Bitcoin Exchanges Try to Lure High-Speed Traders like Virtu and Citadel Zopa to boost regulatory clout ahead of Brexit PBoC...
Sizable fintech companies should face the same regulator scrutiny as banks according to China’s Central Bank; this follows what the PBOC said in August, that internet finance companies should be included in the Macro Prudential Assessment framework which was designed for banks; having banks and fintech companies operate under the same rules could streamline regulation. Source.
The National Internet Finance Association of China has been tasked with the job of making the agency but has offered little details so far; the PBoC invited eight leading Internet companies in 2015 to help with this issue but have received eight individual ideas and rejected them all; the issue of sharing proprietary data still plagues the project and the current issues don’t look to be solves soon. Source.
The People's Bank of China says in a report that it is considering expanding its risk-assessment system beyond banks to include major online financial businesses; the Wall Street Journal comments that China's central bank is increasing its monitoring of the loosely regulated fintech sector. Source
The People’s Bank of China has recently launched a trial version of their digital currency which they hope will reduce...
Some of biggest bitcoin miners in China have reportedly been looking to set up operations in other Asian countries; there has been conflicting reports out of China is the last week as to what the country is doing when it comes to mining operations; the PBOC has not made official comments yet and the mining overall doesn’t look to slow down as other countries can fill the role of China. Source.
Recent news about Chinese online lenders has caused regulators in China to begin looking at new regulations for the industry; “The public has doubts about its operating model and has appealed for it to be brought under regulation,” said Ji Zhihong, head of financial markets department at the People’s Bank of China, according to the FT; the potential regulations could hurt what has become a hot IPO market; Chinese lenders like Qudian who recently did a US based IPO and Paipaidai, Hexindai and Lexin Fintech who all have filed for potential US IPOs. Source.
Mobile payments in China have taken off in recent years as Ant Financial and Tencent dominate the market; in recent...
This weeks WeiyangX Fintech Review on Crowdfund Insider covered the PBoC discussing key findings in their fintech sandbox program; Pinganfang.com found itself involved in a US crowdfunding fraud case; JD Finance and China UnionPay partnered on a blockchain based risk information sharing mechanism; Alibaba executive chairman Jack Ma announced that Ant Financial will delay their IPO; Tencent reached an agreement with China CITIC Bank to cooperate on cloud services, a financial big data platform and security. Source.
According to more than 80 patents viewed by the Financial Times the People’s Bank of China has made significant progress...