2017 China Leading Fintech 50

KPMG China December 2017

KPMG WeChat Fintech 50 Survey Page Contents

01 Disruptions & Breakthroughs 04

02 Overview 07

03 China’s Leading Fintech 50 17

Appendix 69 04 Appendix I Global comparison 70 Appendix II Regulatory update 71 Appendix III External experts 74 Appendix IV KPMG China fintech leaders 75 Appendix V Glossary 76

The China Leading Fintech 50 Series 77 KPMG fintech credentials 78 About KPMG China 79 Contact us 80 Note: This report was translated from Chinese. If there are any questions relating to the accuracy of the translation, please refer to the Chinese report. © 2017 KPMG Huazhen LLP��— a�People's�Republic�of�China�partnership,�KPMG�Advisory�(China)�Limited�— a�wholly�foreign�owned�enterprise�in�China,�and�KPMG�— a�Hong�Kong� partnership,�are�member�firms�of�the�KPMG�network�of�independent�member�firms�affiliated�with�KPMG�International�Cooperative�PMG�International”),�a�Swiss�entity.�All�rights�(“K reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG�International�Cooperative�(“KPMG� International”),�a�Swiss�entity.�All�rights�reserved. Introduction

We are pleased to share with you the results of the 2017 KPMG China Leading Fintech 50. This year's list reflects the importance of advanced information technologies, which are constantly driving fintech innovation within the financial services industry.The growth of fintech has also spurred the cooperation and integration of financial institutions and startups, while increased capital investment has accelerated the optimisation and allocation of resources for Honson To technology and innovation. This is indicative of the country’s booming fintech ecosystem. Chairman, KPMG Asia Pacific and China

In recent years, fintech innovation has continuously sped up the overall development of the financial industry. It has played a substantial role in developing inclusive finance, supporting real economic growth and propelling financial services to a wider audience. To ensure the continuous development of innovation, it is important for all related parties to participate actively in discussions. While there have been more frequent interactions between regulators and the fintech industry, we need to ensure that efforts are made to continue optimising fintech and compliance policies. This would help in identifying and managing Simon Gleave new or systemic risks in a timely and effective manner. Regional Head of Financial Services, KPMG Asia Pacific

金电联行

Integrated Product Consumer Credit cards financial services lending Housing/car Intelligence loans Bills Payment Risk Robo- pricing research Data Blockchain Robo- Insurance Precision advisory Personal marketing Risk Anti-fraud finance Credit Leasing control Wealth loans Transactions Pledged loans management

Note: Companies are listed in no particular order. This is not a full list of companies. For reference only.

Fintech startups

Licensed Regulators financial institutions

Venture Professional capital associations institutions The Fintech Ecosphere

Academic and research Regional institutes governments

Professional Incubators services and providers accelerators

About KPMG China Leading Fintech 50 Every year, KPMG International publishes the KPMG Global Fintech 100, which highlight the world’s leading and emerging fintech companies*. In order to support and promote the further development of fintech in China, KPMG launched the inaugural China Leading Fintech 50 in 2016. The positive reaction to the 2016 edition led to a follow-up, with KPMG launching the second China Leading Fintech 50 in May 2017. Following months of assessment, results for the 2017 China Leading Fintech 50 were published at the end of the year.

Standards Companies included were either non-financial institutions or non- traditional financial institutions that are actively involved in developing new technologies for the financial services industry; their principal business activities and target client groups are located in mainland China. We encourage companies listed in this report to engage us by visiting the KPMG China website and follow us on social media. Selection Committee Data capabilities – modelling/collection / mining/execution Our selection committee is comprised of external professionals and

Business representatives from KPMG China as well as from KPMG Global, with Application model of advanced innovation and expertise in IT, data, capital markets, venture capital, risk control, and disruption vs. innovative traditional finance, macro-economics and financial services. technologies financial services Criteria Selection criteria

Development Addressing KPMG believes that innovation is key to potential and problems and future issues in prospects financial addressing problems and enhancing the services efficiency of the financial services sector. Our Valuation and recognition selection criteria reflect this with technology from capital markets and innovation among the key considerations. Using KPMG’s Startup Insights Platform (SIP), enterprises were assessed based on a variety of factors such as company composition, technology, products, markets and financing capabilities.

The selection process began in May 2017. Following months of assessment, the final list was published in December 2017, with companies arranged in alphabetical order based on their Chinese Pinyin names.

Note: KPMG, in conjunction with H2 Ventures, publishes the annual KPMG Global Fintech 100 report. H2 Ventures is a fintech investment firm.

The following is a breakdown of the China Leading Fintech 50 companies:

Sector

Blockchain 2

Insurtech 2

Wealth management and capital markets 5

Payment technology 6

Integrated financial technology 6

Lending, consumer and situational finance 11

Big data and data analytics 18

0 2 4 6 8 10 12 14 16 18 20

Big data and data analytics companies are the largest group within the China Leading Fintech 50, followed by lending, consumer and situational finance companies. The prominence of big data and data analytical companies are unsurprising given fintech's status as a critical developmental focus for the financial industry. Many of the companies focus on advanced data technology application, research and development.

Location

Fintech is a knowledge-oriented field 14 21 that brings together top professionals Shanghai 1 4 Hangzhou from the IT and finance industries. Tier- Beijing Suzhou one cities, such as Beijing, Shanghai, Guangzhou and Shenzhen, enjoy greater advantages in training, attracting and retaining talent. Consequently, the majority of the China Leading Fintech 8 Shenzhen 1 1 50 companies are based in these cities. Changsha Chongqing

Technology

48 47 40 31 32 24 21 19 16 14 16 7 7 8 2 0

Total

Most breakthroughs in finance are achieved through technology and innovation. For example, precision marketing makes use of big data technology to identify clients’ various needs by conducting multi-dimensional analysis on individual users. Biometrics can be applied to verify user information to prevent identity theft, while machine learning technologies can be used to identify abnormal transactions via deep learning algorithms. Big data is the most commonly adopted technology by companies on the list.

Proportion of technical personnel

10% 2% 8% Technological research, development and application is a key component of a company's core competitiveness. As a result, technical staff makes up a large portion of the workforce for companies on our list. The prevalence of online, mobile and social media commerce meant some companies are hiring fewer marketing and sales staff. Resources are instead reallocated to hire more technical 80% staff.

Time of incorporation

8% 8%

20% The majority of the China Leading 32% Fintech 50 companies have a relatively short history and were incorporated within the past 10 years. The vibrancy of this younger generation of companies is a contributing factor to 32% their innovation capabilities.

1-2years 2-3years 3-5years 5-10years over 10years

Valuation

9% 18% 5%

In recent years, fintech has become a < 10 Billion

key focus among venture capital < 30 Billion firms, which has prompted the < 70 Billion valuation of many companies to 23% increase. However, the majority are < 200 Billion still fairly limited in terms of size and Over 200 Billion

valuation. Unit: RMB 45%

01 Adopting advanced technologies Continued policy enhancements and technological advancements are providing support for deep industrial reforms as well as better and more efficient financial services. However, the financial industry still faces many issues. This includes a misalignment of financial resources with the real economy, low quality and ineffective promotion of financial products, cumbersome and costly financial services, and a inadequate consumer and investor education as well as protection against fraud. At the same time, advanced technologies such as cloud computing, Internet of Things, big data, biometrics, blockchain and AI are also developing rapidly and will soon be ready for large-scale application.

02 Traditional financial institutions: Transformation through fintech

Traditional financial institutions are actively incorporating fintech into their businesses. Technologies such as mobile finance, location-based marketing, big data-based anti- fraud solutions and customer insights generated through deep learning technologies are having a profound impact on the industry. Fintech is driving financial institutions to be efficient and provide less expensive and higher quality services. Consequently, many are stepping up efforts to incorporate such technologies into their businesses. Since the start of 2017, many have teamed up with internet companies to enter the fintech industry. CITIC, for example, partnered Baidu to establish the first independent legal entity direct bank.

© 2017 KPMG Huazhen LLP��— a�People's�Republic�of�China�partnership,�KPMG�Advisory�(China)�Limited�— a�wholly�foreign�owned�enterprise�in�China,�and�KPMG�— a�Hong�Kong� partnership,�are�member�firms�of�the�KPMG�network�of�independent�member�firms�affiliated�with�KPMG�International�Cooperative�PMG�International”),�a�Swiss�entity.�All�rights�(“K reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG�International�Cooperative�(“KPMG� International”),�a�Swiss�entity.�All�rights�reserved. 12 03 Establishing a fintech ecosytem As the market develops, business models that are easily replicable and online financial institutions with low innovation capabilities will be gradually phased out. Businesses that are sustainable tend to be fintech enterprises that have strong tech capabilities, which allow them to provide value to clients and the broader market. This has shed light on the potential for cooperation between traditional financial institutions, venture capital funds and fintech startups in establishing a highly efficient and innovative operating system. These organisations are able to complement one another through strategic transformations based on market insights, capital allocation capabilities and innovative technologies. A number of fintech enterprises have formed alliances with traditional financial institutions in 2017.

04 China fintech: Export transformation The growth of fintech has accelerated the development of the financial industry. For example, developments in advanced payment technologies could soon lead to an e-cash society, which would reinforce China's status as a leading innovator. The traditional financial industry can benefit from fintech in terms of higher efficiency and lower costs. One optimal approach for financial institutions looking to expand their online operations would be to setup strategic links with other organisations. In addition, emerging fintech enterprises can widen their growth margins and tap into a larger market through opportunities to export their core technologies. Many fintech enterprises have successfully transformed into fintech service providers. This approach enables them to focus their efforts on improving their big data processing and R&D capabilities, while at the same time, promotes the use of fintech as an effective solution for the financial sector.

© 2017 KPMG Huazhen LLP��— a�People's�Republic�of�China�partnership,�KPMG�Advisory�(China)�Limited�— a�wholly�foreign�owned�enterprise�in�China,�and�KPMG�— a�Hong�Kong� partnership,�are�member�firms�of�the�KPMG�network�of�independent�member�firms�affiliated�with�KPMG�International�Cooperative�PMG�International”),�a�Swiss�entity.�All�rights�(“K reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG�International�Cooperative�(“KPMG� International”),�a�Swiss�entity.�All�rights�reserved. 13 05 The rise of AI AI is poised to bring about a new wave of technological development, with many industries actively incorporating it into their products and services. There are already many successful cases of AI integration. Some banks are, for example, adopting video recognition technology to monitor designated locations, identify key customers or even suspicious people and behaviours. The use of AI can help firms provide more customisable services and improve the security of transactions. In addition, some organisations have deployed physical robots equipped with speech recognition technology to identify frequent customers, guide customers, and provide brief business introductions. Mobile applications using smart chatbot technology can also significantly lower operational costs. In addition, AI's deep learning and strong data-processing capabilities is also propelling it into other areas such as robo-advisory, robo-research and financial knowledge mapping.

06 The ambiguous future of non-tech innovations Many technology-driven breakthroughs in recent years have boosted the development of the financial industry. However, there are companies that still focus on non-tech driven solutions, preferring to improve margin requirements through conventional process or operational optimisation. While such methods can bring about short-term financial gains, it is detrimental to the long-term fostering of innovation. As a result, it is important for the financial industry to focus their efforts on technology-led innovations instead.

