Hello fintech friends,

It’s the latest China fintech news again! As always, enjoy your read and remember your feedback is most welcome! Reach out to me at ning@thisweekinfintech.com. 

Licensing & Regulations 

• PBOC plans to cut rates and lower reserve requirement ratios (RRR) to provide more property market support. 
• China plans to issue $284 billion in special sovereign bonds this year to boost its economy and fight deflation. Chinese stock market rose  today. 
• Thailand closed its virtual bank license application, having received 5 applications including one from Chinese neobank WeBank. 
• China raised retirement age for the first time since the 1950s to avert a pension crisis. Read here on why it’s much needed now. 
• Citibank's proposed expansion into the Chinese market has encountered regulatory obstacles in the United States.

Financing, Investment & Acquisition 

• Hongkong-based supply chain financing fintech Qupital raised an undisclosed amount of funding from Lending Ark. 

Product & Partnership Launches

• Pyvio teamed up with African fintech Kora to deliver b2b cross border payments in Africa. 
• The Hong Kong Monetary Authority (HKMA) has initiated the second phase of its effort to investigate digital money, broadening its scope from solely a central bank digital currency (e-HKD) to encompass tokenized deposits as well.
• UK-based fintech Paysend launched instant cross-border payouts to China Union Pay cards for its enterprise customers. 

Other News

• TikTok is shutting down TikTok Music this November. 
• Denmark-based Saxo Bank will close its offices in Hong Kong and Shanghai. 

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