Xiaomi to set up consumer finance firm in Chongqing

Xiaomi's Beijing headquarters. (Image credit: TechNode/Coco Gao) Chinese regulators have given smartphone maker Xiaomi the green light to set up a consumer finance company in Chongqing, a municipality in the southwest of the country, according to an announcement on Friday. Why it matters: Xiaomi's consumer finance unit is becoming increasingly important as it looks to compete with other…

Ping An to fold P2P lender Lufax into new consumer finance arm: report

(Image credit: Lufax) Ping An Insurance has received approval from regulators to set up a consumer finance arm, a representative from its peer-to-peer (P2P) loan affiliate Lufax confirmed on Friday, in a move that is reportedly the beginning of its transition away from P2P lending amid increasingly stringent regulations. Why it matters: Many smaller platforms have been forced to exit the…

Shanghai forms blockchain alliance with 6 banks for trade finance

The municipal Shanghai government has partnered with China's central bank and five other financial institutions to create an alliance for blockchain-based trade finance. Why it matters: This is the latest move for Chinese authorities as part of a renewed determination to fast-track blockchain development. The blockchain alliance is the first blockchain application project in customs and…

360 Finance sets up privacy institute amid growing focus on data security

360's booth at CES Asia in Shanghai, China on June 11, 2019. (Image credit: TechNode/Shi Jiayi) Fintech firm 360 Finance has set up a research institute aimed at developing technologies to improve privacy and digital security in the financial services industry. Why it matters: The move comes as China doubles down on cryptography regulation, passing a dedicated law in the hopes of enhancing…

Don’t blame internet finance for all of the problems in P2P lending: Jack Ma

At the Smart China Expo in Chongqing on Monday, Jack Ma, chairman of e-commerce behemoth Alibaba, defended the internet finance industry against recent criticism brought about by the troubled P2P lending sector. During his speech (in Chinese) at the Expo's Big Data and Smart Technology Summit, Ma said the term "internet finance," a term he coined several years ago, should not be lumped…

Qihoo’s 360 Finance follows strong Q2 results with CEO resignation, shares drop

360 was present at CES Asia in Shanghai, China on June 11, 2019. (Image credit: TechNode/Shi Jiayi) Share prices for Shanghai-based online loan company 360 Finance tumbled on Friday after the release of its quarterly earnings results and the announcement of CEO Xu Jun's resignation. On the same day, a US law firm has said it has started investigating claims that the company violated federal…

Chinese news app Sina Finance unveils new cryptocurrency feature

Screenshot of Sina Finance's new crypto index feature. (Image credit: TechNode) Sina Finance, one of the largest financial news portals in China, has added a cryptocurrency index to its mobile app. The feature, first reported by cnLedger on Wednesday, displays prices and performance of major cryptocurrencies as well as the latest industry news. The new feature is available on the Sina…

Briefing: China’s finance sector will grow 26% despite fears that AI will take jobs

As artificial intelligence and fintech come knocking, half of Asia-Pacific finance professionals fear for their jobs - South China Morning Post What happened: Half of the employees working in the finance industry in the Asia-Pacific region fear they will lose their jobs to artificial intelligence (AI), but the number of China's financial professionals is expected to grow 26% in the next…

Briefing: Xiaomi Finance appoints ex-GOME as new chief risk officer

独家!小米金融迎来新任CRO,竟然是…… – 新流财经 What happened: Chinese smartphone maker Xiaomi’s consumer finance subsidiary, Xiaomi Finance, has appointed Cao Qiang as its new chief risk officer. Cao previously served a similar role at electronics appliance giant GOME’s financial services arm. Why it’s important: Chinese media previously reported that Chen Xi, the head of risk and credit and loan services at…

China’s crackdown on internet finance hurts online lender Dianrong

China’s peer-to-peer (P2P) lending industry has been in crisis mode ever since the government began to clamp down on it more than two years ago. Many smaller players have shuttered their doors as a result of industry consolidation. The more established platforms, even those with a pedigree, have not been spared from the aftershocks of the increased regulatory scrutiny. On Monday, Guo Yuhang,…