© 2017 KPMG Huazhen LLP��— a�People's�Republic�of�China�partnership,�KPMG�Advisory�(China)�Limited�— a�wholly�foreign�owned�enterprise�in�China,�and�KPMG�— a�Hong�Kong� partnership,�are�member�firms�of�the�KPMG�network�of�independent�member�firms�affiliated�with�KPMG�International�Cooperative�PMG�International”),�a�Swiss�entity.�All�rights�(“K reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG�International�Cooperative�(“KPMG� International”),�a�Swiss�entity.�All�rights�reserved. 14 07 The importance of customer education A lack of consumer education can lead to indiscriminate spending given the complexities of financial products. While the prevalence of fintech has made financial products more inclusive, this has made public education more challenging. It is critical for the authorities, regulators and the industry to provide a high level of consumer education as doing so will not only protect the interests and rights of consumers, but maintain their confidence in the long-term development of the market.

Fintech enterprises also need to focus on technological innovation to ensure the security of transactions and information. They can make use of big data and smart technologies to understand investors’ risk appetite and tolerance as well as conduct investment suitability assessments. They can also introduce e-customer services to provide low-cost, high-efficiency education on the risks associated with financial products, maximising the protection of consumer rights and interests. Moreover, consumer rights and interests can be strengthened by implementing international best practices.

08Establishing an effective regulatory regime The financial industry faces a number of long-term, potential, material and external risks, which is why having a robust regulatory regime is essential. Areas with potential risks include big data application, information security and consumers’ rights and interests protection.

It is important to understand that having a robust regulatory regime does not necessarily stifle innovation. One such example is to introduce a fintech regulatory sandbox, which encourages experimentations and innovation within a well-defined environment. Organisations need to ensure they are keeping up with the latest regulatory updates and are in close contact with regulators.

The 19th National Congress of the Communist Party of China highlighted that priority would be given to strengthen financial reforms, improve the regulatory regime and guard against systemic risks in order to enhance the financial industry's contribution to the real economy. The report identified clear development objectives for the financial industry, placing a huge emphasis on preventing systemic financial risks.

Despite the rapid development of fintech, financial institutions are still facing seven major risks - credit, operational, market, liquidity, compliance, reputational and systemic – adding to the uncertainty and volatility of the market environment. Financial enterprises looking to incorporate fintech into their business will need to pay attention to these risks and create an intelligent and digitalised risk management system.

10 Using fintech to address systemic risks Systemic risks in the traditional financial industry can be difficult to quantify. Technology, however, has made risk management more effective. This is important as systemic risks are on the rise given the appearance of new consumer and finance models in the era of big data. A number of social issues surrounding indiscriminate lending have prompted the industry to focus on enhancing the credit reference system. Technologies such as biometrics, big data and blockchain have opened up the possibility of establishing a public credit services system. For example, a unique identification number for individual users can be generated using cross-biometric identification technology and encryption algorithms.

On the other hand, blockchain and smart contracts can ensure the secure reading of such information. By integrating individual consumer behaviour records with public credit platforms, a more comprehensive and secure credit reference database system can be built. This can be a viable solution for micro-level credit assessment and provide regulators with tools for real-time data collection, abnormal transaction analysis and efficient macro-level control over a wide range of data platforms.

Note: The objective of China Leading Fintech 50 is to foster innovation and promote better communication within the financial services sector. This should not be mistaken for investment advice and is not a formal interpretation of existing regulatory policies.

*Companies are arranged in alphabetical order based on their Chinese pinyin names.

Short name Page Short name Page

• Baidu FSG 19 • Lufax 44 • Baifendian Group 20 • MSXF 45 • 100credit 21 • Ant Financial 46 • IceKredit 22 • PINTEC 47 • Bubi Chain 23 • Qianbao Financial 48 • Tenpay 24 • QFPAY 49 • Dianrong 25 • iPayLinks 50 • Dingfu Data 26 • Sanoyed Financial 51 • Onchain 27 • Wecash 52 • Riskstorm 28 • ChinaScope 53 • FUMI TECHNOLOGY 29 • RiskRaider 54 • Futu Securities 30 • Suan Hua Zheng Xin 55 • FuYouKache 31 • TalkingData 56 • Chinapnr 32 • TianChuang Credit 57 • HUIZE 33 • BeagleData 58 • Fox Fintech Group 34 • Tongdun 59 • Ping++ 35 • Pay Egis 60 • Jianpu Technology 36 • Datayes 61 • 3GOLDEN 37 • WACAI 62 • JINFUZI 38 • VZOOM CREDIT 63 • JD Finance 39 • WeBank 64 • Juxinli 40 • WeLab 65 • 99Bill 41 • 51 Credit Card 66 • Tiger Brokers 42 • YRD 67 • QuantGroup 43 • ZhongAn Insurance 68

Company description

Part of Baidu's strategic drive into integrated financial services, Baidu Financial Services Group (Baidu Finance) was formed by integrating all of the internet giant's financial businesses and is headed by Zhu Guang. Baidu Finance provides a variety of services, including consumer finance, financial management, e-wallet payment, internet banking as well as insurance. Baidu Finance has seven strategic focus when it comes to the development of fintech, including identification, big data risk control, smart investment consulting, intelligent customer service, financial cloud services and blockchain. It strives to incorporate fintech such as AI into the financial industry in order to promote the concept of inclusive finance.

Core technologies

Machine Quantitative Smart Cloud Precise Smart Proportion of Big data /deep model investment Blockchain computing marketing assistant learning consulting technical personnel

Strategic investors

Completed financing: Not disclosed Valuation Baidu Not disclosed

Key personnel

General Manager: Zhu Guang Product Director: Sun Yunfeng General Manager, Asset Management: Zhang Xuyang Head, Research: Xu Dongliang General Manager, Consumer Consumption: Huang Shuang

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 19 概况 Overview Tags: Big data, AI, modeling analysis, machine / deep learning Headquarters location: Beijing Year of incorporation: 2009 Website: http://www.baifendian.com/ Sector / Business scope: Finance, public affairs Application(s): BD-OS (Big data operation system), DEEP MATRIX (Industrial AI decision- making system)

Company description

Baifendian Group focuses on providing big data and AI solutions. It owns several big data and AI product lines as well as a number of software and patents. The company has also created an industrial application model library and industrial knowledge graph library in China. The company’s primary objective is to establish an underlying technology platform for big data and intelligent application scenarios. Its products encompass leading companies across a variety of industries such as finance, manufacturing, public affairs and publishing. It is also among the first to establish a nationwide big data and AI system.

Core technologies

Natural Knowledge Machine IoT Proportion of Big data /deep language graph learning processing technical personnel

Strategic investors

Series D financing completed Valuation IDG, Hillhouse, Everbright Securities, Zhejiang Daily Media

Key personnel Chairman & CEO: Su Meng COO: Liu Yu Chief Data Officer: Du Xiaomeng President, Enterprise Business: Gao Tiwei VP, Enterprise Business: Liang Peiming

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 20 Overview Tags: Big data, anti-fraud, risk management, marketing Headquarters location: Beijing Year of incorporation: 2014 Website: http://www.100credit.com/ Sector / Business scope: Fintech, big data risk management Application(s): Compass, User Assessment, Anti-fraud

Company description

100Credit is an integrated platform provider that harnesses the power of AI, big data, cloud computing and other innovative technologies. The company is headquartered in Beijing Zhongguancun and has branches in Shanghai, Shenzhen, Wuhan and other cities in China. Its clientele includes banks, consumer finance companies, fintech enterprises and small loan firms. The company’s main advantages are its strong commitment to providing credit services to customers as well as its big data processing and modelling capabilities. 100Credit provides users with services that allow them to manage the entire cycle of a loan. In addition, helps insurers achieve precision marketing by providing one-stop services across both online and offline channels.

. Core technologies

Machine Knowledge Cloud Proportion of Big data /deep graph computing learning technical personnel

Strategic investors

Series B+ financing completed Valuation Hillhouse, CICC, Sequoia, IDG Capital Partners, CHAMC, Shuanghu, Zhejiang Daily Media, Union Mobile Financial Technology Key personnel

Chairman & CEO: Zhang Shaofeng CFO: Zhao Hongqiang CRO: Qi Yuan

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 21 Overview Tags: AI, credit investigation, big data, fintech Headquarters location: Shanghai Year of incorporation: 2015 Website: http://www.icekredit.com Sector / Business scope: AI-based big data risk management Application(s): Personal / Corporate Credit Assessment (web), Consumer Credit Solutions (web), Model Management System (web)

Company description

Ice Kredit focuses on using AI technology to provide third-party big data risk management services for financial institutions. The company is headquartered in Shanghai and has branches in Nanjing, Shenzhen, Beijing, Changzhou, Chengdu and Los Angeles. Ice Kcredit actively explores the application of AI technologies and provides customers with model-based, real-time scoring, risk management solutions. It strives to improve the efficiency and revenue-generating capabilities of financial institutions. In addition, Ice Kredit aims to better meet the credit needs of SMEs and those in the long tail in order to create financial services that are more inclusive. Ice Kredit cooperates with a number of traditional financial institutions and internet financing platforms in China, and uses AI in its credit investigations.

Core technologies

Machine Quantitative Natural Knowledge Proportion of Big data /deep model language graph learning processing technical personnel

Strategic investors

Series A financing completed Valuation Frees Fund, Yunqi, Will Hunting, China Creation Ventures, Lingfeng Capital

Key personnel

Founder & CEO: Gu Lingyun VPs: Guo Zhipan, Han Bing, Xie Minqi

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 22 Overview Tags: Blockchain, intelligent contracts, fintech, blockchain infrastructure services BAAS, model Innovation Headquarters location: Beijing Year of incorporation: 2015 Website: http://www.bubi.cn/ Sector / Business scope: Blockchain Application(s): Bumeng Digial Assets (App+Web), Yinuo Finance (App+Web)

Company description

Bubi Chain is a fintech company that specialises in blockchain. The company owns a number of core patented technologies, which allow it to develop a scalable, high-performance and controllable blockchain-based service platform. Bubi Chain also has the ability to develop business applications that meet the needs of a large variety of users. Leveraging on the strength of its self-developed platform, Bubi Chain has successfully applied blockchain technologies on digital assets and supply chain finance.

Core technologies

Proportion of Blockchain Big data technical personnel

Strategic investors

Series A financing completed Valuation DL Capitals, Yizhuang Internet, Jieshi Investment, QF Capital, China Merchants Innovative, Sinovation Ventures, Wanxiang Fenbushi Capital, Xinlian Venture, Vangoo Capital, Bojiang Capital,Key personnelGrand Yangtze Capital, Buchang Pharma

Co-Founders: CEO: Jiang Hai COO: Li Jun CTO: Wang Jing VP: Zhang Mingyu VP: Yang Fan

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 23 Overview 概 Tags: Big data, payment, payment ecology Headquarters location: Shenzhen Year of incorporation: 2005 Website: https://www.tenpay.com/ v3/ Sector / Business scope: Payment Application(s): Tenpay

Company description

Tencent’s third-party payment platform in China, Tenpay is dedicated to providing secure, convenient and professional online payment services for internet users and companies. Established in 2005, Tenpay's focus is on the security and convenience of its products and services. It offers a variety of services and application scenarios for individual users as well as professional capital settlement solutions for larger and medium-sized enterprises. This includes quick settlement, balance payment, instalment payment, entrusted withholding, epos payment and micropayment. The company serves a wide range of industries such as gaming, aviation, e-commerce, insurance, telecommunications, logistics and fund management.

