The most internet thing as of lately to me is that the potential ban of TikTok has sent over half a million "TikTok Refugees" to another Chinese social media app "The Red Note (Xiaohongshu)" and now it has become the #1 social app.

Now some are wondering if Trump will save TikTok, some are rooting for Elon Musk to buy it, and some are speculating that the Red Note could run the risk of being banned too - Watching how users as well as (let us not forget!) regulators react to this has been quite entertaining. So I think I'll give it a mention in this week's newsletter.

What's your view on this? Share with me if you care at: ning@thisweekinfintch.com.

Now, shall we talk some fintechs? :)

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Licensing  

• Cross-border payment company Skyee has received  an in-principle approval for the major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
• Hong Kong’s Reap has secured  an in-principle approval for the MPI license from the MAS.
• Airwallex has expanded to Brazil and Mexico by receiving a payment institution licence in Brazil and completing the acquisition of local license holder MexPago. 
• After acquiring a Virtual Asset Service Provider (VASP) license in Ireland, HashKey Group secured an in-principle approval for VASP in Dubai. 

Regulations

• China released a draft for cross-border data transfer, requiring all organizations to obtain certification for transferring personal information overseas. 
• The Hong Kong Monetary Authority (HKMA) plans to enable small cross-border payments via phone numbers and expand remote mainland bank account opening services for Hong Kong residents.
• China’s new financial data security regulation requires banks and insurers to report security incidents within two hours and submit a formal written report within 24 hours.

Product & Partnership Launches

• Airwallex integrated with ClearBank’s agency banking solution to improve its payment capability in the UK. 
• Hong Kong-listed Yeahka, has launched an acquiring system partnering with Mastercard and its joint venture in China, Mastercard NetsUnion.
• HKMA has relaxed regulations, allowing digital banks to establish physical branches. WeLab Bank, ZA Bank, and Mox Bank are considering this option, while Livi Bank remains fully digital for now. 
• Pakistan is exploring opportunities to allow its firms to make secondary listings in Hong Kong.
• Hong Kong’s WeLab Bank achieves breakeven after four years, following ZA Bank's profitability milestone last September.