China sets up fintech committee at central bank
China’s central bank has established a fintech committee to study the impact of financial technology on monetary policy, financial markets, stability, payment and clearing mechanisms. Source: China sets up fintech committee at central bank
China’s banking regulator to step up protection after cyber attack | Reuters
Source: China’s banking regulator to step up protection after cyber attack | Reuters
China to Start Security Checks on Technology Companies in June
BEIJING—China will launch new security reviews on foreign and domestic technology suppliers starting June 1, implementing a key element of its new cybersecurity law aimed at tightening state control over technology and information. The review will apply to companies that provide network products and services. As such, it will likely include companies such as International…
China considers restrictive data transfer rules
The Chinese government released draft rules that, if passed, would require foreign companies to “apply for permission to transfer data out of the country.” The rules would allow the government to review any data package over 1TB or with information on more than 500,000 people, and potentially block it from leaving China.
How fintech is stimulating Chinese consumption
TechCrunch contributor Joshua Bateman profiles Chinese fintech firms Dumaio (a digital lender) and Uoolu (a real estate investment platform) to showcase fintech’s effect on China’s economy and the mobility of its citizens.
China Gains on the U.S. in the Artificial Intelligence Arms Race – The New York Times
WeChat makes gains with QR
China’s multi-purpose messaging app WeChat has won significant market share in China’s crowded mobile-internet marketplace by embracing quick-response (QR) codes, now used for almost all WeChat in-store payments. The app’s ubiquity has also helped reshape the way its 768 million users make payments to restaurants, taxis, and each other.
International Developments in FinTech
MAS launches fintech match-funding program. The Monetary Authority of Singapore (MAS) will begin providing “match-funding” to fintech firms conducting to “promising” proof-of- concept trials in Singapore. MAS will “fund 50% of the costs, up to a maximum of S$200,000 per project,” for fintech ideas that have the potential to benefit “the financial system at large.”…
Russia upholds LinkedIn ban over data protection fears | Reuters
A Russian court on Thursday upheld a decision to block the website of social networking company LinkedIn Corp., Interfax news agency reported, setting a precedent for the way foreign internet firms operate in the country. Russia’s Roskomnadzor communications watchdog has said LinkedIn, which has more than 6 million registered users in Russia, was violating a…