Hi fintech friends,

Please find below the latest developments from China’s fintech sector.

The Coin Related

As China expands its digital yuan and fintechs giants like Ant Group pursue stablecoin licenses amid US and Singapore regulatory changes, new restrictions in Singapore add complexity for Chinese firms based there. This prompts questions: Will Chinese stablecoins and the e-CNY compete or complement each other globally, and how will shifting regulations shape fintech strategies and innovation in Greater China?

• People's Bank of China (PBOC) chief pledged to expand the digital yuan globally with a new international center in Shanghai, aiming to reduce reliance on the US dollar and boost financial stability.
• The Monetary Authority of Singapore (MAS) will require crypto firms serving foreign clients to obtain a license by June 2025 or cease operations.
• JD.com is pursuing stablecoin licenses worldwide to reduce cross-border payment costs by 90%, inspired by the US GENIUS Act.
• Ant Group’s digital assets unit plans to apply for a stablecoin issuer license in Hong Kong.
• Hong Kong Customs is launching a crypto tracking tool to combat money laundering and boost compliance.
• Tron plans a US IPO following a pause in the SEC’s investigation into its founder Justin Sun.
• HashKey Exchange expanded its fiat gateway to 32 countries, adding offshore RMB and multi-currency support for easier global digital asset access.

Product & Partnership Launches

• PingPong’s InvestXB platform offers account setup within 24 hours to enable rapid fund raising.
• Airwallex launched a new yield product in Hong Kong, allowing businesses to earn returns on their multi-currency balances.
• Webull UK has teamed up with Upvest to offer fractional trading for UK-listed stocks and ETFs.
• Deutsche Bank and Ant International launched cross-border payment solutions for EU and Asia SMEs.
• Alipay has enabled in-store payments in China through Rokid’s AR glasses, allowing users to complete transactions hands-free using voice commands and QR code scanning.
• XTransfer partnered with BNP Paribas to optimize cross-border payments.
• LianLian Global teamed up with UnionPay International to enhance payment capabilities.
• Octopus has partnered with Wonder to offer Hong Kong merchants streamlined KYC onboarding and access to over 30 payment methods, with all settlements managed through Wonder’s platform.

Licensing & Regulations

• The US government has extended TikTok’s deadline to find a buyer amid ongoing regulatory scrutiny.