Happy Thursday! StableCon is a wrap, now here is your update on the latest fintech, crypto, and cross-border payments news from China and the region.

The Coin Related

• Hong Kong has passed a new law requiring stablecoin issuers to obtain licenses from the Hong Kong Monetary Authority, setting clear rules for reserves and investor protection. This move positions Hong Kong as a key hub for regulated digital assets.

Licensing & Regulations

• Yeahka has obtained a US Money Transmitter License, enabling it to expand its cross-border payment services.
• China and Indonesia signed agreement to collaborate on currency settlement.
• PingPong has expanded its operations to Malaysia and the UAE by acquiring local licenses, further strengthening its global payment network.
• China has raised cross-border renminbi usage requirements for major banks, aiming to boost the RMB’s international role.

Financing

• Shein has shifted its IPO plans to Hong Kong after its UK listing was derailed, seeking to leverage Hong Kong’s capital markets.

Product & Partnership Launches

• dLocal has partnered with Panda Remit to offer more affordable cross-border remittances, addressing growing demand for cost-effective money transfers.
• Citcon and Splitit have launched card-linked installment payment options for global merchants, providing flexible payment solutions.
• Visa has expanded its Click to Pay service in Hong Kong through a partnership with ZA Bank, enhancing online payment convenience and security.