Hi friends,

Golden Week is almost here, but China’s fintech sector isn’t taking a holiday. This week brings a flurry of new product launches and funding news. Here’s your scan of the biggest moves in Chinese fintech:

The Coin Related

• HK-based stablecoin payments fintech RedotPay reached unicorn status with a US$47 million round led by Coinbase Ventures, Galaxy Ventures, and Vertex Ventures.
• OSL Group completed its acquisition of Indonesian crypto exchange Koinsayang, gaining regulatory approval and advancing asset tokenization in Southeast Asia.
• HSBC expanded its tokenized deposit service for cross-border payments. Ant International became the first to use its tokenized deposit service in Hong Kong, bringing instant, programmable payments to corporate clients.

Product & Partnership Launches

• UnionPay International & Bank of China (Frankfurt) debuted the SplendorPlus Debit Card in Germany, offering seamless cross-border payments and cashback for travelers to China.
• HSBC rolled out SME Multi-Bank View under HKMA Open Banking, letting Hong Kong businesses see accounts across banks in one dashboard.
• Alipay+ and Mastercard unlocked global NFC payments for Kakao Pay users, letting Korean travelers tap-and-pay at 150 million Mastercard merchants worldwide.
• China pilots a unified QR code gateway to streamline foreign payments for international visitors.

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