Boris Batin and Alexander Dunaev have grown a successful lending startup after partnering together and launching ID Finance in 2012; the company is an online balance sheet lender that has been expanding throughout Russia, Europe and South America; the partners claim a digital lending business model that can launch and obtain profitability in nine months; part of their success is attributed to identifying challenging markets with growth potential that traditional banks have not entered. Source
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
Noah Holdings Limited, a wealth and asset management services provider in China, has announced its fourth quarter and full year results for 2016; the firm has two leading services including asset management and internet finance; net revenues for the full year 2016 were RMB 2,513.6 million (US $362.0 million), an 18.6% increase from 2015; for the year the firm reported an operating margin of 26.5%, compared to 26.4% for 2015; the firm's internet finance business is led by Mr. Kenny Lam, who reported that the company was pleased with the results, also stating that, "Our newer businesses – asset management and internet finance – are bringing impactful results to the group." Source
Ant Financial Services Group is focused on serving small and micro enterprises as well as consumers. With the vision "to turn trust into wealth," Ant Financial is dedicated to building an open ecosystem of internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include: Alipay for payments, Yu'e Bao for money market services, Ant Fortune for wealth management, Ant Check Later and Ant Micro Loans for financing, Zhima Credit (formerly Sesame Credit) for credit reference, Zhao Cai Bao for online lending and MYBank for small business lending. Source
One of China's e-commerce giants, Baidu, has obtained regulatory approval for Baixin Bank; follows banking sector business activity from competitors Alibaba and Tencent; the banking unit will be digital only, offering online banking, telephone banking, ATM and mobile banking services; Baidu owns 30% of Baixin Bank and will work in partnership with China CITIC Bank which currently owns 70% of the bank. Source
Hong Kong's Legislative Council Panel on Financial Affairs published a document this week on their digital currency plans; The Hong Kong Monetary Authority (HKMA), which acts as their central bank and financial regulator is working with banks and R3; according to the document: "The first phase of the research, which explores the feasibility of [central bank-issued digital currency] in performing domestic inter-bank payments, inter-corporate payment in the wholesale market and delivery versus payment (DvP) debt securities settlement, is expected to be completed in the fourth quarter of this year. Subject to the findings of the first phase, HKMA will map out the next steps." Source
9F Group has invested in a blockchain company called Wyre in Silicon Valley; the Group will establish its Southeast Asia headquarters in Singapore soon; plus it already has 9F Primasia Securities in Hong Kong. Source (Chinese)