Hi fintech friends,

The movements of China's stock market have been the talk of the town this past week. As Axios commented, "the entire country of China somehow became a meme stock". So true! As people returning to work from the golden week, the market took a dip last Wednesday after the government announced a smaller-than-expected stimulus package.

This caught some investors off guard and even led to a question: Will China become the next Japan? Now All eyes are on the finance ministry on Saturday as they will detail new initiatives to boost the economy.

We shall see.

Licensing & Regulations

• Hong Kong SFC approved the third crypto exchange license to a local firm Hong Kong Virtual Asset Exchange (HKVAX).
• Kasikornbank (KBank). the second-largest lender of Thailand, recently was approved to enter China's PE investment market.

Product & Partnership Launches

• FinVolution Group launched "Daira", a new digital finance platform in Pakistan, marking a milestone in its global expansion plan.
• DBS and the China Council for the Promotion of International Trade (CCPIT) signed a MOU to boost economic cooperation in China, Singapore, and ASEAN.

Other News

• Alipay data shows a 60% increase in outbound spending and a 120% increase in inbound spending by Chinese consumers during the 2024 Golden Week. Another more interesting trend was the surge in outbound travel from lower-tier cities.
• Adyen appointed Ben Wong as General Manager of Southeast Asia and Hong Kong.

Other Read

• How China’s economic dip will reshape business
• China’s Gen Z Thinks It Can Ride the Stock Market Frenzy
• Ecom is making China's deflation worse

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