Source: The New York Times
Hey fintech friends,
It’s been quite a week unpacking all the election news in the US. Donald Trump is set to return as president, and this could shake things up for China's fintech scene.
He is likely to take a tougher stance on China’s technology industry, and his tariff policies could impact fintechs that facilitate cross-border trade. This might prompt reactions from Beijing — perhaps new policies or relaxed regulations to boost these sectors.
How do you think this will play out for China's fintech future? Will it spur innovation? Create new challenges? Let's hear your thoughts!
Ning
Licensing & Regulations
Chinese live-streaming platform Kuaishou acquired a domestic payment license.
China relaxed regulations for foreign investment in domestic stocks.
The People's Bank of China (PBOC) injected 500 billion yuan ($70.3 billion) into the banking system through a new reverse repo tool to enhance liquidity and support the interbank bond market.
Financing, Investment & Acquisition
Hong Kong digital assets company OSL Group plans to acquire an 81.38% stake in CoinBest, a Japanese crypto exchange.
Saudi Arabia and Hong Kong signed a MOU to create a US$1 billion investment fund, targeting companies that are expanding to Saudi Arabia and focusing on manufacturing, renewables, fintech and healthcare.
Product & Partnership Launches
Japanese QR payment provider PayPayjoinedAlipay+ network.
Singaporean OCBC Bank has launched instant money transfers to WeChat Pay and Alipay users in China, making it the first bank in the Asia Pacific to do so.
Ant International announced treasury management deals with Standard Chartered and OCBC using its Whale platform.
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