Core technologies

Mobile Proportion of Big data computing technical personnel Not disclosed

Strategic investors

Valuation Tencent Not disclosed

Key personnel

CEO: Lai Zhiming

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 24 概况Overview Tags: Internet finance, P2P, fintech, blockchain Headquarters location: Shanghai Year of incorporation: 2012 Website:www.dianrong.com Sector / Business scope: Online intermediary lending service Application(s): Dianrong Invest

Company description

Dianrong provides innovative fintech solutions, with a particular focus on services pertaining to online intermediary lending. The company operates an online intermediary lending services platform, which helps individuals and companies obtain funding through the internet. Dianrong has helped many borrowers obtain financial support from investors across the country. Dianrong leverages on its tech capabilities to reduce the costs of marketing, operations, services and post-loan management, which enables it to provide loan products with lower interest rates. The company is backed by investors in China and globally. Dianrong is one of 48 managing directors of the National Internet Finance Association of China (NIFA), which was established in 2016.

Core technologies

Proportion of Big data Blockchain technical personnel

Strategic investors

Series D financing completed Valuation GIC, CM International Financial Leasing, Simone Investment

Key personnel

Chairman: Su Haide Co-Chairman: Guo Yuhang CEO: Luo Longxiang

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 25 Overview Tags: Intelligent financial group, natural language processing, fintech, knowledge graph, AI Location: Beijing Year of incorporation: 2015 Website: http://www.dingfudata.com/ Sector / Business scope: Big data, AI Application(s): PDFree (Web) Gonggaobao (Web)

Company description

Dingfu Data aims to transform the financial industry with technology. The company focuses on using big data and AI technologies to provide an efficient, convenient and professional financial analysis platform for financial investment institutions.

The founders of Dingfu Data boasts plenty of experience in the internet and financial industries. Its technical staff were mostly hired from internet companies and are therefore, highly knowledgeable in areas such as information processing and data analysis. The company has also trained and put together a team of professionals with deep knowledge of finance.

Core technologies

Machine Natural Knowledge Cloud Proportion of Big data /deep language graph computing learning processing technical personnel

Strategic investors

Series A financing completed Valuation Sequoia, Lingfeng Capital

Key personnel

Founders: Wu Xuehua, Zhang Lianghua, Guo Dan

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 26 Overview Tags: Blockchain, fintech Headquarters location: Shanghai Year of incorporation: 2016 Website:https://onchain.com/ Sector / Business scope: Blockchain Application(s): Ontology Network, Onchain DNA

Company description Onchain is a fintech company that develops and operates a number of blockchain projects. In addition, the company provides customised blockchain solutions for financial institutions and other corporates. Since its inception in 2016, Onchain has successfully cooperated with a number of core financial institutions, banks and brokerage companies. In 2017, Onchain released the Ontology Network - a next generation blockchain network for distributed trust. Ontology Network incorporates multiple trust types into a single integrated protocol system. The system incorporates distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation and various industry-specific modules. This results in a P2P trust network that is cross-chain, cross-system, cross-industry, cross- application and cross-device. Core technologies

Quantitative Cloud Proportion of Big data Blockchain model computing technical personnel

Strategic investors

Series Pre-A financing completed Valuation Fosun

Key personnel

CEO: Da Hongfei CTO: Zhang Zhengwen Chief Architect: Li Jun General Manager, Beijing: Li Yanbo VP, Business Development: Yang Wentao

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 27 Overview Tags: AI, big data, natural language processing, SaaS, credit investigation, risk management Headquarters location: Shanghai Year of incorporation: 2016 Website: www.riskstorm.com Sector / Business scope: Fintech Application(s): Riskstorm (App, Web, serviceID)

Company description Riskstorm is an AI-based business information analysis and risk control system that encompasses business, litigation, taxation, administrative penalties, investment and financing, changes in senior management and news events. Riskstorm contains the business registration information of a large number of companies as well as administrative announcements, trial processes, corporate information disclosures and media reports. The data are subsequently sorted and analysed to form well-organised corporate information.

Riskstorm's clientele includes a number of Fortune 500 companies, financial companies, conglomerates and government agencies, which use the information for corporate due diligence, risk control, compliance audits, judicial enquiries, industry research and to screen for business and investment opportunities. Core technologies

Cloud Proportion of Big data computing technical personnel

Strategic investors

Series A+ financing completed Valuation Dongsu Venture Capital, Xinnuo Xinshan, Coco Space, Ronglian, Ruisheng Jiaye Key personnel

Co-Founder & CEO: Li Zhen Co-Founder & CTO: Zhao Yingbin Co-Founder: Ji Min Co-Founder & VP: Jin Qi

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 28 Overview Tags: Fintech, securities investment, investment advisory, wealth management Headquarters location: Changsha Year of incorporation: 2016 Website: http://www.webull.com/ Sector / Business scope: Fintech, internet securities Application(s): Webull

Company description Fumi Technology’s Webull integrates data and financial technology to deliver data and transactional services to investors worldwide. Webull cooperates with many exchanges, index companies globally, and operates data centers in China and the US. It runs a global data system that provides real-time data from different countries/regions, exchanges, categories and underlying targets. Currently, Webull provides trading services in the US, Hong Kong and many other securities markets globally. The system supports the trading of stocks, ETFs and CFDs.

Core technologies

Cloud Quantitative Proportion of Big data Blockchain computing model technical personnel

Strategic investors

Series A+ financing completed Valuation Xiaomi Technology, Shunwei Capital, Hongdao Capital, Mobai Capital, Bojiang Capita, Lugu High-Tech Key personnel

Founder & CEO: Wang Anquan CTO: Chen Bo CMO: Anthony M. Denier Chief Data Officer: Li Weibo COO: Yuan Jun Chief Compliance Officer: Lu Sheng

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 29 Overview Tags: Data driven, model innovation, trading platform Headquarters location: Hong Kong, Shenzhen Year of incorporation: 2012 Website: http://www.futu5.com/ Sector / Business scope: Internet securities Application(s): Futunn

Company description Futu securities is a broker licenced by the Securities and Futures Commission of Hong Kong that focuses on providing one-stop investment services in Hong Kong and the US. Futu Securities actively incorporates internet financial technologies into its brokerage services.

Supported by an independently developed trading system and an innovative internet model, Futu Securities strives to provide the best user experience when it comes to account opening, capital flows update, market price data, trading and settlement. Futu Securities also works closely alongside HKEx and NASDAQ, which allows its clients free access to advance real-time data for both markets.

Core technologies

Cloud Mobile Proportion of Big data computing computing technical personnel

Strategic investors

Series C financing completed Valuation Tencent, Matrix Partners China, Sequoia

Key personnel

Founder & Chairman: Li Hua CEO: Wu Biwei CTO: Chen Weihua

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 30 Overview Tags: Model innovation, trading platform, online quote, big data, AI Headquarters location: Beijing Year of incorporation: 2015 Website: http://www.fuyoukache.com Sector / Business scope: Internet+logistics Application(s): Fuyoukache (App+Web)

Company description Fuyoukache is an internet trading platform focusing on the logistics industry. From its early roots as a logistics information provider, Fuyoukache has since developed into a large-scale online logistics trading platform in China.

It now supports the provision of loan guarantees for logistics brokers, discounts on receivables for third-party logistics companies and truck aftermarket for truck drivers. Through the use of big data, mobile Internet and AI technologies, it aims to reduce logistical costs, improve operational efficiencies and provide services of a consistently high quality.

Core technologies

Cloud Machine Proportion of Big data computing /deep learning technical personnel

Strategic investors

Series C financing completed Valuation Tencent, Matrix Partners China, Sequoia

Key personnel

Founder & Chairman: Li Hua CEO: Wu Biwei CTO: Chen Weihua

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 31 Overview Tags: Payment, wealth management, data, fintech, operational risk management Headquarters location: Shanghai Year of incorporation: 2006 Website: http://www.chinapnr.com/ Sector / Business scope: Payment, fintech Application(s): Integration Payment, Smart POS, SKY, Smart Investment Consulting

Company description Chinapnr is an integrated financial services group in China that uses technology and data to create value for its customers. It focuses on providing payment, financial management, consumer finance and other financial services to small and micro enterprises and individual investors. Chinapnr offers customised solutions in areas such as aviation, funds, online loans, private equity, logistics, health and education. It is an executive director of the China Payment and Settlement Association and director of the National Internet Finance Association of China.

Core technologies

Cloud Machine Proportion of Big data computing /deep Biometrics learning technical personnel

Strategic investors

Not disclosed Valuation Not disclosed

Key personnel

Chairman, CEO & Founder: Zhou Ye Vice Chairman & Founder: Liu Gang SVP & Founder: Mu Haijie

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 32 Overview Tags: Internet insurance, AI, fintech Headquarters location: Shenzhen Year of incorporation: 2006 Website: https://www.huize.com/ Business: Internet insurance Application(s): Huize

Company description Huize works with a number of insurers to provide a wide range of insurance products. Its products include accident insurance, health insurance, life insurance, corporate insurance, auto insurance and home insurance. By integrating internet technologies into its services, Huize provides insurance consultation, risk assessment and customised insurance plans. It also offers online vertical trading and claims assistance services. Headquartered in Shenzhen, Huize has branches in Beijing, Guangzhou, Shanghai, Hefei and Hong Kong. Its first supporting center for its national internet insurance platform was set up in Hefei.

Core technologies

Cloud Machine Proportion of Big data computing /deep learning technical personnel

Strategic investors

Series B financing completed Valuation Saif Investment Fund, Wanrong Times Capital, CDF Capital, Lakala, Fortune Capital

Key personnel

Founder & CEO: Ma Cunjun VP: Jiang Li CTO: Ouyang Kai

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 33 Overview Tags: Smart financial group, consumer finance, internet banking, online lending, fintech Headquarters location: Beijing Year of incorporation: 2014 Website: http://www.huli.com http://www.souyidai.com Sector / Business scope: fintech Application(s): Huli, Xiaohujr

Company description The financial technology arm of Sohu, Fox Fintech Group started as an online lending platform – “Souyidai”. The company’s objective is to “make finance simpler”. Fox Fintech adopts technologies such as big data, blockchain, AI and machine learning to spur innovation within financial services. This approach allows it to improve operational efficiency as well as the user-experience of its services through better risk control, improved investment decision-making and enhanced platform security. Fox Fintech operates a number of online platforms such as Huli.com (Integrated financial services), Souyidai.com (Lending) and Xiaohujr.com (Consumer finance). It also provides risk management services for various businesses of the Group using “Fengren”, a risk system powered by big data and AI technology.

Core technologies

Cloud Machine Proportion of Big data computing /deep Biometrics Blockchain learning technical personnel

Strategic investors

Series B financing completed Valuation Sohu, China Minsheng Bank, L.R. Capital Management

Key personnel

Founder & CEO: He Jie Co-Founder & CTO: Zhou Lin CRO: Fan Hongxue

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 34 Overview Tags: Integration payment, payment ecology, SaaS, fintech Headquarters location: Shanghai Year of incorporation: 2014 Website: http://www.pingxx.com/ Sector / Business scope: Integration payment Application(s): Ping++

Company description Ping ++ is the payment arm of Shanghai Ping ++ Internet Technologies Co., Ltd. It provides customised payment solutions for a large number of businesses in retail, e-commerce, O2O, education, travel and SaaS. Ping ++ simplifies the process for mobile payments and consumption installments by integrating the functions of payment technology, daily transaction management, account management, multi-level business model, user account system and big data analysis. Ping ++ cover all major processes from payment, transaction processing, business analysis to operations and big data marketing.

Core technologies

Cloud Machine Proportion of Big data computing /deep Blockchain learning technical personnel

Strategic investors

Series B financing completed Valuation Sequoia, Linear Venture, CBC Capital, Shengjing Group

Key personnel

CEO: Jin Yiye VP: Zhao Yu

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 35 Overview Tags: Big data, AI, fintech Headquarters location: Beijing Year of incorporation: 2011 Website: jianpu.ai Sector / Business scope: Information service Application(s): Rong360

Company description Jianpu Technology is a mobile financial platform that provides search, recommendation and application services for financial products to individual consumers and small and micro enterprises. Its business scope covers loans, credit cards and wealth management. In addition, Jianpu Technology provides users with convenient and secure financial information for free, allowing users to check, compare and directly apply for loans/credit cards. The financial products on the platform are from a variety of sources such as banks, small loan companies, guarantee companies and pawn shops.

