AI finance startup Miotech wants to squeeze investment insights from data

Image credit: Miotech Investing is complicated. From company mergers to PR stunts to rumors to public scandals, all of which can affect share value, there's a lot of information to sift through and interpret. With the power of AI, however, one Chinese startup hopes to simplify matters by providing machine-generated data analysis and insights. Miotech currently operates out of offices in Hong…

SWITCH 2018 panel: Blockchain beyond finance

Since the rise of Bitcoin, the finance industry has been awash with talk of blockchain and its potential impact. This year at SWITCH, we are hosting a panel dedicated to the technology that has taken over the internet: Identifying applications for blockchain technology beyond financial markets. On September 18, we invite industry thought leaders who have deep knowledge and understanding of…

Internet finance breeds the largest number of Chinese unicorns

Internet-based financial services make up the biggest category of Chinese unicorns, with entertainment services coming in second, according to a China Internet Watch (CIW) whitepaper. Over 15% of all unicorns fall within the category "Internet Finance." Seven of China's top 20 unicorns provide financial services. These include Ant Financial, OneConnect, JD Finance, and WeBank. In line with the…

45 listed Chinese tech companies refinance to drive innovation

Over 45 Chinese tech companies have announced their intentions to refinance, showing that already listed companies are seeking ways to raise additional capital in order to drive innovation. Qihoo 360 (三六零) and iFlytek (头科大讯飞) announced plans (in Chinese) to raise RMB 10.8 billion and RMB 3.6 billion respectively. The funds will be used for developing artificial intelligence technologies. Over…

Ant Financial enters Pakistan with $185m mobile finance platform deal

Ant Financial is to invest $184.5 million for a 45% stake in Telenor Microfinance Bank (TMB) in its first foray into Pakistan. A subsidiary of Norway’s Telenor Group, TMB launched Pakistan’s first mobile financial services platform in 2009 which has become the country’s largest branchless banking service. Ant Financial is expected to introduce the technology behind its Alipay platform to develop…

China’s internet finance platform Qbao’s CEO turns himself in to police after allegations of illegal fund-raising

Editor’s note: A version of this post by Dou Shicong first appeared on Yicai Global. Zhang Xiaolei, the actual controller and CEO of Qbao.com, the online finance platform also known as Qianbao (钱包网), has surrendered himself to the Nanjing police yesterday and relevant departments are conducting an investigation into the company’s allegedly illegal fund-raising activities. Zhang's turning himself…

Hackers use finance app to steal millions in only half a day

Chinese police have arrested nearly 100 suspects in over 30 Chinese provinces for stealing online funds. The case was opened when a hacker gang stole RMB 10.5 million in just half a day by attacking a finance app, The Paper reports (in Chinese). The Shanghai Xuhui District Public Security Bureau has announced that the Shanghai police have been investigating the case for the last six months and…

Dianrong snags $220m Series D to further tap China’s $16t internet finance market

Chinese P2P lending platform Dianrong today announced their Series D worth $220 million. This latest funding was led by GIC Private Limited, Singapore’s sovereign wealth fund, along with CMIG Leasing, Simone Investment Managers, and other institutional and individual investors. The new proceeds will be used for improving risk management, R&D and automation, M&A opportunities and…

Ant Financial invests in Shanghai-based fintech startup VFinance

Ant Financial, the financial services affiliate of Alibaba, has made a strategic investment in VFinance (维金), a Shanghai-based startup providing digital financial infrastructure solutions to enterprises in China, according to VFinance's announcement. At a press conference on July 18th, VFinance also signed strategic cooperation with MyBank (网商银行), an online bank launched by Ant Financial in…

China Funding Daily, May 13th and 15th: medicine e-commerce, internet finance and computer vision

New fundings in China on May 13, 2017 Insurancebox (保险盒子), a 1-year-old, Hangzhou-based online insurance service platform, has raised RMB 14 million in Series Pre A funding led by Codi Capital (科地资本), with participation from JadeValue. Jike Lianmeng (吉刻联盟), a 1.5-year-old, Shanghai-based online catering company, has raised several million RMB in Series Pre-A backed by LinkView Fund (洪晟观通基金).…