Hey Fintech Fam,

How's coming back to work from a relaxing long weekend?

This week's Fintech roundup is packed with news on partnerships, financing, and intriguing regulatory updates. Dive in and get your weekly dose of China news!

Feel free to send any feedback to ning@thisweekinfintech.com.

Happy reading,
Ning

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Chart of the Week

Chinese bond investors are driving yields to record lows, anticipating a gloomy economic outlook and disregarding the PBOC's attempts to cool the bond market rally. The PBOC has intervened by selling long-dated bonds, but strong demand from local investors and expectations of rate cuts have largely offset these efforts. Analysts believe the PBOC may prioritize economic support over yield curve control, leading to potential rate cuts. Despite the PBOC's actions, economic concerns continue to push bond yields lower.

Licensing & Regulations 

• Taobao, owned by Ant Group's parent company Alibaba, is adding WeChat Pay as a payment option, following the company's successful resolution of antitrust concerns.
• China is launching a new forex derivative to help investors manage risk.
• The EU and China launched the first discussions under the new cross-border data flow communication mechanism. This mechanism aims to find practical solutions to facilitate the transfer of non-personal data and ensure compliance with Chinese data laws.
• The China National Financial Regulatory Authority (NFRA) has proposed new rules for the microfinance industry, capping individual online loans at ¥200,000 and loans by small and micro enterprises and their owners at ¥10mn per household.

Financing, Investment & Acquisition 

• Temasek, Singapore's state-owned investment firm, is prioritizing the U.S. market over China, pledging to invest up to $30 billion in the U.S. economy over the next five years.
• Silicon Valley Bank exited its China joint venture and Shanghai Pudong Development Bank has received the approval to take full control. 
• HSBC joined Citigroup as a senior lender, providing additional capital for Qupital's growth.

Product & Partnership Launches 

• Lianlian Global launched supplier payment in Brazil. 
• Ant Group spun off its AI service into a personal assistant app Zhi Xiao Bao (支小宝)  in China.

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