Focus China News Roundup- Issue #49
Every fortnight we compile a list of important news updates and events covering the Chinese FINTECH, MFGTECH, CLNTECH, and AGRTECH sectors.
Ant Group registered capital increased to 35 billion CNY
Ant Group’s registered capital increased 47 percent from 23.8 billion yuan to 35 billion CNY. The change of registered capital comes from capital reserve to increase equity, the company did not conduct market-oriented financing.
Gavin Zhao is the CTO & CIO at Ant Group
Zhongan Insurance released the digital insurance Ecological Cube plan
Zhongan Insurance released its digital insurance eco-cube plan, which is fully open to its partners. Open more than 20 rights and services based on product, service, technology, and resources. A special fund of 1 billion CNY will be set up to support start-up projects.
Clay Duan is the Chief Data Officer at Zhongan Insurance
AI investment in the financial sector surged
The finance and insurance industry consistently ranks among the top 10 in terms of venture capital dollars invested in AI startups, with more than $4 billion invested globally in 2020. Financial regulators are trying to strike the right balance between managing risk and supporting innovation.
Blockchain is the second most used technology in Fintech
Among the innovative applications of Fintech in China, big data technology is the most frequently used, and blockchain technology ranks second.
Shenzhou Yunhe has obtained B round financing of 100 million CNY
Shenzhou Yunhe, a one-stop SAAS platform for automatic tax declaration, completed its B round of financing. This round of financing will be used for new product research and development, sales system and marketing, and service system construction.
Huifu is testing the service of payment +PaaS
Huifu has launched the “Dougong” PaaS platform. They built the PaaS platform with three goals, which are to enable ordinary developers to develop payment solutions, to enable ordinary operators to manage money flows, and to make analyzable data available to all roles in real time.
Xiongan New Area completed its first digital RMB non-tax payment service
The Reform and Development Bureau of Xiongan New Area has completed the implementation of China’s first digital RMB payment “non-tax e-ticket + blockchain” business.
The registered capital of Zhaolian Consumer Finance reaches 10 billion CNY
Zhaolian Consumer Finance completed a new round of capital increase, and the registered capital of the company changed from 3.869 billion CNY to 10 billion CNY, becoming the first enterprise in the consumer finance industry with a registered capital of 10 billion CNY. Current shareholders are China Unicom (50%) and China Merchants Bank (50%).
Nuanwa Technology completed hundreds of millions of CNY A+ round of financing
Nuanwa Technology, a health insurance technology company, completed hundreds of millions of CNY A+ round of financing. The company’s annual revenue reached 100 million CNY last year.
The central bank encourages ecological construction in the blockchain sector
The People’s Bank of China encourages open source technology providers to speed up technological innovation capabilities, master the core code of open source technology, form independent intellectual property rights, and consolidate industrial support capacity.
CFCA announces the results of multi-party assessment of secure computing finance applications
China Financial Certification Authority (CFCA) announced the first batch of multi-party
security computing financial application evaluation results. Five enterprises passed the evaluation, which include yuncong Technology, Baidu, JINGdong, Tencent.
Ant Chain launches a new generation of blockchain network platform “FAIR”
Ant Chain, a subsidiary of Ant Group, announced to upgrade its blockchain architecture and launch a new blockchain network platform “FAIR” based on the new architecture. On “FAIR,” private computing will be integrated with blockchain in default settings.
Gavin Zhao is the CTO & CIO at Ant Group
Yundaizhang completed 50 million CNY of financing
Yundaizhang, an intelligent financial software provider, completed A+ round of 50 million CNY financing. This round of financing will be used for SaaS system upgrade, product development and marketing, and building a R&D center in Wuhan.
Lanhu completed 1 billion CNY of C+ round financing
Lanhu, a product design collaboration platform, completed a Round C + financing of 1 billion CNY, becoming the new unicorn of China cloud software track. This round of financing will be mainly used for the continued investment and growth of existing products, as well as the incubation and operation of new product lines.
Yanghui Ren is the CEO at Lanhu
SparkX Marketing obtained B round financing of hundreds millions of CNY
SparkX Marketing helps users reshape marketing from planning, buying, performance measurement and creativity. SparkX Technology will continue to iterate on the functions of cross-border marketing SaaS platform to precipitate cross-border digital marketing solutions.
Jun Yuan is the CEO & Founder at SparkX Marketing