Core technologies

Mobile Machine Proportion of Big data computing /deep AI learning technical personnel

Strategic investors

Listed on New York Stock Exchange in 2017 Valuation Lightspeed China Partners, KPCB, Zero2IPO, Sequoial, Pavilion Capital, Yunfeng Capital, Sailing Capital, Star VC Key personnel

Co-Founder & CEO: Ye Daqing Co-Founder & COO: Lu Jiayan Co-Founder & CTO: Liu Caofeng CFO: Chen Yilu

Overview Tags: Big data, quantitative model, credit assessment Headquarters location: Beijing Year of incorporation: 2007 Website: http://www.3golden.com/ Sector / Business scope: Big data Application(s): One-stop credit investigation platform, risk quantitative platform, investment and financing platform, data factory

Company description 3Golden Beijing focuses on integrating IT with financial and social credit services. It is one of the first companies approved by the People’s Bank of China to carry out credit investigations across China. The company engages in the collection and analysis of corporate, individual and financial information, and is one of the pioneers in applying big data analytics to credit references. The company has made a number of achievements in analysing financial, government and industrial big data. Headquartered in Beijing, 3Golden has branches in cities such as Shanghai, Tianjin, Hangzhou, Nanjing, Guiyang and Changchun. In addition, it has four research centers with universities, including Peking University and Fudan University. Their cooperation includes cross-border big data and AI projects.

Core technologies

Cloud Machine Knowledge Proportion of Big data computing /deep graph learning technical personnel

Strategic investors

Series C financing completed Valuation Dingxin Capital, Leading Capital, Zhongcheng Fund

Key personnel

Founder, Chairman & CEO: Fan Xiaoxin Co-Founder & SVP: Zhu Zhiwei Deputy VP: Ai Bin

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 37 Overview Tags: Big data, quantitative model, cloud service Headquarters location: Shenzhen Year of incorporation: 2012 Website: http://www.jinfuzi.com/ Sector / Business scope: Internet wealth management Application(s): JFZ, Jinfuzicf

Company description JFZ is an online financial company that provides professional and independent financial services for high net worth investors, with ambitions to become the largest private offering and service platform in China.

It seeks to find investment opportunities across a variety of products and asset classes, including private equity, private placements, quantitative hedging, M&A, overseas funds and fixed income. The expanded nature of its product list helps to meet the asset-allocation needs of its high net worth customers. In addition, JFZ provides a suite of online services such as price searches, net value queries, financial booking, online and offline roadshows.

Core technologies

Quantitative Mobile Proportion of Big data model computing technical personnel

Strategic investors

Series C financing completed Valuation Sequoia, Renren, Huaxi Holding, CMG, Green Pine Capital, Bridge Capital, Hanjing, Zheng Liqing Key personnel

CEO: Zhang Kaixing COO: He Kunpeng CTO: Jiang Mingyu

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 38 Overview Tags: Fintech, corporate service, financial cloud Headquarters location: Beijing Year of incorporation: 2013 Website: http://jr.jd.com/ Sector / Business scope: Integrated financial services Application(s): JD Finance (App+Web)

Company description JD Finance Group has ten business lines: supply chain finance, consumer finance, wealth management, payment services, crowdfunding, insurance, securities, rural credit, fintech and overseas business, providing financial services to both corporate and personal customers. JD Finance offers a wide range of financial services worldwide and is one of the fastest growing fintech companies globally. It has received the recognition of the international academic field. The company harbours ambitions to become a world-class technology firm and has received international recognition in academic research. JD Finance's customer-oriented approach and focus on innovation creates a strong foundation for promoting inclusive financial services and establishes a solid foundation for the industry's long term growth.

Core technologies

Cloud Machine Proportion of Big data computing /deep Biometrics IoT learning technical personnel

Strategic investors

Series A financing completed Valuation Sequoia, HFM, China Taiping

Key personnel

Chairman: Liu Qiangdong CEO: Chen Shengqiang

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 39 Overview Tags: Big data, risk management, modelling analysis, credit assessment, anti-fraud Headquarters location: Shanghai Year of incorporation: 2013 Website: www.juxinli com/ Sector / Business scope: Big data risk management Application(s): Mifeng, Miguang, Xiaomifen, Joint Modelling

Company description Juxinli is a fintech services platform powered by big data technologies. It helps financial institutions collect, integrate and analyse information obtained from the internet. It would then create risk control solutions by harnessing the power of big data analytics.

Juxinli’s products include Mifeng, Miguan, Xiaomifen and Joint Modelling, which help to assess the fraud and credit risks of potential borrowers. For example, the reports created by the applications can identify whether a borrower has obtained loans from other sources or committed fraud previously. A borrower would then be assigned a credit rating based on the information gathered.

Core technologies

Cloud Machine Knowledge Proportion of Big data computing /deep graph learning technical personnel

Strategic investors

Series B financing completed Valuation Xizang Lingfeng, Xiamen Hongguan, Guizhou Shulian

Key personnel

Founder & CEO: Luo Hao COO: Yu Haomin CTO: Xu Zhilin CDO: Xue Ruidong

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 40 Overview Tags: Fintech, big data, payment ecology, mobile payment, IoT Headquarters location: Shanghai Year of incorporation: 2004 Website: http://www.99bill.com/ Sector / Business scope: Internet finance Application(s): Ffan

Company description Leveraging on the technology of parent Wanda Group, 99Bill operates an integrated fintech services platform that is driven by data analytics and context-aware computing. This combination of advanced technologies enables 99Bill to better target the emerging middle class population in China and capture the opportunities brought about by the ongoing mobile revolution. 99Bill integrates payment, wealth management, credit and equity into a single platform, providing customers with an integrated and personalised experience. Together with Wanda, 99Bill is working towards expanding its services to more industries.

Core technologies

Cloud Machine Mobile Proportion of Big data computing /deep Biometrics IoT computing learning technical personnel

Strategic investors

Valuation Wanda Group

Key personnel

Founder: Guang Guoguang VP: Wang Liang CEO & GM: Zhao Ruian Associate VP: Dang Xiaoqiang

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 41 Overview Tags: Securities trading, investment Headquarters location: Beijing Year of incorporation: 2014 Website: http://www.itiger.com/ Sector / Business scope: Internet securities Application(s): Tiger Trade

Company description Based in Beijing, Tiger Brokers relies on a self-developed trading platform that allows its customers to execute trades conveniently and access market data easily. The platform is designed to improve the efficiency of financial services by facilitating investment in major securities markets globally such as US and Hong Kong through the use of its application, Tiger Trade. Tiger Trade has multiple functions such as account opening, free real-time quotations, news updates and swift order placements. In addition, the application is also a platform for investors to hold discussions.

Core technologies

Cloud Quantitative Proportion of Big data Blockchain computing model technical personnel

Strategic investors

Series B+ financing completed Valuation Zhen Fund, K2VC, Xiaomi, HG Capital, China Growth Capital, Jim Rogers, Interactive Brokers

Key personnel

Founder & CEO: Wu Tianhua Co-Founder: Yang Ke

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 42 Overview Tags: AI, big data, quantitative model, cloud services Headquarters location: Beijing Year of incorporation: 2014 Website: http://www.quantgroup.cn Sector / Business scope: AI Application(s): Credit Wallet, Quant Shield, Quant Cube

Company description Quant Group is a technology firm that brings together financial institutions and consumers through the use of AI and big data technologies. By incorporating AI and machine learning technologies with consumer finance, Quant aims to provide a wide range of financial services. The company is also an active user of big data analytics to provide accurate credit risk analysis of different borrowers for its loan distributions business. The core management team of Quant is made up of financial and internet professionals, providing a strong foundation for the company. The company boasts a solid credit risk management system, which focuses on internet risk control and anti-fraud. The system is well-received by industry practitioners. Strategic linkages with a number of top investment firms is a testament to Quant's distinctive business model. Core technologies

Cloud Quantitative Proportion of Big data computing model AI technical personnel

Strategic investors

Series C financing completed Valuation Sunshine Insurance, Fosun, Guosen

Key personnel

Founder & CEO: Zhou Hao CRO: Nian Minhuan Co-Founder & COO: Wang Ni CSO: Luo Xiaoxian CFO: Du Pei

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 43 Overview Tags: Fintech, wealth management platform Headquarters location: Shanghai Year of incorporation: 2011 Website:https://www.lu.com/ Sector / Business scope: Integrated financial services, internet wealth management Application(s): Lu.com

Company description Shanghai Lujiazui International Financial Asset Exchange (“Lufax”) is a renowned online financial management platform owned by Ping An Insurance. The company aims to develop a solid risk management system that provides financial asset trading information and consultation services for financial institutions, corporates and investors.

Since its inception in 2012, the flagship Lu.com has developed into an integrated financial platform that provides services related to fixed and floating income products. This includes insurance, online lending, publicly/privately offered funds and cash management products.

Core technologies

Cloud Machine Mobile Proportion of Big data computing /deep Biometrics computing learning technical personnel

Strategic investors

Series B financing completed Valuation BOCGI, Guotai Junan Securities, CMBC International

Key personnel

Chairman: Li Renjie Deputy GM: Mao Jinliang Co-Chairman & CEO: Ji Kuaisheng Deputy GM & CFO: Zheng Xigui Deputy GM & CRO: Yang Jun Deputy GM & CMO: Pan Biao

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 44 Overview Tags: Fintech, AI, big data Headquarters location: Chongqing Year of incorporation: 2015 Website: http://www.msxf.com/ Sector / Business scope: Consumer finance Application(s): Msxf, MS Loan, MS Installement, MS Wallet, An Yi Fa, Zhi Hou Hua, GoFun

Company description MSXF Consumer Finance Corporation (MSXF) is a financial institution that is also a big data, fintech-focused startup. MSXF's customer-oriented approach revolves heavily around efficiency, integrity and innovation. It primarily offers three types of services: cash instalments based on customer acquisitions, instalments for goods on credit, and revolving loans that incorporates the use of big data analysis. The use of advanced technologies, data analytics and a well-constructed risk control system allow MSXF to offer a superior user-experience, propelling it to become a leading technology-driven consumer finance firm.

Core technologies

Machine Knowledge Mobile Proportion of Big data Blockchain /deep graph computing learning technical personnel

Strategic investors

Financing completed： Valuation Second round of capital replenishment completed Not disclosed

Key personnel

Founder & CEO: Zhao Guoqing CFO & COO: Guo Jianni CRO：Tomas CTO: Jiang Ning Executive Assistant of CEO: Valeriy

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 45 Overview Tags: Integrated financial holding, consumer finance, payment, credit investigation Headquarters location: Hangzhou Year of incorporation: 2014 Website: http://www.antgroup.com/ Sector / Business scope: Integrated financial services Application(s): Ant Fortune, Aliloan, Alipay, Sesame Credit, Ant Financial Cloud

Company description Ant Financial is a financial services provider that started off in 2004 as Alipay. It was rebranded as Ant Financial in 2014 and the company's portfolio includes Yu'E Bao Services and Sesame Credit. Ant Financial’s mission is to promote inclusive finance by establishing an open credit system and providing a secured financial services platform for individual consumers and small and micro enterprises worldwide.

