geo/china
CreditEase Wealth Management, an arm of Chinese fintech giant CreditEase, has today unveiled investment deals worth $30m with OnDeck and LendingHome. The money comes from CreditEase Wealth Management's Offshore Private Credit Fund (OPCF), which raised $80m from its high net worth Chinese clients in late 2015.
Like many of their counterparts in the world, China’s small medium enterprises (SMEs) are an economic force employing a sizeable percentage of the workforce and supplying much needed products and services to consumers and larger enterprises. But like many SMEs elsewhere these smaller businesses also struggle with staying afloat – balancing the need to meet customer orders while paying their suppliers and staff. Many also struggle to find financing to stay in business.
This is the eighth annual report on China's MSME finance development, produced by a team led by Shi Jianping and Yang Rubing of the Central University of Finance and Economics.
Many of us in the West like to romanticise about our respective ‘underserved and overcharged’ SME markets as being ripe for fintech disruption. The reality is, when compared to their small business peers in China, they have a well-stocked buffet of banking options at their disposal.
Jack Ma’s Ant Financial has gotten itself an American colony. The $880 million purchase of the remittances firm MoneyGram in a deal announced on Thursday looks like a counterintuitive bet in a de-globalizing world for the Alibaba founder’s financial services arm. International payments are a tough business. But MoneyGram gives Ant a base with connections to many developing markets.
Internet finance may be a new development in China but its impact is now everywhere.
Peking University has developed an index which measures the growth and structure of internet finance across China. It says the industry grew almost fourfold in the year to December 2015 and, on one measure, the market was then valued at $US1.8 trillion).
Internet finance may be a new development in China but its impact is now everywhere. Peking University has developed an index which measures the growth and structure of internet finance across China. It records that the industry grew almost four times over the year to December 2015 and, on one measure, the market was then valued at US$1.8 trillion (RMB12.4 trillion). According to McKinsey, the internet economy is estimated to account for 7 per cent of GDP in China, compared with 4 to 5 per cent in the United States, Germany or Japan.
When it comes to fintech, there are two major countries to watch – America and China – but China does it all rather differently. Story by Chris Skinner.
Bank of China (BoC) Thursday kicked off a campaign to link small and medium enterprises in the Philippines to its network of clients through matchmaking forums next year.
The 104-year-old commercial bank, described as China’s most internationalized and diversified bank, which has been operating here since 2002, is working with the Philippine Chamber of Commerce in the Philippines as well as the local chapter of the International Chamber of Commerce (ICCP).
Recently, Wdzj.com and Yingcan Consulting jointly released the "October 2016 Online Lending Platform Development Index Rating". According to the chart, Dianrong.com has once again risen to among the top three on the "Top 100 Chart" for Online Lending Platforms.
