Source: Yicai Global

Hello fintech enthusiasts,

There's never a dull week when it comes to China! After local governments' rush to invest in AI, we're now seeing major banks pouring billions into technology support. Bank of China has set up a 50 billion yuan fund for tech startups, while ICBC launched an 80 billion yuan innovation fund. This coordinated move by state-owned banks clearly aligns with the country's push for technological advancement and eagerness to boost the economy. What's next, you wonder?

But that's not all - we've got updates on partnerships and product innovations too. Let's dive in!

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Licensing & Regulations

  • Hong Kong's digital asset management company HashKey Capital has secured a Type 1 license from Hong Kong's Securities and Futures Commission (SFC), allowing it to deal in securities.

Financing, Investment & Acquisition

  • Bank of China has set up a 50 billion yuan ($6.9 billion) fund to support technology development. While ICBC has unveiled an 80 billion yuan ($11 billion) innovation fund to boost technological advancements.

  • UBS has received approval to sell their stakes in Credit Suisse Securities in China.

  • RedotPay, a Hong Kong crypto payment platform, has secured $40 million in a Series A funding round to expand its services.

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Product & Partnership Launches

  • Temu has expanded its partnership with Checkout.com to enhance digital payments for online shoppers. They've also teamed up with dLocal to optimize payments in emerging markets.

  • Airwallex has partnered with Discover Network to broaden payment acceptance for its customers.

  • XTransfer, China's B2B cross-border payment platform, has partnered with Ouribank, a major Brazilian foreign exchange bank, to streamline cross-border payments between China and Latin America.

  • Best Buy Canada has selected PingPong as their first cross-border partner to drive international growth on its marketplace. PingPong has also recently partnered with Hong Kong's Octopus to enhance cross-border payments for businesses entering the Hong Kong market.

  • Ant International has launched an embedded finance service for SMEs in Brazil, expanding its global reach.

Other Read

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