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China

Asia/PacFintechNews Roundup
·Jan. 20, 2017

Ant Financial’s CEO Discusses Plans for Growth in Payments and Blockchain

In an interview at the World Economic Forum in Davos, Ant Financial's CEO Eric Jing talked about his plans for growth in payments and blockchain; firm is targeting two billion users by 2027; says it will more deeply integrate blockchain and artificial intelligence. Source

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Asia/PacNews Roundup
·Jan. 18, 2017

China’s Dianrong Reports on 2016 Annual Results

Chinese P2P lender Dianrong has announced its 2016 financial results; loan originations increased 148% from 2015 to approximately RMB 16.23 billion ($2.36 billion) in 2016; the firm's investor base grew to 3.62 million investors; loan loss rates were low overall with a 1.17% cumulative non performing loans rate and 2.46% current non performing loans rate; average interest rate earned by investors was approximately 7%; the firm says new regulations in China have helped large firms with established brands like Dianrong and sees continued growth ahead for the business.  Source

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Asia/PacFintechNews Roundup
·Jan. 16, 2017

Bitcoin Trading Halted in China

China's major bitcoin exchanges halted trading on Friday, January 13 and the platforms are updating their trading terms; some have yet to reopen and others are operating with trading restraints, reports CoinDesk; the changes follow discussions between Chinese bitcoin exchanges and regulator People's Bank of China.  Source

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Asia/PacFintechNews Roundup
·Jan. 9, 2017

Baidu Gains Approval for Baixin Bank

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

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Asia/PacNews RoundupOnline Lending
·Jan. 9, 2017

China Rapid Finance Seeking to Triple Its Users

China Rapid Finance currently has 1.2 million borrowers on its platform and is seeking to triple its users; it recently received $70 million in funding which will help to support the growth; also wants to increase its users to 10 million over the next two to three years; the firm says it is well positioned to manage new regulations from the Chinese government and it is developing its platform to more broadly target the needs of the country's 500 million residents.  Source

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Asia/PacFintechNews Roundup
·Jan. 19, 2017

Juzhen Launching New Blockchain Technology for Banks in 2017

Juzhen is developing new blockchain technology for banks that will focus on privacy, biometrics and access control; the firm is the largest China-based blockchain startup; it is working with the ChinaLedger blockchain consortium and has a thorough understanding of the Chinese market's infrastructure and banking culture.  Source

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FintechNews RoundupOnline Lending
·Jan. 18, 2017

LendIt China Lang Di 2017 Announcements

LendIt has announced its Lang Di Fintech 2017 conference which will be held on July 15 to 16 at the Kerry Hotel, Pudong, Shanghai; LendIt also announced a partnership with JadeValue Fintech who will co-host the second annual LendIt China PitchIt@LendIt startup competition and offer the winning company six months of co-working space as one of the many competition prizes; LendIt China will also be translating the daily LendIt News on its new Lang Di WeChat channel.  Source

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Asia/PacNews RoundupOnline LendingRegulation
·Jan. 10, 2017

Regulators Inspecting Chinese P2P Lenders

Regulators are inspecting Chinese P2P lenders for compliance with new rules issued last year; specifically lenders must partner with a custodian and limit loans to RMB 1 million ($144,200) for individuals and RMB 5 million ($721,001) for companies; they are also not permitted to guarantee principal or interest; the country currently has more than 2,400 P2P lenders; experts expect the new rules will likely change the nation's P2P lending landscape significantly; Roger Ying, founder and chief executive of P2P lender Pandai stated: "[There] will be shakeouts, though good for those which are compliant. It will take time for P2Ps to move to custodian banks. Presumably the most risk for investors is with P2Ps who do not have escrow [or] custodian bank accounts as retail investor sentiment is low."  Source

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Asia/PacFintechNews Roundup
·Jan. 9, 2017

Bitcoin’s Value is Reporting High Correlation to the Chinese Yuan

Reports continue to show Chinese investors increasingly investing in bitcoin as the yuan devalues; over 90% of bitcoin trading has been reported by Chinese investors and the cryptocurrency's price is showing close correlation with the value of the yuan; Chinese regulation limiting foreign investment to $50,000 per year in order to stabilize the currency appears to be a factor as wealthy Chinese investors use bitcoin investment to evade the regulation since it is considered a borderless investment; while China appears to be a driving force for the currency's gains, experts also believe improved trading efficiencies and solutions for bitcoin are also factors for its recent appreciation.  Source

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Asia/PacNews RoundupOnline LendingRegulation
·Jan. 6, 2017

Growth Slows in China’s P2P Lending Industry in 2016

New regulations slowed the growth of P2P lending in China in 2016; data from P2P001 reports that transaction volume in P2P lending increased by 138% in 2016 to over 2.8 trillion yuan ($403 billion) however that was only half of the transaction volume growth reported in 2014 and 2015; on August 24, 2016 the government issued new requirements for the industry, one of which requires that lenders partner with banks for custodian services; this adds additional costs for lenders and as of the end of 2016 only 7.98% had partnered with a custodian bank.  Source

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