Core technologies

Cloud IoT Proportion of Blockchain computing AI technical personnel Not disclosed

Strategic investors

Series B financing completed Valuation SSF, PICC, CPIC, China Life, China Post, CDB Capital, Primavera, CIC Capital, CCB Trust

Key personnel

Chairman: Peng Lei CEO: Jing Xiandong

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 46 Overview Tags: Fintech, big data, AI, smarl credit, smart investment consulting Headquarters location: Beijing Year of incorporation: 2012 Website: http://www.pintec.com/ Sector / Business scope: Smart loan, smart investment consulting, corporate services Application(s): Du Miao, Xuanji

Company description PINTEC is a fintech solutions provider that focuses on big data processing and R&D. The firm aims to provide financial institutions and corporates with efficient fintech solutions and make financial services accessible for all.

Through its innovative B2B2C model, PINTEC is able to cover a wide range of clients ranging from large MNCs to SMEs and individual consumers. “PIN” refers to the needle of a semiconductor processor, which is used for connection. PINTEC strives to be the connector between corporates and financial institutions.

Core technologies

Machine Quantitative Proportion of Big data Blockchain /deep model learning technical personnel

Strategic investors

Series C financing completed Valuation Ventech, Xiaomi, Shunwei, Investec Bank

Key personnel

Founder & CEO: Wei Wei CEO, Hongdian Fund: Hu Wei CFO: Shen Yanling CEO, Du Miao: Zhou Jing CEO, Xuan Ji: Zheng Yudong

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 47 Overview Tags: Context awareness, new finance, fintech Headquarters location: Beijing Year of incorporation: 2015 Website: www.qianbao.com Sector / Business scope: fintech Application(s): JR.Qianbao, Qianbao Kahuei, Qianbao Car

Company description Qianbao Jinfu focuses on developing a convenient and efficient big data platform and fintech ecosystem. The company incorporates advanced technologies such as context aware with new finance solutions, providing high quality fintech services to financial institutions, corporates and individual consumers. Its management team comprises of professionals with banking, consumer finance, asset management, e-commerce and mobile commerce, data technology, risk management and investment background. The majority are highly experienced, having worked at top- tier firms.

Core technologies

Cloud Quantitative Proportion of Big data Blockchain computing model technical personnel

Strategic investors

Series A financing completed Valuation Guangdong Homa Appliances

Key personnel

Founder: Zhao Guodong Deputy GM: Li Yingchen Board Secretary/Deputy GM: He Shiqiong Deputy GM/CFO: Yang Ruizhi

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 48 Overview Tags: Big data, mobile payment, precise marketing Headquarters location: Beijing Year of incorporation: 2011 Website: http://www.qfpay.com/ Sector / Business scope: New retail, big data, mobile payment Application(s): Mobile Card Reader

Company description QFPayment is a mobile trading company that utilises big data and AI technologies. It focuses on cloud technology and operates a smart cloud services platform. Established in 2011, the company serves both mainland China and international clients. It operates and manages a data-based platform to help traditional retailers improve their businesses. Headquartered in Beijing, it has operations in Shanghai, Guangzhou, Shenzhen, Nanjing, Hong Kong, Southeast Asia and Japan.

Core technologies

Mobile Proportion of Big data Blockchain computing technical personnel

Strategic investors

Series B financing completed Valuation Sequoia, Matrix Partnership China, Zhong Wei, Capita, Whiz

Key personnel

Co-founder & CEO: Li Yinghao Co-founder & Chairman: Zheng Hangyu

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 49 Overview Tags: Mobile payment, risk management, big data Headquarters location: Shanghai Year of incorporation: 2015 Website: http://www.ipaylinks.com Sector / Business scope: Payment Application(s): Cross-border online payment solution (API/SDK)

Company description Established in Shanghai, iPayLinks has branches in New York, London, Hong Kong and Kuala Lumpur. It aims to facilitate easy cross-border payments by providing one-stop online solutions such as international credit cards and localised payments. iPayLinks focuses on technology development and product innovation to provide cross-border payment solutions to its domestic and foreign customers.

Core technologies

Cloud Quantitative Proportion of Big data Blockchain computing model technical personnel

Strategic investors

Series A+ financing completed Valuation Fenghuang Xiangrui Internet Investment Funds, Cals Fund

Key personnel

Founder & CEO: Zhen Guogang CTO: Ma Lianhao CFO: Sheng Mingming Partner: Yuan Mingliang COO: Zhou Tao VP: Lian Kebing

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 50 Overview Tags: Finetch, model innovation, AI, credit assessment, risk management Headquarters location: Shenzhen Year of incorporation: 2015 Website: http://www.smyfinancial.com/ Sector / Business scope: fintech, internet finance Application(s): Sheng Bei

Company description Samoyed Financial Services (Samoyed) is a fintech company that offers online financial services to its clients. The company is registered in Shenzhen. Its first product, Sheng Bei, provides credit card management, promotion consulting and cross-bank bill payment instalments via low-interest credit cards. It integrates finance with technology, and provides customised financial services to customers through social data mining, risk control modelling and AI.

Core technologies

Cloud Quantitative Proportion of Big data Blockchain computing model technical personnel

Strategic investors

Series B financing completed Valuation UCREDIT, Fortune Capital, Welight Capital, Vision Capital, CITIC Capital, Yonghua Capital

Key personnel

Founder & Chairman: Lin Jianming Founder & CEO: Tang Debin

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 51 Overview Tags: Big data, AI, machine/deep learning Headquarters location: Beijing Year of incorporation: 2014 Website: http://www.wecash.net/ Sector / Business scope: Consumer finance Application(s): Wecash

Company description Established in 2014, Wetech's primary objective is to create an open financial services ecology that allows easy access for corporates and individuals. To further its ambitions, the firm has established a number of R&D offices globally in order to attract international talent. Its businesses include Wechip (integrated chips), Wecash (the first domestic online credit assessment platform), Wepig (an agricultural supply chain risk control model and an peasant household credit assessment system) and Wecash O2O (a context-aware consumer finance solutions).

Core technologies

Cloud Quantitative Proportion of Big data Blockchain computing model technical personnel

Strategic investors

Series C financing completed Valuation IDG, SIG, China Merchants, Forebright Capital

Key personnel

Founder: Zhi Zhengchun CFO: Chen Yanyan CIO: Li Hao CRO: Tang Xuewei COO: Fan Qinbin CMO: Wu Hao

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 52 Overview Tags: Fintech, big data, natural language processing, knowledge mapping Headquarters location: Shanghai Year of incorporation: 2009 Website: http://www.chinascope.com/ Sector / Business scope: Fintech Application(s): AI+information, AI+mapping, AI+Q&A

Company description ChinaScope is a fintech company that provides knowledge-driven governance solutions for financial institutions serving corporate clients. Its main focus is to help clients generate insights from complex data in order to facilitate fast-decision making.

ChinaScope is built upon a powerful big data engine that pools information from markets and industries around the globe. Running on natural language processing technologies and a variety of algorithms, ChinaScope can provide clients with financial solutions across a number of different scenarios.

Core technologies

Machine Natural Knowledge Proportion of Big data /deep language graph learning processing technical personnel

Strategic investors

Series A financing completed Valuation Moody’s Investors, JD Finance

Key personnel

Founder & CEO: Tom Liu Founder & President: Sean Shen COO: Chen Yuqi Director, Data: Lu Zhongming Chief Scientist: Jia Ning

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 53 Overview Tags: SaaS, credit assessment, AI, modelling analysis, anti-fraud, risk control Headquarters location: Shanghai Year of incorporation: 2009 Website: http://www.riskraiders.com/ Sector / Business scope: Big data credit investigation Application(s): RiskRaider （SaaS）

Company description RiskRaider is an enterprise credit reference agency that provides big data risk control services. The company specialises in data mining, semantic analysis, machine learning and quantitative modelling for enterprise risk, rating and warning.

RiskRaider provides comprehensive solutions for client credit investigation, anti-fraud, transmission risk and systemic risk prevention, post-transaction dynamic risk monitoring and intelligent warning. It seeks to address the rising demand for effective risk control solutions in industries such as manufacturing, trade, IT and financial services.

Core technologies

Machine Natural Cloud Quantitative Proportion of Big data /deep language computing model learning processing technical personnel

Strategic investors

Series A+ financing completed Valuation Zhangjiang Torch VC, Feimalv.com, Shan Qi Investment, Oriental Fortune Capital

Key personnel

Founder & CEO: Zhao Jie VP：Qian Feng Co-Founder & SVP: Chen Nian Chief Data Scientist: Liao Chenhan General Manager, Product Development: Liu Gang

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 54 Overview Tags: Credit investigation, early identification of risks, credit assessment, knowledge mapping, risk management Headquarters location: Shanghai Year of incorporation: 2014 Website: https://www.suanhua.org/ Sector / Business scope: Intelligent risk control Application(s): Debt Information Sharing, Suanhua Credit Rating, Early Identification of Risks concerning Credit Application

Company description Suan Hua Zheng Xin is a professional retail credit risk management services provider. The company consists of a group of personal credit, risk management and data analytics experts with experience in anti-fraud, non-banking credits, conventional credit ratings and credit ratings via big data analytics. The company has also established a credit risk prevention alliance, which provides comprehensive risk management solutions throughout a credit lifecycle via the use of multi-dimensional data mining. The company's vision is to integrate cutting-edge technologies with the sharing of credit information to develop risk control products that the market needs.

Core technologies

Machine Natural Knowledge Proportion of Big data /deep language graph learning processing technical personnel

Strategic investors

Series A financing completed Valuation Orient Securities

Key personnel

CEO: Jiang Qingjun Co-Founder: Lu Xudong, Sun Jian, Xue Feng

Overview Tags: Big data, cloud services, precision marketing Headquarters location: Beijing Year of incorporation: 2011 Website: https://www.talkingdata.com/ Sector / Business scope: Big data Application(s): App Analytics, Smart Marketing Cloud, Ad Tracking, Data Market、DMP Plus

Company description TalkingData is an independent mobile data services platform, which is created based on the company's expertise in data, technology and consulting. The company is committed to transforming the corporate landscape with smart data solutions to facilitate better decision making. Its state-of-the-art big data products are powered by a massive proprietary data set. This includes mobile and gaming analytics, mobile ad-tracking, cloud marketing and consulting. Its clientele consists of enterprises in both internet and traditional industries.

Core technologies

Machine Cloud Proportion of Big data /deep computing learning technical personnel

Strategic investors

Series C financing completed Valuation Milestone Capital, SBCVC, Northern Light VC

Key personnel

Co-Founder & CEO: Cui Xiaobo

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 56 Overview Tags: Risk control, credit assessment, data-driven, AI, agriculture, rural areas and farmers Headquarters location: Beijing Year of incorporation: 2015 Website: http://www.tcredit.com/ Sector / Business scope: Big data credit reference Application(s): Fengyunjue, Nongxinhui, Chengxinbang

Company description Tianchuang Credit is a credit company that focuses on the auto, agriculture and consumer finance sectors. The company adopts big data analytics to assist clients in building their core risk control capabilities. Tianchuang calls on the use of data and machine learning, which enhances the efficiency and control of approval procedures for financial institutions.

The company has also developed an analytics platform for financial institutions to strengthen their risk management capabilities. By applying its risk control solutions to the agricultural sector, Tianchuang is helping to drive the financial development of farming and rural areas.

