Finance

Recently, the People’s Bank of China (PBoC) released the balance sheet data of the monetary authorities, showing that as of June 2020, deposits (reserves) of non-financial institutions had reached 1572.276 billion yuan, an increase of 65.157 billion yuan from the previous month.

WeLab Bank, a Hong Kong virtual bank licensed by the Hong Kong Monetary Authority, officially opened on July 30, 2020, providing banking services to millions of people in Hong Kong.

According to data from the professional version of Tianyancha, there are currently nearly 63,000 Internet finance-related companies in China.

Lonlink, a provider of offline aggregated payment solutions, has completed a 10-million-yuan Pre-A round of financing this month, with the strategic investment from Vbill.

On July 10, the Head office of the People’s Bank of China in Shanghai held a conference guiding the management of Shanghai’s credit reporting system in 2020, which required all the relevant agencies to fulfill the year’s tasks as required with high quality and efficiency, especially the following six tasks.

On March 25, 2020, CBIRC published the Interim Administrative Measures for Insurance Asset Management Products.

On 14 April 2020, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued theImplementation Rules on Administrative Licensing of Trust Companies (Draft for Comments).

Shenzhen currently have issued 25 million blockchain-based electronic invoices, marking a successful attempt to explore blockchain applications.

As of July 2, Shenzhen Stock Exchange’s GEM board has accepted 168 IPO applications, 83 corporate refinancing applications and 3 major asset restructuring applications.

The Shangcheng District Branch of the Hangzhou Municipal Public Security Bureau announced on July 4th that it has filed a case to investigate a Hangzhou-based P2P lending platform, Weidai (Hangzhou) Financial Information Service Co., Ltd., or Weidai.com.cn, for its suspected illegal absorption of public deposits.