Tag: China

Billionaire Guo Guangchang called China’s peer-to-peer lending industry “basically a scam”. Read more: www.bloomberg.com

Several law firms have filed class-action lawsuits on behalf of shareholders of Yirendai who acquired shares at some point during 2016. Read more: www.crowdfundinsider.com

Two of China’s biggest mobile payments players AliPay and WeChat, have won approval to operate digital wallets in Hong Kong. It’s seen as a major step towards international expansion.

FinTech funding in Asia Pacific is on a tear, reaching $9.6bn for the first six months of the year. Read more: www.finextra.com

China’s P2P lending market is finally getting a little oversight, but Yirendai’s investors aren’t sanguine about it. Read more: www.techinasia.com

Gobi Partners and Kaitai Capital have jointly led a ¥95m ($14m) Series A round of funding for Momfo, a Chinese property financing platform. Read more: www.avcj.com

Chinese authorities are cracking down on the nation’s booming peer-to-peer lending space with new regulations in response to scandals and the shut down of fraudulent companies in the space.

Three Chinese financial technology startups have begun their three-month long residency in Australia. Read more: www.chinadaily.com.cn

Ant Financial Services Group, Alibaba’s financial service affiliate that runs Alipay, has unveiled a new virtual reality (VR)-based payments service which the group plans to launch in September. Read more: fintechnews.sg

Touzhijia.com, a Chinese peer-to-peer lending platform, has raised $12m in a Series A round from US VC-firm CDF Capital.