Hello fintech friends,

Happy almost Friday! 

Please find below a short and sweet news collection about China banking and fintechs for the long weekend. 

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

Happy reading, 

Ning 

Licensing & Regulations 

• Chinese neobank WeBank is partnering with Thailand’s SCBX and Korea’s KakaoBank to apply for a Thai virtual banking license. 
• PwC China is expected to face a six-month ban by Chinese authorities as early as September over the Evergrande audit. 
• Binance partnered with Macau Judiciary Police to combat online scams. It has also announced plans to add 1,000 Roles, prioritizing compliance amid recent regulatory challenges. 

Financing, Investment & Acquisition 

• Tencent continues with reducing overseas investments by selling 2.1% of Indian Insurtech PB Fintech.

Product & Partnership Launches 

• WeChat Pay is launching in Kenya, which will allow traders to settle transactions directly with China.
• China and Vietnam signed an MOU on cross border payment collaboration. 
• Alipay integrated 16 languages to improve foreign tourist’s user experience. 
• PingPong Payments integrated with leading Latam ecommerce marketplace Mercado Libre to make it easier for merchants to receive payouts. 

Other News 

• Chinese consumer giants are missing revenue targets, dashing hopes of economic recovery. Stock slump expected to continue as weak domestic demand persists. Investors remain cautious until signs of improvement.
• UBS lowered China 2024 GDP growth forecast to 4.6% (from 4.9%) and its 2025 forecast to 4% (from 4.6%) due to anticipated weaker property activity impacting the overall economy more than previously assumed. 
• Ant Group's WorldFirst faces harassment and discrimination allegations.

Other Read

• Beyond the Form Factor: The Story of Digital Wallets Is Still Unwritten
• China’s AI Price War May Spark Global Tech Showdown
• Is APAC Ready for a Cashless Future?

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