Hey Fintech friends!

We're excited to start sending you China fintech news every week and this is our first edition under the new format. We're switching things up to bring you even more fresh insights, trends, and news from the world of finance and technology.

Let us know what you think! We love your feedback. Shoot an email to ning@thisweekinfintech.com.

Let's start with some good news: According to KPMG, fintech investments in China have begun to recover and China, including Hong Kong, accounts for half of the top ten fintech deals in APAC in the first half of 2024.

Product & Partnership Launches 

• Ant International’s WorldFirst partnered with Walmart to enable Chinese eCommerce sellers to receive funds from Walmart Marketplace. 
• Lianlian Global partnered with London-based card issuer Thredd to launch its virtual card program in APAC. They also announced a 40.1% revenue growth in 1H2024. 
• DBS partnered with Ant International to introduce treasury tokens for managing cross-border liquidity.
• HSBC’s digital payment platform PayMe is expanding globally via UnionPay, enabling Hong Kong users to access over 34 million merchants in 46 markets with a virtual card.
• Mox Bank, a Hong Kong virtual bank, has become the first of its kind to allow customers to trade Bitcoin and Ethereum ETFs.

Financing, Investment & Acquisition 

• Airwallex has reached a $500 million annual revenue run rate and $100 billion in annual processing volume (up 73% year-on-year). The company is aiming to go public by 2026.
• Tencent has sold its 14% stake in Tide, a UK business banking platform, to an undisclosed purchaser, aligning with its strategy to reduce overseas investments.
• Walmart exited its investment in Chinese online retailer JD.com.
• Ant Group may buy Haodf.com, a Chinese platform that provides online consultations with doctors, to enter the healthcare market and expand its AI services.

Other News

• China warned bond investors of a crackdown on illegal activities disrupting the market, aiming to prevent systemic risks after previous measures failed to stabilize yields. This comes as weak economic data spurred bond buying, raising concerns about potential financial instability.
• Alibaba’s profits fall 27% as Chinese consumers cut back on spending.

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