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National Internet Finance Association of China: Standardized Cosmetic Surgery-Related Financial Products and Services

The past few years have seen the rapid development of cosmetic surgery in China. In order to better serve their customers, some financial institutions have cooperated with third-party cosmetic surgery agencies to provide related financial services and products (e.g., cosmetic surgery installment plans). Yet, problems like excessive borrowing, lack of transparency, and high pricing have also brought damages to the interests of the consumers.

On June 9th, the National Internet Finance Association of China (NIFA) released an initiative on cosmetic surgery-related financial products and services. NIFA suggested the financial institutions should not collaborate with illegal cosmetic surgery agencies or provide financial products and services to these agencies.

When cooperating with cosmetic surgery agencies in compliance with administrative requirements, financial institutions should fully evaluate the repayment ability of consumers in accordance with the principle of appropriateness, independently determine customer credit and loan pricing standards, and take risk controls. For college student consumers, financial institutions should strictly abide by the relevant regulations of the financial regulatory authority on campus consumer loans. (Source: NIFA)

Red Date Technology Secures Series A Financing led by Prosperity7 Ventures  

On June 10th, Beijing-based Red Date Technology announced the completion of a USD $30 million Series A equity financing. This round of investment was led by Prosperity7 Ventures and Hong Kong-based blockchain investment firm Kenetic.

Other participants included Swiss private bank Pictet and Bangkok Bank.

In 2019, led by the State Information Center, China Mobile, China UnionPay, and Red Date Technology jointly initiated the construction of the Blockchain-based Service Network (BSN), and officially put it into business on April 25th, 2020. BSN is a global public infrastructure network that is used to deploy and run blockchain applications across cloud services, portals, and underlying frameworks, reducing cost and improving flexibility, interoperability and efficiency. (Source: lieyun)

ByteDance Entering Cloud Computing Services Market

It is reported that ByteDance’s “Volcano Engine” division will officially release cloud computing IaaS (Infrastructure as a Service) services, which include computing, storage, and networking, in September or October this year.

In addition to the established data center in Zhangjiakou, Hebei, ByteDance is also planning to build large data centers in cities such as Shanghai and Shenzhen or surrounding areas to provide external IaaS services.

Volcano Engine aims to be the “fourth cloud in China” besides Alibaba Cloud, Tencent Cloud, and Huawei Cloud. (Source: LatePost)

The Hong Kong Monetary Authority Discusses CBDC in its “Fintech 2025” strategy 

On June 8th, the Hong Kong Monetary Authority (HKMA) released the “Fintech 2025” strategy as an effort to promote the development of the Fintech industry in Hong Kong.

According to the document, HKMA will conduct in-depth studies to strengthen preparations for the issuance of CBDCs at the wholesale and retail levels in Hong Kong.

In addition to the continued effort on wholesale CBDCs, HKMA is cooperating with the Hong Kong Center under the BIS Innovation Hub to study CBDCs at the retail level. It will also begin to study e-HKD on its use cases, benefits, and related risks.

HKMA will continue to collaborate with the People’s Bank of China on the technical tests of digital renminbi in Hong Kong, providing a convenient option of cross-boundary payments for both residents in Hong Kong and mainland China. (Source: HKMA)

The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.

WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation. Coinsmart. Beste Bitcoin-Börse in Europa

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Bank of England and Bank for International Settlements Establish Innovation Hub in London



The Bank for International Settlements (BIS) and the Bank of England (BoE) revealed on June 11, 2021, that they’ve introduced the BIS Innovation Hub London Centre, which is notably the fourth Innovation Hub Centre to have been launched in the last couple years.

The BIS and its partners are taking a “leading role” in coordinating the work of reserve banks on tech innovation in the financial industry to pave the way forward for the “future of central banking,” Agustin Carstens, GM at BIS, noted.

This new Centre in London “reflects the Bank of England’s critical role as an innovator in responding to the challenges and opportunities of the digital world while safeguarding financial stability,” Carstens added.

Andrew Bailey, Governor of the Bank of England, stated:

“As a central bank, we recognize the importance of innovation for the global financial system and look to support its safe deployment wherever possible. This requires collaboration between public authorities in all jurisdictions, and the BIS Innovation Hub is an important global initiative for achieving this.”

This launch is part of a plan “to expand the global reach of the BIS Innovation Hub, which also includes the opening of Centres with the Bank of Canada (Toronto), the European Central Bank/Eurosystem (Frankfurt and Paris) and the four Nordic central banks (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank) in Stockholm.”

In January 2021, the BIS “signed a memorandum of understanding for a strategic collaboration with the Federal Reserve System (New York).”

Benoît Cœuré, Head of the BIS Innovation Hub, noted that he’s pleased to welcome the next phase of the BIS Innovation Hub’s expansion with “the establishment of the new Centre with the Bank of England in London, where there is such a strong nexus of technology and finance.”

Through this collaboration, the BIS Innovation Hub will “continue to develop key public goods that address financial sector issues of importance to central banks,” Cœuré said.

