Hey Fintech Friends,

Hope you're having a fabulous week!

Talking about China - The country continues rolling out the welcome mat for foreign investors, pledging to reform its capital markets and boost the financial sector. With the PBOC keeping benchmark lending rates steady, it’s clear that the focus is on stabilizing the economy and fostering growth. Much needed and let’s see how this unfolds!

Licensing & Regulations

• Benchmark Lending Rates: China maintained its benchmark lending rates in November after previous cuts to stabilize the economy amid weak consumer confidence and deflation risks.
• HKMA Warning: The Hong Kong Monetary Authority (HKMA) cautioned crypto firms against misusing the term "bank" in their marketing, following reports of overseas companies falsely implying they were licensed banks.
• Capital Market Reforms: Beijing pledged to reform capital markets and open the financial sector to foreign investors while supporting Hong Kong's status as a global financial hub amid rising geopolitical tensions.

Financing, Investment & Acquisition

• YeePay Capital Increase: YeePay has secured approval to increase its registered capital to 300 million RMB, enhancing its strategic positioning and compliance in the third-party payment sector.
• Canaan's North American Expansion: Chinese crypto miner Canaan has partnered with Luna Squares Texas to expand its North American operations and secured $30 million for developing digital mining sites.
• Alibaba's Bond Offering: Alibaba raised $5 billion in a dual-currency bond offering, the largest in Asia-Pacific this year, enhancing its financial flexibility, facilitating debt repayment, and supporting its share buyback program.

Product & Partnership Launches

• Stori and AliExpress Alliance: Stori, a Mexican-Chinese credit card company, has formed an alliance with AliExpress, the Chinese e-commerce platform.
• PingPong Payments Joins SWIFT: PingPong Payments has joined the SWIFT network, enabling secure communication among global members and enhancing cross-border payment services for businesses.
• Citi and Bank of Shanghai Payment Solution: Citi and Bank of Shanghai launched a payment solution via the TourCard, allowing international travelers to easily access Chinese yuan (CNY) while in China.
• AI Talent in Demand: Chinese tech giants like Alibaba, ByteDance, and Meituan are expanding their AI teams in Silicon Valley to recruit U.S. talent despite ongoing U.S. technology export restrictions.

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