Core technologies

Machine Knowledge Proportion of Big data /deep Biometrics graph Blockchain learning technical personnel

Strategic investors

Angel financing completed Valuation Yeepay Group, Da Bei Nong Group, Future Science Park

Key personnel

Founder & CEO: Li Wenxian CTO: Gao Shaofeng CRO: Zhang Yu CDO: Zhao Qianli

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 57 Overview Tags: Big data, AI, machine learning, complex network Headquarters location: Beijing Year of incorporation: 2010 Website: http://www.beagledata.com/ Sector / Business scope: Big data Application(s): Credit rating, fraud detection, supply chain finance, log analysis

Company description BeagleData develops big data software and distributed AI algorithms. The company has been involved with fintech since its inception and has partnered with joint-stock banks, insurance companies and online financial companies. Its banking projects cover a wide range of AI models such as credit fraud detection, application rating, behavioural rating and overdue receivables collection across an entire loan cycle. Its insurance projects cover data warehouse consumerisation and precision marketing. As for online finance, its models include revolving guarantees, multiple-bank borrowing analysis and missing item recovery, which are used for early identification of credit frauds, credit ratings, consumer finance and supply chain finance.

Core technologies

Machine Distributed Proportion of Big data /deep computing AI learning technical personnel

Strategic investors

Series A+ financing completed Valuation Tian Suning, He Weiliang, Guo Yuhang

Key personnel

Founder: Lei Tao Data Science: Tan Kehua Partner: Li Congwu Distributed Computing: Qiao Wanglong VP R&D: Xing Jianwei Data Science: Lv Hui

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 58 Overview Tags: AI, fintech, risk control, anti-fraud, risk management Headquarters location: Hangzhou Year of incorporation: 2013 Website: https://www.tongdun.cn/ Sector / Business scope: Intelligent risk management Application(s): Tongdun Technology

Company description Tongdun Technology is a risk management service provider that specialises in the use of AI technologies. It covers a wide range of sectors, including banking, microfinance, insurance, fund management, third-party payment, online travel agencies, e-commerce, O2O, gaming and social media. It strives to become a leading risk management service provider through constant innovation in order to improve the reliability of its solutions. Tongdun operates in Hangzhou, Beijing, Shanghai, Shenzhen, Guangzhou, Chengdu, Xi’an and Chongqing.

Core technologies

Machine Cloud Proportion of AI /deep computing Blockchain learning technical personnel

Strategic investors

Series C financing completed Valuation IDG, China Growth Capital, CBC, Linear Venture, Qiming Venture Partners, Advantech Capital, Oriza PE Fund, Cinda Asset, Tiantu Capital, Temasek Key personnel

Founder & CEO: Jiang Tao Co-Founder & CSO: Ma Junqu Co-Founder: Zhu Wei Co-Founder & CRO: Dong Liuhuan Co-Founder: Zhang Hao VP, Technology: Zhang Xinbo

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 59 Overview Tags: Data-driven, AI, anti- fraud, credit assessment Headquarters location: Suzhou Year of incorporation: 2011 Website: https://www.tongfudun.com/ Sector / Business scope: Fintech security Application(s): Pay Egis, Dun Cloud

Company description Pay Egis is a fintech security company that specialises in identity authentication, anti-fraud, credit security and mobile security. It provides trust-based services for government agencies, banks and third-party payment institutions as well as online financial, e-commerce and social media platforms. Headquartered in Suzhou, it has operations in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Chengdu. Leveraging on its suite of security products as well as AI and big data analytics capabilities, Pay Egis assists clients in building their self-learning security system to protect against cybersecurity risks.

Core technologies

Machine Proportion of Big data /deep Blockchain learning technical personnel

Strategic investors

Series C financing completed Valuation GPCP, Sino-Century, PreIPO Venture Capital, ChinaEquity Group

Key personnel

Founder & CEO: Wang Dejia CTO: Hu Zhenzhong CFO: Chen Yi

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 60 Overview Tags: AI, big data, robo- advisory, robo-research, SaaS Headquarters location: Shanghai Year of incorporation: 2013 Website: http://www.datayes.com/ Sector / Business scope: Intelligent investment Application(s): RoboR, Uqer, Robo Advisory Service, MOF （Web）

Company description DataYes is founded by a group of highly-experienced finance and IT professionals. Through the use of innovative technologies and investment philosophies, the company aims to become a world-class financial services platform. The company is headquartered in Shanghai and has branches in Beijing, Nanjing, Shenzhen and the Silicon Valley.

DataYes’ products include RoboR, Uqer, FOF/MOM management and Robo Advisory Service. The company’s intelligent investment management platform caters to professional and retail investors alike.

Core technologies

Machine Cloud Quantitative Proportion of Big data /deep computing model learning technical personnel

Strategic investors

Valuation Wanxiang Group Not disclosed

Key personnel

Founder & Chairman: Xiao Feng Founder & CEO: Jim Wang

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 61 Overview Tags: Big data, cloud computing Headquarters location: Hangzhou 挖财记账挖财钱管家挖财宝 Year of incorporation: 2009 Website http:/www.wacai.com/ Sector / Business scope: Online finance Application(s): Ji Zhang, Guan Jia, Wacaibao, Credit 挖财信用卡管家挖财股神挖财社区 Card Butler, Wacai Community

Company description Wacai specialises in bookkeeping services, in particular for clients who tend to be omitted from mainstream financial services. Its bookkeeping and financial management apps are highly popular with individual users and Wacai has successfully positioned itself as a distinct online asset management platform that serves the wider community. In 2016, the company established an online asset management postdoctoral centre as it seeks to position itself as an industry think tank.

Core technologies

Mobile Proportion of Big data computing technical personnel

Strategic investors

Series C financing completed Valuation CDBII, CBC, New Horizon Capital, QIMING, Ally Bridge Group

Key personnel

Founder & CEO: Li Zhiguo President: Gu Chenwei

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 62 Overview Tags: Credit investigation, big data, AI, quantitative model, model innovation Headquarters location: Shenzhen Year of incorporation: 2014 Website: http://www.vzoom.com/ Sector / Business scope: Big data credit reference Application(s): Wei Zhong Shui Yin

Company description VZOOM Credits is a big data credit investigation and risk control service provider. It is one of the first in the industry to be licenced by the Shenzhen municipal government and is partnerships with a number of banks. VZOOM’s public tax and banking services platform not caters to larger clients, but also small and medium-sized enterprises. In addition, the company, together with the tax authorities and several lenders, established the country’s maiden fully-automated corporate financing product approval platform. The has helped drive fintech innovation and the development of inclusive finance. The company also emphasises on the development of cloud computing and big data technologies.

Core technologies

Machine Proportion of Big data /deep learning technical personnel

Strategic investors

Series B financing completed Valuation IDG, Homa Appliances, Micro Jinke

Key personnel

Founder & Chairman: Zhao Yanhui Co-Founder & COO: Zeng Yuan General Manager & CEO: Geng Xinwei

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 63 微众银行微粒贷微车贷 Overview Tags: Online banking Headquarters location: Shenzhen Year of incorporation: 2014 Website: http://www.webank.com Sector / Business scope: Online banking Application(s): Webank

Company description Established in 2014, WeBank positions itself as a “connector” that brings together the world of finance, technology, consumer credit and banking in order to meet the needs of its clients. WeBank emphasises on the development of fintech. Its maintains its competitive edge by constantly improving its AI, blockchain, cloud computing and big data capabilities. This empowers its partner financial institutions, allowing them to become more tech-savvy, lower costs and provide better financial services.

Core technologies

Cloud Proportion of Big data Biometrics computing technical personnel

Strategic investors

Valuation Tencent, BYY Investment, Li Ye Group Not disclosed

Key personnel

Chairman: Gu Min President: Li Nanqing Chief Supervisor: Liang Yaolan

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 64 Overview Tags: Technology and finance, P2P lending, risk control, AI Headquarters location: Shenzhen, Hong Kong Year of incorporation: 2013 Website: www.wolaidai.com Sector / Business scope: Big data risk control Application(s): WeLab （Mainland App), WeLend（ Hong Kong Web）

Company description Founded in Hong Kong, WeLab expanded into the mainland in 2014. It runs a mobile lending platform (WeLab) on the mainland and a P2P lending platform (WeLend) in Hong Kong. WeLab’s self-developed risk management system can consolidate and analyse unstructured mobile data, which would then be used to assess the risk levels of clients. This allows it to come to a quick lending decision. Its services are catered for workers, businesses, micro, small and medium-sized enterprises, financial institutions and internet platforms.

Core technologies

Machine Mobile Proportion of Big data /deep computing learning technical personnel

Strategic investors

Series B+ and strategic financing completed Valuation TOM, Sequoia, Khazanah Nasional Berhad, ING, Alibaba Entrepreneurs Fund, CCB International, IFC Key personnel

Founder & CEO: Simon Loong Co-Founder & COO: Wang Guoyi

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 65 Overview Tags: Technology and finance, consumer finance, big data, model innovation, AI Headquarters location: Hangzhou Year of incorporation: 2012 Website: https://www.u51.com/ Sector / Business scope: Fintech, consumer finance Application(s): u51 Credit Card Management, u51 Character, u51 Character Lending, Geinihua

Company description 51 Credit Card is a liability management, financial and technology services provider. In addition, it has an investment fund that focuses on upstream and downstream enterprises. The company’s goal is to promote inclusive finance. It is one of the pioneers of the China Internet Financial Association and is a member of the Zhejiang Internet Financial Coalition as well as the Hangzhou Internet Financial Association.

Core technologies

Knowledge Mobile Proportion of Big data graph computing technical personnel

Strategic investors

Series C（C、C+）financing completed Valuation SIG, Crystal Stream, GGV, JD, MI, Xinhu Zhongbao, Tiantu Capital, Harvest Investments, Yintai Group, FunCity, HG Capital, Qianhe Capital, Aplus, Guosen H&S Key personnel

Founder & CEO：Sun Haitao CFO： Zhao Ke CRO：Jiang Yanqing VP： Yang Yuzhi CTO： Guo Wei

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 66 概况 Overview Tags: Technology and finance, consumer finance, data-driven, risk management Headquarters location: Beijing Year of incorporation: 2012 Website: http://www.yirendai.com/ Sector / Business scope: Fintech Application(s): YRD Lending , Yiren Wealth Management

Company description YRD is an established financial services platform that provides customers with customised credit loan advisory services and wealth management services. Its Yirendai Enabling Platform (YEP) provides financial institutions, P2P lending platforms credit assessment, risk control and account-based marketing services. YEP leverages on the firm’s strong financial data, risk control, anti-fraud and customer acquisition capabilities. Its clientele consists of a number of large mainland institutions.

Core technologies

Knowledge Mobile Proportion of Big data graph computing technical personnel

Strategic investors

Listed on the New York Stock Exchange in 2015 Valuation CreditEase

Key personnel

Founder: Tang Ning General Manager: Fang Yihan

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 67 Overview Tags: Online insurance, AI, blockchain, cloud computing, big data Headquarters location: Shanghai Year of incorporation: 2013 Website: https://www.zhongan.com/cor porate/ Sector / Business scope: Online insurance Application(s): Zhong An Insurance

Company description Zhong An Insurance focuses on online insurance and has developed a number of products based on various consumption patterns and scenarios. It incorporates innovative technologies such as mobile internet, cloud computing and big data into its products. This includes automatic claims settlement, marketing, risk controls and back-end claims services, strengthening the financial protection of its clients’ travelling, shopping, healthcare, investment and wealth management activities. Its data-driven risk management system is supported by dynamic-pricing and risk-tracking technologies.

