Source: MSN
Hi fintech friends,
We opened this week with China’s antitrust probing into Trip.com right before the Chinese New Year travels start. Trip.com said it is cooperating, with potential fines of 1%–10% of prior-year sales. Many read this as a reminder that Beijing's regulatory gaze hasn't softened on Big Tech—even after Alibaba's 2021 mega-fine. We will continue to watch this and let me know your take on this.
Now, continue to this week's China fintech roundups.
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Financing & Acquisition
WeLab raised $220 million in Series D (debt + equity), the largest Asian digital banking round of 2025, to scale in Southeast Asia.
VelaFi raised $20 million in Series B with Alibaba Investment participating, bringing total funding to $40 million.
PhotonPay secured “tens of millions” in Series B led by IDG Capital to expand stablecoin rails and its regulatory footprint.
Product & Partnership Launches
Airwallex deepened its partnership with Arsenal by powering their Stadium's payments, streamlining premium matchday transactions and reducing costs.
PhotonPay collaborated with ClearBank to offer UK virtual accounts, GBP collections, and payouts, gaining indirect access to Faster Payments, BACS, and CHAPS. They've also launched a Vietnam local account.
PingPong Paymentspartnered with Australian fintech Zip to add BNPL option for merchants.
VisaenabledApple Pay for eligible China-issued Visa cards overseas for in-store, in-app, and online purchases.
Sony and HK fintech Bolttechlaunched warranty products in Hong Kong.
Ant Internationalteamed up with Google on Universal Commerce Protocol to enable AI in-chat shopping with secure payments and merchant control.
UnionPay International and Samsung Walletlaunched an all-in-one NFC/QR mobile payments in Hong Kong, enabling UnionPay cardholders to pay via NFC or QR.
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