The BIS Innovation Hub’s work program is focused on the use of tech innovation in supervision and regulation (suptech and regtech); updated financial market infrastructures; central bank digital currencies or CBDCs; open finance; cybersecurity; and “green finance.”

Work related to these themes is “distributed across the various Hub Centres,” the release noted.

The United Kingdom is well-known for continuously pushing the boundaries of digital finance so it’s “great to have the new Innovation Hub opening here,” Rishi Sunak, UK Chancellor of the Exchequer said while noting that its work will “help central banks to support safe innovation, and boost our efforts to capture the extraordinary potential of technology.”

A virtual or online seminar on the launch was “held today at 09:30 BST/10:30 CEST.” Further details can be accessed here.

Speakers included:

Bank of England: Andrew Bailey, Victoria Cleland, Jon Cunliffe and Dave Ramsden
Bank for International Settlements: Agustín Carstens and Benoît Cœuré
Chancellor of the Exchequer Rishi Sunak

External panel members:

Katharine Braddick – HM Treasury, Sujata Bhatia – Monzo, Ann Cairns – MasterCard

The BIS Innovation Hub was formed in 2019 by the BIS “to identify and develop in-depth insights into critical trends in financial technology of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation.”

BIS Innovation Hub Centres are now in place in Hong Kong SAR with the Hong Kong Monetary Authority, Singapore with the Monetary Authority of Singapore, and Switzerland with the Swiss National Bank.

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Top 10 Fintech News Stories for the Week Ending June 12, 2021



This week was all about new funding rounds and fintechs hitting the public markets as the flood of money into fintech continues unabated. Here are what I consider to be the top 10 most important fintech news stories of the past week.

Marqeta stock jumps out of the IPO gate, finishes with valuation just over $16 billion from MarketWatch – Marqeta went public on Wednesday, pricing at $27, above the $20-$24 range, and closed the day with a solid bump to $30.52. It ended the week up even higher at $31.50.

Fintech giant Klarna raises $639M at a $45.6B valuation amid ‘massive momentum’ in the US from TechCrunch – The BNPL sector shows no signs of slowing down as Klarna closes another mega-round with a valuation up 47% from just three months ago.

Fintech all-star Nubank raises a $750M mega round from TechCrunch – To win the largest fintech round of the week competition you needed to raise $750m which is what Brazilian digital bank Nubank did.

SoftBank, Viking Invest $250 Million in Latam Fintech Unicorn from Bloomberg – Another Latin American fintech has raised a big round with Clip, the “Square of Mexico”, closing on $250 million at a $2 billion valuation.

Mark Cuban-backed banking app Dave to go public in $4 bln SPAC merger from Reuters – Don’t forget about SPACs. Digital neobank Dave is merging with a Victory Park SPAC valuing the company at $4 billion.

Basel suggests strictest risk weighting for crypto from Banking Dive – The Basel Committee on Banking Supervision recommended that a 1,250% risk weight, the highest risk rating, be applied to a bank’s exposure to bitcoin.

It’s Time To End Overdraft Fees (And Chase Bank Is Just The Bank To Do It) from Forbes – Ron Shevlin took on overdraft fees this week calling on Chase to end the practice. Until the big money center banks eradicate the practice, he argues, overdrafts are here to stay.

Robinhood Markets Is Said to Now Target July for IPO from Bloomberg – After initially saying it would go out in late June Robinhood is now saying it will push their public markets debut to after July 4.

Remitly files initial IPO paperwork as Seattle fintech company prepares to go public from Geekwire – Mobile remittance company, Remitly, has filed confidentially with the SEC to go public at a reported $5 billion valuation.

Walmart partners with PayNearMe, Green Dot to launch faster cash bill-pay in August from Banking Dive – Walmart customers will soon to be able to pay their bills in cash at its stores with a simple scan of a biller code.

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QED Leads $21 Million Series B for Hello Alice



Hello Alice, a platform for helping small businesses grow their businesses, has raised $21 million in a Series B funding round led by QED Investors.

Founded by Elizabeth Gore and Carolyn Rodz, the company has now raised $30 million in funding. Speaking with Crunchbase, Rodz said:

“As a Latina founder and fellow small business owner, Elizabeth and I wanted to get specific with industries and who is leading the business so that unique paths are supported to help them make better decisions. As we have raised capital for Hello Alice, we are raising capital for our companies.”

The report stated that Hello Alice has grown rapidly in the past two years – by over 1000%.

QED co-fonder Frank Rotman added:

“They are on a mission to help young businesses succeed through education and curated access to tools and resources. Small business success depends on so many factors, and they are helping founders gain access to the same resources that others have.”

Gore and Rodz met in 2008 and “had an immediate bond over the massive opportunity to become the go-to platform for small business owners.” Founded in 2017, Hello Alice is said to have over 500,000 small business owners in the Hello Alice community.

Hello Alice provides a series of tools to support small businesses including access to growth capital such as venture funding, grants, and more. Hello Alice is on a mission to build the largest network of business owners in the US while tracking data and trends to improve the success rate for entrepreneurs.

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