Hi fintech friends,
After missing its initial March deadline, Hong Kong has finally awarded its first stablecoin licenses exclusively to two major banking groups. While this move provides a stable, secure foundation for the city’s digital asset ambitions, it feels, quite frankly, a bit underwhelming.
Oh well, it’s a start, I suppose! We have brought other news to you, please read on.
Licensing & Regulations
Hong Kong’s much-anticipated first stablecoin licenses were issued to banks: HSBC and Anchrpoint Financial, a Standard Chartered-led group that includes Animoca Brands. MAS also indicated that there is no set timeline for additional license issuing.
Aspire secured SFC license in Hong Kong to launch SME yield products.
Trip.com is faced with a class action lawsuit in the US over its anti-trust case in China.
Chinese issued guidelines directing financial institutions to optimize services for the e-commerce sector, aiming for high-quality, AI-driven development.
Airwallex appointed former JP Morgan and FanDuel executive Carolyn Renzin as its new compliance chief and pledged a 70% increase in regulatory spending, months after AUSTRAC ordered an external audit into its AML safeguards.
Product & Partnership Launches
Shopback Pay HK partnered with restaurant tech platform Eats365 to integrate rewards and payment services.
Mastercard and Apple Pay launched cross-border payment support for China-issued cards.
Webull UK removed fees for US and Hong Kong stock trading and introduced a flexible Stocks and Shares ISA.
After Weixin Pay, LankaPay also integrated with Alipay+ to enable cross-border payments in Sri Lanka.
Financing & Acquisition
OKX Ventures and HashKey Capital partnered to invest in Vietnam’s CAEX to help it meet a $380 million capital requirement for a new regulatory pilot program.
Additional Read
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