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Hello fintech friends,
It has been a jam-packed two weeks: Bitget is buying, Binance is raising, Coinbase and Kalshi ran into a roadblock in Taiwan, and many fintechs and banks in the Greater China area are rapidly building.
Without further ado, read on!
- Ning
The Rundown
🏦 M&A
Bitget agreed to acquire the licensed Thai cryptocurrency exchange GMO-Z.com Cryptonomics to establish direct regulated operations in Thailand.
🚀 Product Launches
Bitget accelerated its global and regional growth by partnering with stablecoin infrastructure provider Noah to roll out USD and EUR virtual bank accounts for its Wallet users.
Airwallex significantly expanded its commercial and operational footprint through three key partnerships: the company collaborated with OpenTable to streamline payment options and curb dining no-shows globally, joined forces with Boost Payment Solutions to optimize cross-border B2B and large-ticket commercial card processing, and broadened its multi-year partnership with McLaren Racing to integrate AI-driven financial solutions alongside increased brand visibility on the Formula 1 team's kit and race cars.
OKX introduced a unified order book for European clients that merged liquidity across euro fiat and Circle's EURC stablecoin into a single trading pool.
Webull formed a partnership with regulated prediction market platform Kalshi to enable retail investors in the United States to trade cryptocurrency perpetual futures, starting with Bitcoin.
Sumitomo Mitsui Banking Corporation entered into a memorandum of understanding (MOU) with Ant International to enhance cross-border payments, optimize global treasury management, and adopt Ant's Whale real-time payment platform across Japan and Southeast Asia.
LianLian Global teamed up with PayPal to allow cross-border e-commerce and gig economy platforms to disburse direct payouts to creators and contractors using PayPal across 96 markets and Venmo in the United States.
Anchorpoint Financial, a joint venture backed by Standard Chartered, revealed plans to launch a retail-focused Hong Kong dollar stablecoin following HSBC's deployment of its tokenized RedCoin rewards asset on PayMe.
Google revealed upcoming support within Google Wallet for Alipay+ QR codes, enabling international travelers to make digital payments at merchant terminals, starting with pilots in Singapore.
Tencent broadened its international partnership with Visa to improve cross-border payments and explore transaction frameworks operated by autonomous artificial intelligence agents.
HSBC completed its first tokenized fund investment in a money market fund managed by Franklin Templeton, utilizing treasury infrastructure provided by Ant International for continuous liquidity management.
DBS Bank enabled Singapore users of its PayLah! mobile wallet to make cross-border QR code purchases across roughly 250,000 Taiwanese merchant locations connected to the TWQR payment network.
💸 Fundraises
Binance.US initiated a private funding round seeking up to $100 million at an estimated valuation of $1 billion to strengthen and rebuild its operations within the United States.
🏛️ Policy & Regulation
Bybit secured a Virtual Asset Service Provider (VASP) license from Dubai through its local entity, granting the exchange formal authorization to provide spot cryptocurrency trading services in the emirate.
Taiwanese authorities ordered internet service providers to block access to the websites of Coinbase and Kalshi over alleged violations of local laws banning gambling on election outcomes.
Citi received formal approval from the China Securities Regulatory Commission to set up a wholly owned securities venture in China to handle domestic underwriting, brokerage, and trading services.
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