Hi fintech friends,

Here’s a quick pulse from Asia’s fintech front—licenses, partnerships, and products.

The Coin Related

• Hong Kong proposed issuing RMB-backed stablecoins to boost fintech.
• HashKey Group confidentially filed for Hong Kong IPO.
• YZi Labs led a US$50M round for BPN, a BNB Chain multi‑stablecoin network.

Licensing & Regulations

• Chinese Shopify-equivalent SHOPLINE received In-Principle Approval for Payment License from the Monetary Authority of Singapore (MAS).
• Hong Kong fintech Reap has received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
• China is investigating ByteDance’s Douyin Pay for allegedly violating rules by opening payment accounts for financial institutions.

Product & Partnership Launches

• Bitget Wallet launches an APAC crypto card for USDT/USDC spending via Mastercard/Visa.
• RedotPay adds “Send Crypto, Receive MXN” via Circle, slashing Mexico remittance fees.
• HashKey Exchange partnered with Malaysia’s HATA to expand compliant digital asset services across Southeast Asia.
• ShopBack launched ShopBack Pay in Hong Kong with Octopus integration, enabling in-store Cashback at 500+ outlets.

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