Greetings, fellow fintech enthusiasts!  It's time for our monthly newsletter again. From exciting product launches to licensing updates and everything in between, we've got you covered. So grab a cup of tea (or coffee if you prefer) and let's dive into some Chinese fintech news together!

Enjoy,

Ning

Venture Financing

• Chinese payment-as-a-service provider Fuiou Pay is eyeing an IPO at the Shanghai Stock Exchange, again
• US-listed Lufax launched its dual listing in Hong Kong
• Yibin City Commercial Bank Considers a $300 Million Hong Kong IPO
• Hong Kong and Singapore-based venture capital (VC) firm AFG Partners closed its $30 million debut fund focused on B2B fintech opportunities in Asia and globally
• China Pacific Insurance Group-backed CPIC Investment Management teamed up with Waterdrip Capital to launch two digital asset-dedicated funds
  

Licensing & Regulations

• Hong Kong plans to release licensing details for virtual asset businesses in June and expects local banks to play nice with crypto companies
• Binance had a rough April: their Australian derivative license was canceled by Australia market regulator ASIC; Dubai also pressured them to hand in more info as part of their permit application process; and they were unable to find banking partners in the US following the fall of their main providers, Silvergate and Signature Bank
• PingPong Payments secured an EMI license from UK financial services regulator FCA

Product & Partnership Launches

• Cross-border payment unicorns had a big launch month:

            * Airwallex rolled out its global payment services in Canada, partnered with Baidu to allow customers to pay their advertising fees more efficiently, and launched JCB card payment collection service for its customers in Hong Kong, Singapore and Australia

            * PingPong Payments completed a payment integration with Ozon, a leading Russian eCommerce marketplace, and launched a new ChatGPT tool to help customers improve communication efficiency

            * XTransfer announced its expansion to Hong Kong, allowing Hong Kong customers to pay their mainland suppliers with instant payments

• HSBC launched cross-border payment collection service with Korean eCommerce marketplace Coupang
• China’s Shopify equivalent, Shoplazza, partnered with UK fintech Volt to enable its merchants to accept cross-border open banking payments in the EU, the UK, and Brazil
• Chinese e-wallets are expanding rapidly with the revival of global tourism interests among Chinese travelers:

            * Wechat Pay signed a three-year strategic partnership with the Singapore Tourism Board to facilitate overseas payments

            * Alipay and Wechat Pay partnered with Korail to allow customers to book train tickets in South Korea within the apps

            * Alipay+ is now available at Singapore hawker centers through a partnership with Network for Electronic Transfers (NETS)

Other News

• Following Brazil’s participation in CIPS, Argentina plans to settle Chinese imports in Yuan instead of USD
• Binance Rejected Justin Sun’s Offer to Buy His Huobi Stake
  

Interesting Read

• China Pathfinder: Q1 2023 Update
• The Renminbi’s New Role: Sanctions Busting