The People's Bank of China (PBOC) building in Beijing. Source: Bloomberg
Hello fintech friends,
It’s the latest China fintech news again! As always, enjoy your read and remember your feedback is most welcome! Reach out to me at [email protected].
Licensing & Regulations
PBOC plans to cut rates and lower reserve requirement ratios (RRR) to provide more property market support.
China plans to issue $284 billion in special sovereign bonds this year to boost its economy and fight deflation. Chinese stock market rose today.
Thailand closed its virtual bank license application, having received 5 applications including one from Chinese neobank WeBank.
China raised retirement age for the first time since the 1950s to avert a pension crisis. Read here on why it’s much needed now.
Citibank's proposed expansion into the Chinese market has encountered regulatory obstacles in the United States.
Financing, Investment & Acquisition
Hongkong-based supply chain financing fintech Qupital raised an undisclosed amount of funding from Lending Ark.
Product & Partnership Launches
Pyvio teamed up with African fintech Kora to deliver b2b cross border payments in Africa.
The Hong Kong Monetary Authority (HKMA) has initiated the second phase of its effort to investigate digital money, broadening its scope from solely a central bank digital currency (e-HKD) to encompass tokenized deposits as well.
UK-based fintech Paysend launched instant cross-border payouts to China Union Pay cards for its enterprise customers.
Other News
TikTok is shutting downTikTok Music this November.
Denmark-based Saxo Bank will close its offices in Hong Kong and Shanghai.
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