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Asia/Pac

Asia/PacNews RoundupOnline Lending
·Mar. 3, 2017

Online Lending Activity in China

Crowdfund Insider provides a roundup of news occurring in China's alternative finance market; the China Banking Regulatory Commission has released more details on its guidance for online lending partnerships with custody banks; also noteworthy is the potential initial public offering in the US by China Rapid Finance.  Source

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Asia/PacFintechNews Roundup
·Mar. 3, 2017

JD.com Sells Finance Business

China e-commerce business JD.com has announced the sale of its finance business which is focused on payments and investments; company will sell JD Finance for 14.3 billion yuan ($2.1 billion) in cash while also retaining some share in its future profits; with the spinoff of JD Finance, JD.com's business structure will now be similar to the structure of competitor Alibaba who also focuses on e-commerce and has a stake in payments finance business Ant Financial.  Source

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Asia/PacNews RoundupOnline Lending
·Mar. 6, 2017

China’s CredEx Offers Mobile App Loans

CredEx has developed a mobile app for loans in China; allows for borrowing of as much as RMB 300,000 (USD 43,000); the firm's business has been built around a focus on five factors including: mobile apps for loans, anytime access to borrowing and repayment, personalized interest rates, mobile internet risk control and uniquely connecting financial institutions with borrowers.  Source

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Asia/PacNews RoundupOnline Lending
·Mar. 6, 2017

Chained Finance Launches Blockchain Platform for Supply Chain Finance

Dianrong and FnConn have launched Chained Finance, a blockchain lending platform for supply chain companies; according to Soul Htite, founder and CEO of Dianrong, "Chained Finance creates a unique ecosystem that will provide supply chains with easier access to funding at competitive rates."; the companies report the platform could triple financing access for supply chain companies.  Source

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Asia/PacFintechNews Roundup
·Mar. 7, 2017

Silicon Valley Bank Opens Second Location in China

Silicon Valley Bank has a joint venture partnership with Shanghai Development Bank Co. Ltd; the partnership led the bank to open its first Chinese branch in Shanghai in 2012 and the firm has now announced their second location in Beijing; the banking branch in Beijing has 14 employees and will offer services for companies in technology, private equity and venture capital which are a key focus for Silicon Valley Bank globally.  Source

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Asia/PacFintechNews Roundup
·Mar. 8, 2017

UIDAI Reports Aadhaar Data to Be Safe after Alleged Fraud

The Unique Identification Authority of India (UIDAI) has refuted the fraudulent release or misuse of India's Aadhaar biometrics data after media reports claimed the release of Aadhaar data involving a private bank, its business correspondence agency and an e-sign agency; the UIDAI reports that an attempt was made to access data but internal security systems prevented the data's release; the incident exemplifies the strict security surrounding the use of Aadhaar data in India.  Source

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Asia/PacFintechNews Roundup
·Mar. 8, 2017

Chinese Insurance Company Zhong An Planning for IPO

Sources report that Chinese online property and casualty insurance company Zhong An is planning for an initial public offering (IPO) in China; the firm was founded by Alibaba's Jack Ma, Tencent's Pony Ma and Ma Mingzhe from Ping An Insurance Group of China; a primary product for the firm is e-commerce shipping insurance which accounts for approximately 50% of the business; currently the firm's major shareholders include Ant Financial with 16% and Tencent Holdings Ltd. with 12%; in 2015 it reported a valuation of $8 billion and it currently plans to raise an additional 2 billion yuan ($290 million) to help it prepare for the IPO.  Source

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Asia/PacFintechNews RoundupOnline Lending
·Mar. 8, 2017

Ant Financial Makes Significant Investment in the Philippines

Alibaba's affiliate Ant Financial has reported an investment in payment provider Mynt which has its business focus in the Philippines; Mynt currently has three million registered customers and reports one billion pesos ($19.9 million) worth of transactions per week; it provides services for consumers, merchants, and organizations primarily through its GCash and Fuse Lending businesses; GCash serves as its micropayment service provider and Fuse Lending offers online personal and business loans.  Source

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Asia/PacFintechNews Roundup
·Mar. 8, 2017

Wanxiang Group Launches Startup Accelerator in China

Automotive parts manufacturer Wanxiang Group has been actively investing in China and is the country's largest blockchain investor; Wanxiang Group recently committed $30 million to a smart cities initiative and is now planning a blockchain accelerator 'Chainbase Accelerator' with four startups involved in the program; Chainbase Accelerator will focus on blockchain initiatives for next-generation energy delivery, digital currency and smart governance; Wanxiang has also reported that it will begin to reveal plans for its smart city which will result in an innovative global platform for businesses.  Source

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Asia/PacNews RoundupOnline Lending
·Mar. 9, 2017

Zane Wang on China’s Credit Market and the Success of China Rapid Finance

Zane Wang concluded the LendIt USA keynote speeches with a presentation on China Rapid Finance's business growth in China; the firm's online lending business has grown steadily as a leading provider of online loans for consumers; Wang discussed China's credit market infrastructure and credit bureau development; Wang also noted the market opportunity from emerging middle-class mobile active consumers (EMMAs) which are a primary target market for China Rapid Finance; also of high importance in China is the use of big data; Wang reported that China Rapid Finance has been able to achieve its success by using predictive selection technology solutions derived from machine learning and big data algorithms.  Source

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