Source: Reuters
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Please find another week of news about the Chinese economy and fintechs below.
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Licensing & Regulations
China plans to recapitalize several of its largest banks, including Agricultural Bank of China and Bank of Communications, with at least $55 billion as part of a broader stimulus package aimed at supporting the struggling economy.
China has announced it will welcome foreign investment in more sectors of its economy, signaling a potential easing of restrictions for international businesses.
Beijing is set to allow Hong Kong banks to issue credit cards on the mainland, marking a significant step in financial integration between the two regions.
Hangzhou government announced its support for cross-border fintechs to acquire payment licenses globally.
Financing, Investment & Acquisition
Ant Group has led a $41.4 million Series A funding round for Galaxea AI.
Hong Kong is considering fast-tracking tech listings to boost its appeal as a financial hub, potentially streamlining the process for high-growth companies.
Shenzhen has launched a new AI and robotics fund, further cementing its position as a tech innovation center.
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Product & Partnership Launches
Airwallex has expanded its operations to New Zealand, broadening its reach in the Asia-Pacific region.
American Express has enabled its card members to link their accounts to Alipaydigital wallets, simplifying payments for travelers in China.
UnionPay International has partnered with Al Etihad Payments (AEP), the UAE's local switch network, to launch a UnionPay-Jaywan co-branded card.
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