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Hong Kong Stablecoin Bill went into effect on August 1 and the first licenses are expected to be issued early next year. Beyond tech giants like Ant Group and JD.com, there are rumors that one of the nation-owned banks may also be a key player. Does this signal that China is becoming more serious about launching a yuan-backed stablecoin, or is it simply a political gesture against the current dominance of the USD in this space? Drop your thoughts in the comments!

Despite industry concerns over HK Stablecoin bill's client identity rules, it still drove strong investor enthusiasm. the bill has still driven strong investor enthusiasm. Companies—not only fintech firms—are aggressively raising equity to expand into cryptocurrencies, stablecoins, and blockchain payments. In July alone, at least 10 Hong Kong-listed firms including OSL Group, retail cloud service provider Dmall Inc, and AI company SenseTime Group raised over $1.5 billion for projects in these sectors. An index tracking Hong Kong-listed stablecoin stocks surged 65% this year, outperforming the Hang Seng Index. Hype or not, it’s clear Hong Kong is fast becoming a hotspot for stablecoin innovation and investment, and the momentum shows no signs of slowing down, at least for a little while.

With that, let’s continue with this week’s fintech updates. Not much happening, so enjoy your quick read!

Product & Partnership Launches

• PingPong Payments has partnered with ClearBank to improve its UK payment offering.
• Airwallex co-founder Jack Zhang revealed in a This Week in Fintech podcast that the payment company will roll out AI-powered business operations automation later this year.
• Crypto exchange Bitget teamed up with Fibonacci Capital to offer institutional-grade liquidity solutions.
• Stablecoin FX provider Checker partnered with digital asset liquidity providers Stillman Digital and Trillion Digital to improve liquidity services for stablecoin transactions.

Licensing & Regulations

• Skyee has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

Financing & Acquisition

• Ant Group has fully exited India’s Paytm by selling its remaining 5.84% stake.