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,…

360 Finance plans to take on Pinduoduo with foray into social e-commerce

Chinese fintech firm 360 Finance is plotting its foray into China’s buzzing social e-commerce space, an increasingly competitive sector dominated by giants including Pinduoduo, Alibaba, and JD.com.The company will reportedly launch a group-buying platform that offers a variety of products including fresh produce, home appliances, and electronics, among others, according to investment…

Briefing: JD Finance apologizes for app’s privacy breach

App自动保存用户图片 京东金融道歉功能存在技术问题 - Sina TechWhat happened: JD Finance's customer service issued an apology over the weekend for the controversy surrounding a privacy issue within its Android app, which stored a screenshot of other apps in a folder on a user's smartphone without authorization. JD Finance said that it is sorry for making such a "rudimentary mistake" and for hurting users' trust in the…

Briefing: China releases new guidance for blockchain in agriculture finance

China: New Guidance to Implement Blockchain in Agriculture Finance Sector – CointelegraphWhat happened: China released the “Guiding Opinions on Rural Service Revitalization of Financial Services,” according to an official announcement on Monday. The implementation of new technologies will streamline the collection and sharing of agricultural data and “improve the identification, monitoring,…

JD Finance removes second P2P lending feature from its app

JD Finance has removed its second peer-to-peer (P2P) lending feature from its app after it had been online for less than 10 days, highlighting difficulties in China's P2P loans sector.Despite initial reports of the feature's disappearance, Hefeng Online Lending was still available until 4 p.m. on Wednesday. Previously, all products were labeled as being "sold out" after it was removed from the…

JD Finance mobile app pulled from iOS App Store

JD Finance's iOS app was removed from China's Apple App Store this morning (Dec. 7), Chinese media is reporting (in Chinese), the latest in a slew of removals affecting Chinese companies.“We are in contact with Apple to clarify the situation and will make the app available for download again as soon as possible,” the company said in a statement cited in Chinese media, adding that the beta…

Briefing: Finance ministry accuses Xiaomi, Suning of tax evasion

China Fingers Xiaomi, Suning.Com for Tax Dodges - Yicai GlobalWhat happened: China’s Ministry of Finance (MOF) has flagged a group of listed companies for accounting errors, including smartphone maker Xiaomi, retailing giant Suning.com and online video portal Le.com. The regulator's audit, which covered calendar year 2017, also highlighted key features of the internet sector, including its…

Qihoo-backed 360 Finance files for a $200 million US IPO

360 Finance, a fintech startup backed by the country’s security products provider Qihoo Technology, has filed with US Securities and Exchange Commission (SEC) for an up to $200 million IPO this year.Founded in July 2016 and spun off from the parent company in September 2018, 360 Finance is a digital consumer finance platform, which provides consumer finance products to prime and underserved…

AI finance startup Miotech wants to squeeze investment insights from data

Image credit: MiotechInvesting 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…