Insight

A recent announcement from China’s central bank, the PBOC, now allows banks to remotely open bank accounts, which was previously not possible – there was at least a bank visit and some paperwork needed. The announcement allows customers to open new accounts via their mobile, which should increase competition significantly…

Numerous Chinese media outlets are reporting on the latest moves by China’s regulators to stop any new internet finance company registrations in China. The announcement is a bit vague as is expected from regulators, but indicates that no new fintech business license registrations will be allowed for the foreseeable future.