tens of millions of CNY
This round of investment was led by Jingwei China, followed by Fengyang Capital, and Hougu Investment acted as the exclusive financial adviser. This round of financing will be used to increase product technology research and development, improve delivery capabilities and expand the market

China property and auto insurance system uses online database OceanBase
OceanBase is a database developed by Ant Group. This system upgrade is a restructuring of more than 100 business systems covering 7 insurance types, involving transaction, operation and background. This is the first time the insurance industry has ever built a core system based on a hybrid cloud model.

National Professional Technical Skills Standards for Blockchain Engineers and Technicians were issued
Blockchain engineers and technicians are who engaged in blockchain architecture design, underlying technology, system application, system testing, system deployment, operation and maintenance. This occupation has three levels, which were elementary, intermediate and advanced.

Planting Chinese medicinal materials is a scientific and technological revolution
The output value of traditional Chinese medicine industry has grown from more than 20 billion in the mid-1980s to nearly one trillion now. Wild resources alone are not enough. Traditional Chinese medicine must be cultivated and produced in large quantities to meet the demand. It is a scientific and technological revolution to imitate the wild environment for the cultivation of Chinese medicinal materials. Because of the success of large-scale imitation wild planting, the output of Jilin ginseng grew from billions CNY to tens of billions CNY.

Beidou intelligent machine achieved automatic farming
The intelligent agricultural machinery equipped with Beidou navigation has realized automatic operation, which greatly improves the efficiency and precision of agricultural operation. With the Beidou satellite navigation service, positioning can be accurate to 1 centimeter. Through remote sensing technology, crops can be monitored in real time. Automatic pesticide spraying system saves pesticide consumption and shortens working time.

2021 Intelligent Agriculture Internet Innovation Forum was held
2021 Intelligent Agriculture Internet Innovation Forum was held in the headquarter of Tencent. Tencent said smart agriculture is an important means to revitalize the rural economy. Tencent Cloud can provide basic cloud services such as cloud storage, cloud database and elastic Web engine for smart agriculture.
Michael Huang is the Vice GM at Tencent

Jinhua has released a smart agricultural service system
The system is jointly launched by Jinhua Agriculture and Rural Affairs Bureau and Jinhua Branch of Agricultural Bank of China. Optimize and integrate agro-related service of various departments around the four steps, which are planting, management, harvesting and marketing, in the whole planting cycle in the field. Realize checklist management, one-stop management and integrated services. Farmers and government managers can log into the system through the WeChat public account of “One Thing in the Field”.

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