In the News: Chinese Government Takes Over Bank; US Companies Adopt Chinese AI; and First Digital Human Patent Invalidation Case

Chinese financial regulator to take over Zhongbang Bank due to severe credit risks | U.S. companies adopt Chinese AI and China considers restrictions | CNIPA maintains validity of first virtual digital human patent, clarifying inventiveness standards for AI model training

By Jeffrey Tse

In the News: Chinese Government Takes Over Bank; US Companies Adopt Chinese AI; and First Digital Human Patent Invalidation Case

Chinese Government to Take Over Privately-Owned Online Bank

The Chinese government has announced it will take over Zhongbang Bank, a Hubei-based, privately-owned online bank, for a year.

The National Financial Regulatory Administration’s order took effect July 3, following its findings that the bank has “severe credit risks.”

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