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Focus China News Roundup- Issue #44

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 #44

FINTECH

JD Technology has set up a new insurance division
The Insurance Division will be responsible for insurance business planning, product developing and operational delivery, as well as integrating the omni-channel capabilities of JD Technology and responsible for omni-channel expansion of comprehensive financial products.
Lei Xu is the CEO of JD Retail

Guangdong supports Shenzhen in piloting the application of digital RMB
Guangdong province supports Shenzhen in taking the lead in the trial of the application of digital RMB, creating a first-class ecological environment for innovation and entrepreneurship, improving the fintech industry incubation mechanism, accelerating the cultivation of fintech leading institutions, and building a global fintech center.

Zhejiang supports the high-quality development of cross-border e-commerce
Zhejiang has issued nine financial measures to support cross-border e-commerce, including cross-border RMB, foreign exchange, payment and financing, to promote the development of cross-border e-commerce in Zhejiang.

Beijing is to build global digital economy benchmark city
Beijing plans to build a benchmark city for the global digital economy. Accelerate technological breakthroughs in consensus mechanisms, distributed storage, cross-chain protocols, smart contracts and other technologies, and achieve large-scale breakthroughs in key technologies of blockchain algorithm performance.

China Minsheng Bank has built three major blockchain platforms
Minsheng Bank is actively exploring the application of blockchain scenarios, and has built “three major blockchain
platforms”, which are: blockchain Open Service Platform (BaaS), blockchain electronic certificate service platform and blockchain trade financial service platform.

Ali Cloud reported a 29% year-on-year revenue growth in the first quarter of fiscal 2022
In the first quarter of fiscal 2022, Ali Cloud reported revenue of 16.051 billion CNY, up 29% year on year. Alibaba Cloud posted three consecutive quarters of profit, with adjusted EBITA profit growing to 340 million CNY.
Luyi Zhou is the Director of Business Development at Alibaba Cloud

The Bank of Fujian has handled a total of 6,516 financing transactions through the cross-border financial blockchain platform
Fujian province has launched a pilot cross-border financial blockchain platform to help micro, small and medium-sized enterprises finance. Since the pilot, banks have handled a total of 6,516 trade financing transactions with the amount of $2.358 billion through cross-border blockchain platform financing application scenarios.

4Paradigm is to be listed in Hong Kong
Founded in 2014, 4Paradigm is an AI technology and service provider that help customers with AI upgrades. Up to now, the fourth Paradigm has completed 11 rounds of financing, including sequoia China, Innovation Center, national Manufacturing Transformation and Upgrading Fund and other investments.
Wenyuan Dai is the Founder at 4Paradigm

By the end of June this year, the total transaction amount of digital RMB was 34.5 billion CNY
The number of invited users on the whitelist of digital RMB pilot has exceeded 10 million, with a total of 70.75 million transactions worth 34.5 billion CNY.

Watermelon payment completed A Round financing of nearly $100 million
This round of financing will mainly be used for product research and development, the introduction of more diversified talents and market expansion. Watermelon Pay is a zero-interest credit payment product.

Ant Group has stakes in more than 10 local versions of payment apps in seven southeast Asian countries
Ant Group has stakes in more than 10 local versions of payment apps in seven southeast Asian countries, including popular electronic payment wallets such as GCash, TrueMoney and DANA. Tencent relies heavily on ShopeePay and SeaMoney, payments units of e-commerce retailer Shopee.
Peijun Sun is the Senior Director at Ant Group

In 2021, 30 blockchain projects in the world that each has raised over $100 million
There are 30 blockchain projects in the world that each has raised over $100 million. So
far this year, more than 60 projects in the NFT industry have been funded, covering subdivisions such as infrastructure, trading platforms, games and sports.

More than 58 million blockchain electronic invoices have been issued in Shenzhen
Blockchain electronic invoice marks the third anniversary of its arrival in Shenzhen. Shenzhen blockchain electronic invoice system has issued more than 58 million invoices, with an average day of more than 120,000 invoices.

Zhongyun Principal obtained A Round of financing of tens of millions
Zhongyun Principal, A financial payment and Internet of things security solution provider, won tens of millions of CNY A round of financing, with shenzhen Hi-tech Investment as the investor. This round of financing is mainly used to increase investment in research and development.

AGRTECH

Guangdong Unicom cooperates with Jieyang City for rural revitalization
Guangdong Unicom and Jieyang Municipal Government will cooperate to implement the rural revitalization strategy. The two sides will cooperate in digital agriculture, digital countryside, talent science and education, rural e-commerce and other fields. Guangdong Unicom will build a digital agricultural industry cloud application service platform, an agricultural IoT perception platform, and an agricultural digital operation and management platform to promote the agricultural digital construction in Jieyang City.

Hema signed a cooperation to promote country specialties
This year, Alibaba will promote agricultural products from 100 counties (districts) across the country to enter Hema. With the support of digital technology and sales channels, Alibaba will reduce the cost of matchingsupply and demand information and boost the branding of characteristic agricultural products. The first batch of 10 characteristic counties have signed contracts with Alibaba to obtain its digital support and promote the building of a new supply and marketing system.
Chirs Tung is the Chief Marketing Officer at Alibaba Group

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