The TECH86 Roundup (Apr. 25 – May 08)
Every fortnight we compile a list of important news updates and events covering the Chinese FINTECH, MFGTECH, CLNTECH, AGRTECH, and MEDTECH sectors.
China decided to scrap quota restrictions on two major inbound investment schemes in a bid to further facilitate foreign institutional investors’ participation in the country’s financial market, authorities said Thursday.
Shanghai, Alibaba team up to form digital expo company, Via Chinadaily.
Shanghai is doubling down on digital exhibitions by forming a digital expo company in partnership with Alibaba Group.
The People’s Bank of China actively promoted the development of the central bank’s digital currency (DCEP) this year, and began internal testing in many places. The market expects to have a chance to introduce this year. Li Lihui, the former governor of Bank of China and the head of the blockchain research group of the China Internet Finance Association, said that digital currency has the opportunity to rebuild the global currency system.
The Bank of China, one of the four largest state-managed commercial banking institutions in the country with over $3 trillion in assets, introduced its very first Fintech-focused regulatory pilot initiative in Beijing in 2019. And it will be launching new Fintech pilot programs in several major local cities including Chongqing, Hangzhou, Hebei Xiong’an New District, Shanghai, Shenzhen, and Suzhou.
The total number of blockchain information service projects filed with the Cyberspace Administration of China (CAC) has risen to 730 in total following the unveiling of a third batch. The third batch of registered blockchain information service projects unveiled by CAC consists of 224 in total.
Jack Ma’s online bank plans a US$282b lending spree, Via BusinessTimes.
MYbank is now on track to issue a record 2 trillion yuan (S$399.04 billion) of new loans to small and medium-sized companies this year, up nearly 18 per cent from 2019, even though with the risks of China’s coronavirus outbreak.
Big state-owned lender Agricultural Bank of China (ABC) is working with payments giant China UnionPay to issue government consumption vouchers to help stimulate economic activity in the wake of the COVID-19 pandemic.
ZA Bank has decided to expand its line of products and services by offering insurance. This, soon after ZA Bank acquired a digital-only insurer license from the Hong Kong Insurance Authority under its Fast Track pilot program.
The Sumitomo Mitsui Financial Group (SMFG) will reportedly sign an agreement with SBI Holdings, a Tokyo-based financial services company group, in order to provide digital banking services via mobile devices.
Hong Kong airport introduces full-body disinfection booths and cleaning robots, Via MatadorNetwork.
Airlines and airports are implementing new sanitation measures to keep everyone healthy and Hong Kong International Airport is leading the way by introducing full-body disinfection booths and cleaning robots.
Compulsory garbage sorting begins in capital, Via Chinadaily.
Mandatory citywide garbage sorting will begin in Beijing, aided by new guidelines for residents and the start of a three-month inspection campaign to monitor enforcement. The strict garbage sorting rules require residents to classify their domestic trash into four different categories: kitchen waste, recyclables, hazardous waste and other waste.