Hello fintech friends,

I hope you're doing well. I recently returned from China, where I celebrated the Lunar New Year. I wanted to share a photo I took at the snow-covered Forbidden City in Beijing.

Now, let's get back to our favorite topic - fintechs!February was short but enough eventful! 

Highlights of the month includes: 

• Ant Group outbidding Citadel Securities for Credit Suisse's investment bank venture in China.
• Shein opting out of a US IPO and shifting its focus to the UK
• Lianlian successfully passing the listing hearing and obtaining government approval for its IPO   

Of course, there is more news. Please find below the "This Month in Fintech - China" for February. As always, feel free to reach out to me with any feedback!

Cheers, 

Ning 

Licensing & Regulations 

• Bilibili, a leading Chinese online entertainment platform, failed to acquire China’s payment license after regulators rejected its deal to acquire Yoyi Pay, which holds the license. 
• The Indian government is currently investigating the flow of foreign direct investment (FDI) from China into Paytm Payments Services Ltd (PPSL), which is a subsidiary of One97 Communications Ltd.
• China’s major stock markets, including the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Beijing Stock Exchange (BSE), introduced new guidelines for sustainability reporting by listed companies.

Financing, Investment & Acquisition 

• Ant Group outbid Citadel Securities for Credit Suisse's investment bank venture in China, which is expected to face significant regulatory scrutiny. Read more here about Why does Ant Group want to acquire this JV. 
• Shein is considering an IPO in the UK, due to low likelihood of obtaining approval in the US.
• Lianlian DigiTech passed the listing hearing on the Main Board of the Hong Kong Stock Exchange, with CICC and J.P. Morgan as the joint sponsors.
• In last month’s edition, we reported that Ant Group is finalizing a $200 million deal to acquire Dutch payments firm MultiSafepay. Concerns have been raised over this potential deal. Analysts and European politicians warn that this acquisition could grant Alipay and the Chinese government a strategic position in the EU market.

Product & Partnership Launches 

• Airwallex is partnering with McLaren F1 team to modernize McLaren’s global financial operations through its treasury management and cross-border pay-outs and settlement product suite.
• Buna, the UAE-based cross-border payment system, will add currencies from India, China, Pakistan and African and European countries in 2024-25.
• London-based fintech Ebury introduced a solution for direct transactions between the Brazilian real and Chinese yuan. 
• Alipay+ formed partnerships with Thailand’s 7-Eleven stores, Singapore’s Resorts World Sentosa (RWS) and UAE’s major airports.
• Ant Group partnered with Yapily, a European open banking platform, to introduce commercial variable recurring payments for e-commerce.
• Ant Group and the Shanghai municipal government have formed a strategic partnership to enhance collaboration in areas including blockchain and artificial intelligence (AI).

Other News 

• Russia and China teamed up on a blockchain payment system to challenge the US dollar.
• Ant Group made net profit of 24.5 million yuan ($3.41 million) in the three months to Sept. 31, down 92% from the previous year.

Other Reads

• Across Asia, Super Apps Are Facing A Moment Of Truth
• Global fintech investment collapses in 2023
• The evolving landscape of Open Banking in APAC

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