Chinese private banks are upgrading philanthropic planning services to cater to increased demand following the country’s ‘common prosperity’ policy

China Merchant Bank (CMB), Industrial and Commercial Bank of China (ICBC) and other major Chinese commercial banks have stopped robo-advisory services in response to increased regulatory scrutiny.

In the recently released Global Fintech Hub Report 2021, Beijing was named the best fintech hub, followed by San Francisco, New York, Shanghai, Shenzhen, and London.