Hi fintech friends, Ning again!

Please find another week of news on China’s fintech, economy and policies in the below.

If you have any comments, topics of interest, or partnership opportunities, please feel free to contact me at: ning@thisweekinfintech.com.

Licensing & Regulations 

• China eased monetary policy for the first time in 14 years, shifting to a "moderately loose" stance from “prudent”, signaling more stimulus to boost consumption. 
• China plans  to further open up the futures market to foreign investors. 
• China urges investment banks to speed up mainland companies’ IPOs in Hong Kong. 
• Hong Kong government announced the Stablecoin Bill, establishing a regulatory framework for fiat-backed stablecoins to enhance financial stability and foster innovation in the digital asset sector.
• TikTok still faces potential ban in the U.S. after a judge upheld a law requiring its Chinese owners to sell the app by Jan 19th, prompting its legal team to seek an injunction until the Supreme Court and Trump can review the case. TikTok has also stated that it’ll invest more in the Middle East market. 
• China approved AllianzGI’s request to acquire a stake in China’s pension insurance company Guomin Pension, which makes them the first foreign asset manager to do so.

Product & Partnership Launches

• Circle and Binance have partnered to enhance the adoption of USDC, with Binance integrating it into its platform and holding it as a key asset, while Circle supplies technology and liquidity for wider adoption.
• Hong Kong’s blockchain insurance platform YAS has launched the region's first "Pay-As-You-Sell" Product Liability Insurance in partnership with QBE Asia and Assureful.

Other News

• Airwallex reported an 83% year-over-year revenue increase and a 49% rise in transaction volume in the APAC region for Q3, with global revenue up 73% and transaction volume up 60%. It has also expanded further in EMEA due to its significant growth in the region, opening a new office in Paris and starting to hire in Abu Dhabi and Dubai. 
• Ant Group appointed Cyril Han as new CEO. Former CEO Eric Jing will remain as chairman. 
• China has ordered PDD, Temu’s parent company. to revise its refunds-first policy, which merchants claim negatively impacts their profits.

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