HongQiao International Airport. Raul Ariano/Bloomberg/Getty Images
Hello friends,
Welcome to our latest Chinese Fintech newsletter.
In this issue, we'll cover exciting new product launches and funding news from Chinese fintechs in August.
Let's get started!
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Venture Financing & Acquisition
Paytm CEO Vijay Shekhar Sharma acquired 10.3% Stake worth $628 million, becoming largest shareholder in the company ge Founded, in buyout from Ant Financial's subsidiary. Ant Group therefore reduced its stake in Paytm to 13.5% from 23.8%.
Airwallex Singapore received $165 million capital injection from its parent company to support continued growth in this region.
Hong Kong microfinance platform Micro Connect raised $458 millions from investors.
China's decision to limit mainland listings, aimed at boosting the secondary market, is expected to impact the fundraising plans of numerous companies and have an economic impact.
Greater China-based startups raised under $11 billion in the second quarter, down 25.3% from almost $14.7 billion in Q1 2023, according to DealStreetAsia.
Licensing & Regulations
U.S. lawmakers are investigating BlackRock and MSCI for allegedly supporting China's military ambitions through their investments, raising concerns about links to blacklisted companies and human rights violations.
Shenzhen Shikongyun Technology, A major Chinese Filecoin miner, is facing allegations of orchestrating an $83.2 million pyramid scheme.
Payoneer Singapore has been granted a payment license from the Monetary Authority of Singapore (MAS).
Product & Partnership Launches
Alipay released an updated international version of its app, improving payment solutions offered to foreign visitors.
Airwallex partners with Public to reduce fx costs for UK investors purchasing US-based equities.
WeChat Pay and Network International Payments in the UAE have teamed up to enable POS terminal payments for Chinese tourists.
Other News
China has lifted group travel ban to more than 70 locations.
Singapore Exchange (SGX) plans to list structured certificates this month, becoming the first Asian exchange to offer these third-party issued financial instruments commonly traded in Europe. The initial issue will be a yield enhancement product linked to Alibaba Group, featuring an autocall feature.
ICBC and BOC, two of China’s largest banks, reported significantly reduced profit growth in their interim financial results due to challenges posed by a slowing economy and ongoing crises in the property sector.
China aims to extend its social credit system to the metaverse and other virtual worlds.
Israeli payments company Payoneer witnessed significant growth in China, generating over 50% YoY revenue growth in that market in Q2.
Other Read
NPR Interview with Tao Wang (Chief China Economist at UBS): Why China’s economy hasn't recovered after COVID as expected?
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