Hey fintech friends,

As the holiday season approaches and the weather gets colder, grab a hot tea and enjoy this week's updates on China finance and tech news.

If you have any ideas/comments, please let me know at: ning@thisweekinfintech.com

Licensing & Regulations 

• Hong Kong's Eddid Financial has received in-principle approval for a Capital Markets Services License from the Monetary Authority of Singapore (MAS), allowing it to offer a range of financial services.
• Hong Kong plans to offer crypto tax exemption for hedge funds, private equity funds and family offices. 

Financing, Investment & Acquisition 

• Hong Kong financial management platform KPay raised a $55m series A. 
• HSBC is winding down its Chinese credit card business after a failed sales attempt. 
• Beijing State-owned Asset Management (BSAM) is auctioning its 33% stake in UBS Securities for 1.5 billion yuan ($207 million), paving the way for UBS to gain full ownership of the Chinese securities joint venture. 
• China Resources and HKSTP launched the 'Beyond Dreams' initiative with a HK$100 million donation, aiming to support high-potential tech startups and expand their market presence in Hong Kong and Mainland China.

Product & Partnership Launches

• HSBC launched a new payment management system Smart Transact and it plans to roll it out to China by the end of the year. 
• The HKUST Business School has introduced the InvestLM Generative AI Platform to assist the local financial services sector, especially small and medium-sized financial institutions.

Other News

• China's state media stated that the country is not focused on achieving specific GDP growth targets, accepting a growth rate below 5% as there is no need for "worship of speed."
• Chinese online retailers Temu and Shein have suspended operations in Vietnam as they work to register their e-commerce services, amid government concerns over deep discounting and potential counterfeit sales.
• The UK's Financial Conduct Authority (FCA) signals openness to Shein's potential £50 billion London IPO. 

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