China

Stablecoins Get the Boot (TWIF - China 3/6)

Hi fintech friends,

Ning here. Here's another week of news about the Chinese economy and fintechs.

Have a wonderful weekend!

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Licensing & Regulations

PBOC has advised banks to reduce dollar deposit rates to promote the yuan. This move aims to stabilize the currency and encourage domestic investment.
Airwallex has entered into an agreement to acquire CTIN Pay, a Vietnamese payment services company that holds an Intermediary Payment Service (IPS) license.
Binance will delist non-MiCA-compliant stablecoins in the European Economic Area (EEA), including USDT, DAI, and others.

Financing, Investment & Acquisition

China is launching a new state-backed venture capital fund to support strategic industries, focusing on sectors like semiconductors, AI, and other advanced technologies. Meanwhile, Alibaba Cloud has announced plans to invest $1 billion in its international partner ecosystem, with a significant portion allocated to AI startups and cloud technology expansion.
China International Capital Corp (CICC) is set to merge with Galaxy Securities, forming China's third-largest brokerage.

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Product & Partnership Launches

Wise has launched an international business payment account in Hong Kong, catering to the growing demand for cross-border financial services.
Temu, the viral e-commerce platform, has partnered with Nuvei to expand access to local payment methods globally. Additionally, Temu has teamed up with Atome to optimize checkout experiences in Malaysia.
CoGoLinks has launched a "Thailand Local Collection Account" service, enabling Chinese cross-border merchants to experience localized online settlement in Thailand.
Hang Seng Bank is among the first banks to lead RMB trade financing with HKMA's liquidity facility, strengthening Hong Kong's position as an offshore RMB hub.
UnionPay has relaunched in Mauritius to improve cultural and business ties, expanding its global footprint.
Standard Chartered plans to open its 6th cross-border wealth management center in Hong Kong, capitalizing on the growing demand for international financial services.