Core technologies

Cloud Machine Proportion of Big data computing Biometrics Blockchain /deep learning technical personnel

Strategic investors

Listed on the Main Board of the Stock Exchange of Hong Kong Valuation Ant Financial, Tencent, Ping An Insurance, MSPE, CICC, CDH Investments, SAIF, Keywise

Key personnel

CEO: Chen Jin CLO and Board Secretary: Zhang Yongbo CMO: Wu Ti COO: Xu Wei CTO: Jiang Xing

Appendix I Global comparison Appendix II Regulatory updates Appendix III External experts Appendix IV KPMG China fintech partners Appendix V Glossary Appendix I Global comparison

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iyzico PayFit Nubank Klarna square Revolut Tenpay Chinapnr 99bill Corporation KredX stripe iZettle Adyen AfterPay Touch Payment� iPayLinks QFPAY Ping++ technology Pushpay Flutterwave Inc Cherri Tech, Inc Lydia

zipMoney Pockit Satispay Viva Republica

Clover Health League Clark Germany GmbH ZhongAn HUIZE Oscar Alan CoverWallet VertaaEnsin Insurance Insurtech GrassRoots Bima Sherpa CoverGenius Cuvva

Fumi Tiger Futu Wealth� WealthSimple Macrovue Neyber Stash Riby Technology Brokers Securities management,� transaction� AdviceRobo Moneytree lufax Robinhood and�capital� JINFUZI WACAI markets Raisin Tic:Toc

Ant Baidu Financial Lufax Integrated� SoCash Zaveapp Token Sensibill Qonto Financial Service Group financial� PINTEC WeBank JD Finance technology Leveris

3GOLDEN VZOOM CREDIT Riskstorm Juxinli Bud Hyper Anna kensho ThetaRay ChinaScope Tongdun Suan Hua Zheng Xin Big�data� Baifendian Datayes IceKredit Dingfu Da and�data� Banqer Group analytics 100credit TalkingData Pay Egis Sanoyed TianChuang BeagleData RiskRaider Credit Blockchain Bubi Chain Onchain and�digital� Circle Xapo Coinbase IbanFirst currency

Regtech secure key Airwallex VATBox

Secutech AimBrain Silent8 Trusona Inc

Crowdfunding OurCrowd

Date of Official File no Policy name Issuer QR code link Issuance link

2017 Notice of the General Office of the People's Bank of China on Yin Ban Fa Matters concerning No. Implementing the Centralized January PBC / 2017 10 Deposit of the Funds of Pending Payments of Clients of Payment 〔〕 Institutions Guo Wu Opinions on Promoting the Yuan General Office of the http://www.gov.cn/zhengce/2017- January Sound and Orderly Development Ling No. State Council of Mobile Internet 01/15/content_5160060.htm 292 Notice of the General Office of the China Banking Regulatory Yin Jian Ban http://www.cbrc.gov.cn/govView_4201 Commission on Promulgation of Fa No. February the Guidelines for the CBRC EF03472544038242EED1878597CB.ht 2017 21 Depository Business of Peer-to- ml 〔〕 Peer Lending Funds Notice of the General Office of the China Banking Regulatory Yin Jian Ban http://www.cbrc.gov.cn/govView_87E Commission on Effectively Fa No. March Providing Financial Services for CBRC 2657FAE6842CD831D074C49717A85. 2017 42 Micro and Small Enterprises in html 〔〕 2017 Article 12 of the Opinions of the State Council on the Assignment Guo Fa No. of Key Work among http://www.gov.cn/zhengce/content/2 March 2017 22 Departments for the State Council 017-03/28/content_5181530.htm Implementation of the Report on 〔〕 the Work of the Government Article 2 of the Report on the Work http://www.spp.gov.cn/gzbg/201703/t March of the Supreme People’s SPP / Prosecuratorate（2017） 20170320_185861.shtml Article 2 of the Report on the Work http://www.court.gov.cn/fabu- March of the Supreme People’s Court SPC / （2017） xiangqing-37852.html

Guo Ke Fa http://www.most.gov.cn/mostinfo/xinx Notice on Issuing the 13th Five- Chuang No. April year Plan on National Technological MOST ifenlei/fgzc/gfxwj/gfxwj2017/201705/t2 2017 104 Innovation Projects 0170503_132603.htm 〔〕 Yin Jian Fa Guiding Opinions of the China No. Banking Regulatory Commission April CBRC / 2017 6 on Risk Prevention and Control of the Banking Sector 〔〕 Notice of the Ministry of Science Guo Ke Fa and Technology on Issuing the http://www.most.gov.cn/tztg/201706/t Huo No. 13th Five-year Special Plan for the May MOST 2017 157 Development of Technology 20170609_133458.htm Markets 〔〕 http://www.cbrc.gov.cn/govView_597 Yin Jian Fa Notice on Further Strengthening CBRC May No. Regulation and Management of MOE C8FD3115A4E0FBE730E25009E18D1. 2017 26 Campus Loan MOHRSS html 〔〕 Notice of the General Office of the Ministry of Commerce on http://www.mofcom.gov.cn/article/h/re May / Conducting the Risk Screening MOC dht/201705/20170502570744.shtml of the Financial Leasing Industry Minutes of the Symposiums of Gao Jian Su the Supreme People's http://www.jaxga.gov.cn/article/showa No. Procuratorate on Issues June SPP 2017 14 concerning Handling Internet- rticle.asp?articleid=956 related Financial Crime Cases 〔〕 Notice of the China Insurance Bao Jian Cai Regulatory Commission on http://www.circ.gov.cn/web/site0/tab5 Xian No. Issusing the Interim Measures July CIRC 2017 180 for the Supervision of Credit and 176/info4076391.htm Guarantee Insurance Business 〔〕 Article 3.1 of The Notice of the General Office of the State Council Guo Ban Fa on Issuing the 13th Five-year Plan http://www.gov.cn/zhengce/content/2 General Office of the July No. on the Development of the State Council 017-07/19/content_5211752.htm 2017 2 National Emergency Response System 〔〕 Notice of the State Council on Guo Fa No. Issuing the Development Plan http://www.gov.cn/zhengce/content/2 July 2017 35 on the New Generation of State Council 017-07/20/content_5211996.htm Artificial Intelligence 〔〕 The above information is based on publicly available sources, and does not constitute a full representation of the policies involved. The list is for reference only. Please contact relevant authorities for details. © 2017 KPMG Huazhen LLP��— a�People's�Republic�of�China�partnership,�KPMG�Advisory�(China)�Limited�— a�wholly�foreign�owned�enterprise�in�China,�and�KPMG�— a�Hong�Kong� partnership,�are�member�firms�of�the�KPMG�network�of�independent�member�firms�affiliated�with�KPMG�International�Cooperative�PMG�International”),�a�Swiss�entity.�All�rights�(“K reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG�International�Cooperative�(“KPMG� International”),�a�Swiss�entity.�All�rights�reserved. 71 Appendix II Regulatory updates

Date of File no Policy name Issuer Official link QR code link Issuance

2017 Notice of the General Office of the China Banking Regulatory Yin Jian Commission on Issuing the http://www.cbrc.gov.cn/govView_C8D6 August Ban No. Guidelines for the Disclosure of CBRC 8D4C980A4410B9F4E21BA593B4F2.ht 2017 Information on the Business 113 Activities of Online Lending ml 〔〕 Information Intermediary Institutions

Yin Fa No. Notice on the Launch of Special http://www.mofcom.gov.cn/article/h/zon August 2017 Action against Prepaid Card PBC gzhi/201709/20170902641561.shtml 189 Malpractices 〔〕 Notice of the Ministry of Industry Gong Xin and Information Technology on http://www.miit.gov.cn/n1146295/n1652 Bu Xin September Issuing the Three-year Action Plan Ruan No. MIIT 858/n1652930/n3757022/c5816325/cont on the Development of Industrial 2017 227 E-commerce ent.html 〔 Guo〕 Guiding Opinions of the General Ban Fa Office of the State Council on General http://www.gov.cn/zhengce/content/201 October No. Vigorously Advancing the Office of 2017 Innovation on and Application of the State 7-10/13/content_5231524.htm 84 Supply Chains Council 〔〕 Risk Warning on Preventing Illegal http://www.nifa.org.cn/nifa/2955675/295 November Financial Trading Activities via / NIFAC Web Platform 5761/2969138/index.html

2016 Interim Measures for the Administration of the Business http://www.gov.cn/xinwen/2015- Activities of Online Lending January / CBRC 12/28/content_5028564.htm?&from=an Information Intermediary Institutions (Consultation Paper) droidqq

Article 17 of the Outline of the 13th Five-Year Plan for the National http://www.gov.cn/xinwen/2016- March / Economic and Social Development NPC 03/17/content_5054992.htm of the People's Republic of China

Yin Fa http://www.cbrc.gov.cn/chinese/home/d Guiding Opinions on Enhancing No. PBC March the Financial Support for New ocDOC_ReadView/FB21DA0230164DC6 [2016]92 CBRC Consumption Areas 80DE56502CB573DD.html

Guo Fa Article 6 of the Opinions on Key http://www.gov.cn/zhengce/content/201 No. March Work for Deepening the Reform of State Council [2016]21 6-03/31/content_5060062.htm the Economic System in 2016

Self-disciplined Pact of the http://www.nifa.org.cn/nifa/2955692/295 March / National Internet Finance NIFAC 5730/2957682/index.html Association of China

Guiding Opinions on Supporting Intensification of Innovation by http://www.cbrc.gov.cn/chinese/home/d Yin Jian Banking Financial Institutions to CBRC April Fa No. Launch a Pilot Project for MOST ocDOC_ReadView/D9CB8D9B69D241B [2016]14 Interlinked Investment in and PBC 1AB3AE54855BF5B55.html Lending to Scientifically Innovative Enterprises Notice on Issuing the Implementation Plan for Gong Conducting the Special Shuang Rectification on Risks in Internet April Ban Zi Financial Advertisements and SAIC / No. Financial Activities in the Name of 2016 61 Investment and Wealth Management 〔〕 Yin Jian Notice on Issuing the http://www.cbrc.gov.cn/chinese/home/d Fa No. Implementation Plan for the Special April CBRC ocDOC_ReadView/D81B52D3D20A49A 2016 11 Rectification of P2P Lending Risks 99522C48FA8F1C752.html 〔〕 Fa Gai Ban Gao Ji No. Article 2 of the Notice on the Work http://www.gov.cn/xinwen/2016- May [2016]128 of Promoting the Development of NDRC 05/31/content_5078335.htm 4 E-commerce

The above information is based on publicly available sources, and does not constitute a full representation of the policies involved. The list is for reference only. Please contact relevant authorities for details. © 2017 KPMG Huazhen LLP��— a�People's�Republic�of�China�partnership,�KPMG�Advisory�(China)�Limited�— a�wholly�foreign�owned�enterprise�in�China,�and�KPMG�— a�Hong�Kong� partnership,�are�member�firms�of�the�KPMG�network�of�independent�member�firms�affiliated�with�KPMG�International�Cooperative�PMG�International”),�a�Swiss�entity.�All�rights�(“K reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG�International�Cooperative�(“KPMG� International”),�a�Swiss�entity.�All�rights�reserved. 72 Appendix II Regulatory updates

Date of Official File no Policy name Issuer QR code link Issuance link

2016

Notice on Issues Concerning Equities Exchange the Financing of Financial National Equities http://www.neeq.com.cn/notice/2968.ht and Quotations May Enterprises Listed on the Exchange and Notice No. ml National Equities Exchange and Quotations Co. Ltd. [2016]36 Quotations System

Guidelines of the State Council on Deepening the http://www.gov.cn/zhengce/content/201 Guo Fa No. May Integrated Development of State Council [2016] 28 6-05/20/content_5075099.htm the Manufacturing Industry and the Internet

Measures for the Credit Investigation Yin Zheng Xin No. Administration of the Credit Bureau of the central June [2016] 5 / Investigation Industry (Draft) bank

