Credit China Fintech is forming a consortium to acquire a 36.58% equity interest in Ping An Securities Group (Holdings) Limited; upon completion the consortium intends to make a cash offer for all of the issued shares of Ping An Securities; Credit China Fintech's CEO Phang Yew Kiat says, "Ping An Securities' product offerings are valuable resources that we believe will generate significant synergies with our existing businesses." Source
According to Hong Kong regulatory officials, two banks have applied to trial biometric technology under a recent fintech sandbox initiative; Hong Kong Monetary Authority Chief Executive Norman Chan notes that the companies want to use biometrics to authenticate securities trading; the fintech sandbox was launched in September; other banks are considering utilizing the sandbox for other areas such as blockchain and artificial intelligence. Source
Scott Morrison, Australia's treasurer, spoke about regtech at the Fintech Australia Summit; the treasurer discussed a regtech collision occurring in fintech where both crowdfunding firms and traditional banks are benefiting from increased technological innovation around regulation; likely that the marketplace lending ecosystem could see expansion in regulatory technology innovation. Source
According to the World Bank global remittances are set to fall by 20 percent this year as the pandemic wreaks...
Sources have reported that Zhongan is no longer considering an initial public offering (IPO) in Hong Kong or the US due to a shifting market perspective; international interest and competitive pressures are cited as the main factors for the change in the IPO strategy; the insurance company was planning for an IPO in Hong Kong or the US sometime in the first few months of 2017; the China listing will likely delay the offering and the firm has not disclosed its new timing. Source
China's State Administrative of Foreign Exchange (SAFE) has granted Qualified Domestic Institutional Investor (QDII) quotas of US$89.9 billion to 132 Chinese mainland financial institutions; the new quotas follow positive investment catalysts including a Hong Kong stock market rally; the new quotas give Chinese asset managers broader freedom for investment in foreign fixed income and equities. Source
The Cosun Group has issued notice that it would be defaulting on its high yield debt products equal to $45 million; Cosun raised $166 million through the Ant Financial platform and is now unable to meet obligations on a portion of that amount; this leaves investors asking when they will be repaid; Ant Financial is pressing to ensure repayments are made and has stated they would help pay legal bills if investors decide to sue; the fintech giant does not share the blame as they view themselves as a platform for investors to allocate capital, but they also understand the Ant Financial name carries weight and want to help make sure there is a resolution. Source
Bloomberg and Quartz have recently been granted access to one of the largest bitcoin mines in the world operated by Bitmain; this Bitmain mine generates about a quarter of a million dollars a day worth of bitcoin; Bitmain's valuation is in the billions and the company is preparing for a possible IPO; Bitmain is also investing in an expansion to US. Source
Hong Kong-listed Credit China FinTech Holdings led the launch of the fintech fund with 11 other partners that consist of central state-owned enterprises, provincial investment funds, trust and securities firms and private equity firms; financial gain was not the main motivation of the fund as the participants are looking at exposure to the emerging fintech space and possible partnerships in the future; "China's fintech sector was started later than the West's but is expanding at an unparalleled pace compared with the West," Credit China Executive Director Sheng Jia said at the opening ceremony. Source
The Prime Minister of India has announced a ban on Rs 500 and Rs 1,000 currency notes in India in an effort to fight corruption; P2P platform i2iFunding says the ban will help P2P lenders by reducing cash-based lending in the country and requiring citizens to utilize digital finance solutions; earlier in 2016 the Reserve Bank of India said it would be issuing guidelines for P2P lenders; i2iFunding says the focus on cash-based corruption will now be the central bank's focus; in October, leading P2P lenders formed the Alternate Finance and P2P Lenders Association; founding members Monexo, Lend-Box, LoanMeet, i-lend and Faircent have been the most active. Source