Hi fintech friends,
It has been a busy two weeks for Hong Kong’s digital architecture. While the HKMA’s missed deadline for the first batch of stablecoin licenses shows that formal crypto regulation remains a slow grind, the tech itself isn't sitting still. Recent trials in HK from Mastercard and UnionPay prove that 'agentic' commerce is already operational. Meanwhile, the regional footprint continues to expand, with Airwallex moving into Malaysia and TikTok making a fintech play in Brazil.
Plenty going on, read in the below.
Licensing & Regulations
The Hong Kong Monetary Authority (HKMA) missed its March 2026 target to issue the first stablecoin licenses, with no approved issuers yet as it prioritized risk controls and continues the licensing process.
TikTok applied for a fintech license in Brazil to enable payments and lending, aiming to deepen its e-commerce and creator monetization ecosystem in the country.
Airwallex secured full regulatory approval in Malaysia to offer end-to-end cross-border payment and collection services.
Product & Partnership Launches
Bitget launched a Visa crypto card in APAC, enabling digital asset spending and exchange rewards across Visa's network.
Mastercard completed its first live AI-powered payment in Hong Kong, with HSBC and DBS HK.
UnionPay debuted the Agentic Payment Open Protocol (APOP) via a Hong Kong taxi pilot.
Vietnam expanded QR connectivity with Alipay, allowing Chinese travelers to pay at local merchants via Vietcombank.
Sri Lanka (LankaPay) enabled Weixin Pay at 400,000+ merchants to capture Chinese tourist spend and reduce FX leakage.
Standard Chartered HK has become one of the first banks to leverage Hong Kong’s Faster Payment System (FPS) for international institutional transfers.
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