Technical Standards Guidelines on the Technologies Zhong Zhi Xie Ji Committee of the http://www.pcac.org.cn/index.php?optio for the Protection of Personal June Biao Fa No. Payment and Clearing Information nid=780&auto_id=2250 [2016] 1 Association of China

Technical Standards Guidelines on IT Risk Committee of the http://www.pcac.org.cn/index.php?optio Zhong Zhi Xie Ji Biao Management of June Payment and Fa No. [2016] 2 Non-banking Payment nid=706&auto_id=2241 Clearing Association Institutions of China

Technical Standards Standard System for Committee of the http://www.pcac.org.cn/index.php?optio Zhong Zhi Xie Ji June Non-banking Payment Payment and Biao Fa No. [2016] 3 nid=706&auto_id=2240 Institutions Clearing Association of China

Provisions on the Administration of State Internet http://www.cac.gov.cn/2016- June / Mobile Information Office 06/28/c_1119122192.htm Internet Applications Information Services

Opinions on the Regulatory Guidance for the Development http://www.cbrc.gov.cn/chinese/home/d of Information Technology in July / the Banking Sector for the 13th CBRC ocView/1940BD4B2D7740CC90F4FE4C Five-year Period (Discussion 6B3CD316.html Draft)

Decree [2016] No. 1 of the China Banking Regulatory Commission, the Ministry of Industry Provisional Measures for the http://www.cbrc.gov.cn/govView_37D31 and Information Administration of Business August CBRC Technology, the Activities of Internet Lending 2933F1A4CECBC18F9A96293F450.html Ministry of Public Information Intermediaries Security and the State Internet Information Office

Article 3 of the Notice on Issuing the National http://www.gov.cn/zhengce/content/201 Septembe Guo Fa No. Scientific and Technological State Council r [2016] 43 6-08/08/content_5098072.htm Innovation Plan for the 13th Five-year Period

Article 2 of the Notice on Issuing the National Strategic http://www.gov.cn/zhengce/content/201 Guo Fa No. November Emerging Industries State Council [2016] 67 6-12/19/content_5150090.htm Development Plan for the 13th Five-year Period

Former Chairman of the Shanghai Securities Communication Company, Bai is the Chief Technology Officer of Shanghai Stock Exchange. Bai held a leadership position at the National Computer Network and Information Security Management Center. He has worked at the Institute of Computing Technology of the Chinese Academy of Sciences as a research fellow and Chief Scientist of Software. He is the Chairman of the Shuo BAI Technology Committee of ChinaLedger. His major research topics include blockchain and AI applications in finance. Executive Director Chinese Information Processing Society of China

Hu is the Executive Director and Chief Computer Analyst at Essence Securities. His main publications include Blockchain: Online Poetry and Distance, Fintech Opens A New Door for Wealth, AI: The Glittering Pearl on the Crown of Contemporary Science, AI Enters the Era of Asset Management, The Chip Battle: Research and Development Strategy for AI Chips and Deep Learning: The Magic Wand of AI. Youwen HU Chief Computer Analyst Essence Securities

Zou is a senior researcher at the Research Institute of the People’s Bank of China. His major research topics include theoretical economics and finance. His research findings in value measurement model, economic growth theory, financial regulation, financial ecology and scientific development have gained considerable recognition. His major publications include Economic Interpretation of the Financial Pingzuo ZOU Development Concept, The Study of Financial Regulation, The Report on China’s Financial Stability, The Study of Finance and China’s Financial Senior Researcher Strategic Options – A Strategic and Innovative Approach to China’s Research Institute of the Technological Banking System and Technical Design. People's Bank of China

Jacky Zou Simon Gleave Edwina Li Abby Wang Allen Lu Vice Chairman, Regional Head of Head of Financial Services Partner, Partner, KPMG China Financial Services, Assurance, Financial Services Corporate Services KPMG Asia Pacific KPMG China

Andrew Huang Anthony Lee Arthur Wang Brian Chan Chris Wang Partner, Partner, Head of Banking, Partner, Partner, Financial Services Financial Services KPMG China Financial Services Advisory

Edward Dou Eric Pang Felix Chen Forrest Wu Henry Ngai Partner, Partner, Partner, Partner, Partner, Financial Services Financial Services Advisory Financial Services Tax

Irene Chu Ivan Li James Chen James Mckeogh Jessica Xu Partner, Partner, Partner, Partner, Partner, Corporate Services Financial Services Financial Services Advisory Advisory

John Wang Kenny Shi Kevin Liu Lang Lang Xu Larry Choi Partner, Partner, Partner, Partner, Partner, Corporate Services Financial Services Advisory Advisory Financial Services

Longhua Zhang Louis Ng Martin Zhang Michael Li Philip Ng Partner, Partner, Partner, Partner, Partner, Advisory Financial Services Advisory Tax Advisory

Sam Shi Sandra Zuo Thomas Chan Tracy Zhang Walkman Lee Partner, Partner, Partner, Partner, Partner, Financial Services Financial Services Financial Services Tax Financial Services

(By�alphabetical�order�of�first name）

No. Abbreviation Full name No. Abbreviation Full name

1 GGV GGV Capital 51 Mobai Capital Shenzhen Qianhai Mobai Asset Management 2 IDG Capital IDG Capital Partners 52 Tiantu Capital Shenzhen Tiantu Capital Management 3 ING International Netherlands Group 53 Homa Appliances Homa Appliances Susquehanna International Group of 4 SIG 54 CBC Capital China Broadband Capital Partners Companies 55 Mi Beijing Xiaomi Technology 5 WR Capital Beijing Wanrong Times Capital 56 Ping An Insurance Ping An Insurance (Group) Company 6 Dongshu VC Shanghai Dongshu Venture Capital 57 CCB Trust CCB Trust 7 OFC Oriental Fortune Capital 8 CITIC CITIC Capital 58 CCB International China Construction Bank (Holdings) The People’s Insurance Company (Group) of 59 Hongdao Capital Beijing Honghe Investment Center 9 PICC China 60 Zhangjiang Torch Shanghai Zhangjiang Torch Venture Capital 10 China Life China Life Insurance (Group) Company 61 Lakala Beiing Lakala Internet Investment Fund 11 CPIC China Pacific Insurance (Group) Company China Merchants China Merchants Innovation Investment 62 12 China Taiping China Taiping Insurance Group Innovation Investment Management 13 CM CM International Financial Leasing 63 GIC Government of Singapore Investment Corp China International Capital Corporation and 14 CICC 64 Temasek Temasek Holdings (Private) related institutions 65 New Horizon Capital New Horizon Capital 15 BOCGI Bank of China Group Investment 66 Xinhu Zhongbao Xinhu Zhongbao Co. 16 Yunqi Yunqi Partners 67 Shan Qi Investment Shanghai Shan Qi Investment Center 17 YFC Yunfeng Capital 68 GPCP Shenzhen Green Pine Capital Partners 18 Yizhuang Internet Fund Yizhuang Internet Fund 69 Bridge Capital Bridge Capital 19 JD Finance JD Finance 70 CMBC China Minsheng Bank Corporation 20 Renren Beijing Qianxiang Wangjing Technology 71 CMBC International CMBC International Investment 21 ChinaEquity ChinaEquity Group 72 Sino-Century Sino-Century China Private Equity Partners

22 Oriza Oriza Equity Investment Fund Management 73 Zhejiang Daily Media Zhejiang Daily Media Group Shanghai Yonghua Investment Management 74 Yonghua Capital 23 EBSC Everbright Securities Company (Shanghai) 24 Lightspeed Lightspeed China Partners 75 DL Capitals Dianliang Investment Management (Shanghai) 25 Phoenix Auspicious Phoenix Auspicious Fintech Investment LP 76 Milestone Investment Milestone Investment Management 26 Cals Shanghai Cals Aviation Fund Management 77 Baiyeyuan Investment Shenzhen Baiyeyuan Investment 27 KPCB Kleiner Perkins Caufield Byers 78 Baidu Baidu.com, Inc 28 CDF CDF Capital 79 Interactive Brokers Interactive Brokers Group 29 NLVC Northern Light Venture Capital 80 Vangoo Capital Vangoo Capital Partners 30 Qianhe Capital Qianhe Capital Management 81 Peakview Capital Peakview Capital 31 China Growth Capital China Growth Capital 82 ZhenFund Beijing Zhen Fund Management 32 HG Capital HG Capital 83 Social Security Fund National Council for Social Security Fund 33 CHAMC China Huarong Asset Management Company 84 Liye Group Shenzhen Liye Group 34 Huaxi Holding Huaxi Holding 85 Sequoia Capital Sequoia Capital and related institutions 35 Bojang Capital Bojang Capital Management Group 86 Linear Venture Shanghai Linear Venture 36 Lingyu Hongguan Fund Lingyu Hongguan Fund 87 UMF Union Mobile Financial Technology 37 Wu Capital Wu Capital 88 Tencent Holdings Tencent Holdings 38 Legend Capital Legend Capital 89 Ant Financial Ant Financial Services Group 39 Qiming Venture Qiming Venture Partners Tibet Collar Feng Xin Clothes Venture 90 Tibet Collar Feng 40 QF Capital QF Capital Investment Partnership 41 WH Capital Will Hunting Capital 91 SAIF SAIF Partners 42 Harvest Fund Harvest Fund 92 Fortune Capital Shenzhen Fortune Venture Capital Eastern Bell Venture 43 Harvest Investments Harvest Investments 93 Eastern Bell Venture Capital Management Capital 44 Guosen H&S Guosen H&S Investment 94 Grand Yangtsz Capital Shanghai Grandyangtze Capitlal 45 Guosen Securities Guosen Securities 95 Sunshine Insurance Sunshine Insurance Group 46 Leading Capital Leading Capital 96 Shun Wei Beijing Shunwei Venture Capital China Development China Development Bank International 47 Bank International Investment 97 Lingfeng Capital Lingfeng Capital China Development Shanghai Flying Horse Brigade Equity 48 China Development Bank Capital 98 Feima Fund Bank Capital Investment Center (L.P.) 49 Guotai Jun’an Guotai Jun’an Securities (Hong Kong) 99 Hillhouse Capital Hillhouse Capital Management 50 Guoke Dingxin Beijing Guoke Dingxin Investment Centre 100 Milestone Capital Milestone Capital

8 2016 China Leading Fintech 50 KPMG China published the widely recognised China Leading Fintech 50 in 2016.

8 20 pain points in China’s banking transformation and fintech solutions KPMG China published the Chinese version in August, 2017.

8 New opportunities for direct banks in China

KPMG China published the Chinese version in September, 2017.

8 KPMG Global Fintech 100 KPMG releases the Global Fintech 100 annually (Fintech 100), which include 50 leading companies and 50 fast-growing companies. 2017 2016 2015

8 The Pulse of Fintech KPMG releases the Pulse of Fintech quarterly (Pulse of Fintech), which sumarises the key development trends in the fintech sector. 2017

16cities across China

KPMG China

has around 10,000

partners and staff

• 70 years in Hong Kong Hong Kong operations established since 1945. • 1st with a license in China In 1992, KPMG became the first international accounting network granted a joint venture license in mainland China. • 1st approved Special General Partnership (SGP) As of 1 August 2012, KPMG China was the first among the Big Four in mainland China to convert from a joint venture to a special general partnership.

For a list of KPMG China offices, please scan the QR code or visit our website: https://home.kpmg.com/cn/en/home/about/offices.html.

KPMG China has launched the 2017 China Leading Fintech 50 with the aim of promoting a better exchange of ideas and fostering innovation in the financial services sector. This should not be mistaken for investment advice and does not constitute a formal interpretation of existing regulatory policy. Disclaimer: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2017 KPMG, a Macau partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.