Automotive parts manufacturer Wanxiang Group has been actively investing in China and is the country's largest blockchain investor; Wanxiang Group recently committed $30 million to a smart cities initiative and is now planning a blockchain accelerator 'Chainbase Accelerator' with four startups involved in the program; Chainbase Accelerator will focus on blockchain initiatives for next-generation energy delivery, digital currency and smart governance; Wanxiang has also reported that it will begin to reveal plans for its smart city which will result in an innovative global platform for businesses. Source
Sichuan Xinwang Bank and Jilin Yilian Bank have received licensing to provide internet banking services in China; the two banks will bring the total number of digital only banks in China to four; Xiaomi is a leading Chinese shareholder in Sichuan Bank with a 29.5% stake and Meituan is a leading shareholder in Jilin Yilian Bank with a 28.5% stake; the other two digital banks in the Chinese market include Ant Financial's MyBank and Tencent's WeBank. Source
Japanese insurer Fukoku Mutual Life Insurance Co. has announced plans to replace 30% of its payment assessment department with an artificial intelligence system; the insurance company has partnered with IBM for use of IBM's Watson; the system will analyze and interpret medical documents for insurance payments; the company estimates it will save approximately 140 million yen ($1.19 million) per year by utilizing the new system; other insurance companies also exploring artificial intelligence for similar types of work include Dai-ichi Life Insurance Co., Japan Post Insurance Co. and Nippon Life Insurance Co. Source
Australian P2P commercial property marketplace lender LendEx has appointed two new board members to its board of directors; Brian Benger will join the board with experience from consulting firm Mercer; credit market executive Kim Jenkins will also join the board; Jenkins is currently the CEO of the Australian Retail Credit Association; Benger and Jenkins join Robert Hines, the firm's chairman, as the board's non-executive directors. Source
Hongling Capital Monday had a press conference after the company announced to close its online lending business last week; Hongling Capital will be "upgraded" to Hongling Holding, and the latter will focus on industry finance, investment banking, asset management and wealth management, Hongling Chairman Zhou Shiping said in the press conference. Source (Chinese)
Bitcoin reported substantial gains in 2016, increasing 120% and 57% in the last three months of the year; on January 1 the cryptocurrency exchange rate versus the dollar increased to over $1,000; equity strategist, Christopher Wood of CLSA notes that trading in China has concurrently been high with trading on the China BTC Bitcoin Exchange increasing from Rmb 1 billion ($140 million) in September to Rmb 27.8 billion ($4 billion) in December; in an article from Asia Times, the source also reported that China accounted for 42% of Bitcoin's trading in the first six months of 2016; one factor significantly affecting the increased trading volume has been the weakening of China's currency causing increased interest in foreign investments. Source
Singapore hosted the 3rd Singapore-Shanghai Financial Forum this week helping to strengthen relationships in the region; over 200 participants were in attendance; the theme of the event was "Strengthening Singapore-Shanghai Collaboration in a Changing Financial World Order" and discussions were centered around deepening financial connections between Singapore and Shanghai; Jacqueline Loh, deputy managing director of the Monetary Authority of Singapore, was a featured keynote speaker at the event and spoke about the opportunities for fintech collaboration in the region. Source
Greenland Financial is expected to report a profit after one year of business; the internet finance company is a newly developed business unit of Greenland Group which is known for its focus on real estate; Greenland Financial offers three main services 1) a wealth management platform with various investment products 2) professional asset allocation and wealth management services and 3) a cloud platform for internet technology and data analysis services; contributing to the success of China's real estate conglomerate, Greenland Financial's president, Yang Xiaodong, had the following comments about the company and its future growth: "The company's revenue and profit will double each year over the next two to three years. I am confident about that. And I hope after three years, the company will seek listing on the capital market." Source
Chinese marketplace lender Hexindai has added a payments function to its mobile app; firm has partnered with China UnionPay for Quick Pass; QuickPass allows platform investors to use funds for payments at merchants in the China UnionPay network. Source
Hong Kong's Securities and Futures Commission has entered into a cooperation agreement with the Dubai Financial Services Authority (DFSA) to establish a framework to help each other develop the fintech industry; the two regulators will work together on information sharing, innovation projects and referrals of fintech firms seeking to enter one another's markets. Source