Introduction
Asia Financial Cooperation Association's FinTech Cooperation Committee presents curated insights on emerging financial technology trends, fostering knowledge exchange among members. This edition highlights pivotal updates from November 4, 2019.
Key Highlights
1. China Introduces Unified Certification for FinTech Products
The People's Bank of China (PBOC) and State Administration for Market Regulation jointly announced the inclusion of FinTech products under China’s national certification framework to enhance security and innovation governance.
(Source: PBOC Official Website, October 29, 2019)
2. UK Updates Cryptocurrency Tax Guidelines
HMRC released revised corporate tax guidance for cryptocurrencies, exempting assets like Bitcoin from stamp duty but maintaining requirements for transaction records in GBP.
(Source: Weiyang Network, November 4, 2019)
3. Shanghai Advances as a FinTech Hub
PBOC Shanghai Headquarters issued directives to accelerate financial technology adoption, supporting 40 initiatives for ecosystem development, including AI and blockchain integration.
(Source: FinTech Research, November 2, 2019)
4. Beijing Establishes FinTech Industry Alliance
Over 150 institutions formed an alliance to drive standards, R&D collaboration, and scalable FinTech solutions across sectors.
(Source: Financial Times – China Financial News, November 1, 2019)
5. 5G Commercial Launch & IoT Expansion
China Telecom rolled out 5G services in 50 cities, with IoT applications spanning smart cities, healthcare, and autonomous vehicles.
(Source: Communication Information Daily, November 2, 2019)
6. Tencent’s Blockchain Whitepaper Focuses on Real-World Applications
Tencent emphasized "blockchain+" industrial use cases, citing Libra’s potential to reshape payments and highlighting 250% annual growth in blockchain startups.
(Source: Hexun, October 23, 2019)
👉 Explore blockchain innovations transforming industries
7. Everbright Bank Partners with Xiong’an for Blockchain Fund Management
The bank collaborated on a platform for transparent project financing, leveraging blockchain for payments and asset custody.
(Source: China Financial News, November 2, 2019)
8. Beazley Invests in Hong Kong’s Pegasus for Asian Market Growth
The UK insurer acquired a 30% stake to expand its professional liability and cyber insurance offerings in Asia.
(Source: Insurance Observer, November 4, 2019)
9. Payment Giant Invests in InsurTech Targeting $5T Market
YeePay’s strategic investment in Weibao Technology aims to digitize premium collections and claims processing via smart payment systems.
(Source: China Financial News, October 28, 2019)
FAQ Section
Q1: Why did China integrate FinTech into national certification?
A1: To standardize product quality, mitigate financial risks, and promote responsible innovation under regulatory oversight.
Q2: How does 5G benefit IoT in FinTech?
A2: 5G enables real-time data processing for smart contracts, telemedicine, and automated supply chains, enhancing efficiency.
Q3: What makes blockchain viable for insurance payments?
A3: Decentralized ledgers reduce fraud, streamline reconciliation, and improve transparency in high-volume transactions.
👉 Discover how FinTech is reshaping finance