Hong Kong Hands Out More Crypto Licenses (TWIF-China 12/19)
Chart of the Week
- China's consumption growth is still lagging behind its factory output.
- There are recent signs of stabilization in the economy following government stimulus efforts.
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Licensing & Regulations
- Hong Kong SFC granted four new virtual asset licenses to Accumulus, DFX Labs, Hong Kong Digital Asset EX and Thousand Whales Technology (BVI).
- US Congress will soon vote on a bill to restrict U.S. investments in China, following Treasury rules effective January 2 that limit investments in sensitive technologies like artificial intelligence due to national security concerns.
- Canada plans to impose tariffs on various Chinese products as early as next year.
- Goldman Sachs has received regulatory approval to sell funds in China, reflecting Beijing's ongoing commitment to opening its financial sector to foreign firms.
Product & Partnership Launches
- Spend management company Moss partnered with Airwallex to enable global payments on its platform.
- UnionPay and Wise announced a product upgrade to improve their cross-border payment experience.
- Ant International has joined Swift's Network Interoperability Reference Implementation program to enhance transparency in cross-border payments.
- SF-based cross-border payment company Klasha has teamed up with LianLian Global to facilitate payments between China and Africa.
Other News
- Ant Group denied rumors of restarting its IPO process amid market speculation..
- TikTok is appealing to the U.S. Supreme Court in a final attempt to avoid a ban.
- Hong Kong's six largest banks have lowered their prime lending rates for the third time this year, reaching the lowest levels in over two years, despite HKMA’s warning of volatility.
- Singapore-based bank OCBC committed to expand its HK presence by opening a new office and expanding its workforce in the region.
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