Hello again fintech friends,

Please find another month of Chinese fintech news, financings and product launches below.

Licensing & Regulations 

• House has passed Tiktok ban bill, resulting in a slowdown in user growth for the first time in its history. 
• The divesting proposal of TikTok has given rise to the concept of "China zombies" – successful companies caught in geopolitical tensions, offering limited returns for investors. Ant Financial and PingPong were mentioned as examples. 
• The Monetary Authority of Singapore (MAS) has announced an extension to the ongoing suspension affecting remittances to China.
• China has expanded investment opportunities for mainland Chinese investors in Hong Kong and Macao.

Financing, Investment & Acquisition 

• GGV has announced two separate brands,  Granite Asia for their Singapore-based operation and Notable Capital for their U.S. team, approximately six months after announcing the split of their U.S. and Asia operations.
• Cross payment provider Lianlian Digital has IPOed on the HK Stock Exchange. 
• Ant Group is undergoing a restructuring which will make its international business more independent from other operations. 
• Ant Group has made an additional investment of S$200 million (approximately US$148 million) into ANEXT Bank, its wholly-owned subsidiary and digital bank focused on serving small and medium-sized enterprises (SMEs).
• China's central bank has approved Tencent Holdings' online payment platform Tenpay to boost its registered capital to 15.3 billion yuan ($2.13 billion). 

Product & Partnership Launches 

• LemFi and Visa have partnered to facilitate cross-border transactions in China and India. LemFi hired Ex OPay COO, Allen Qu to lead China Expansion.
• Mastercard has extended its partnership with Chinese fintech Alipay to enable the latter's digital wallet users to send money across borders to 180 markets.
• China's UnionPay has launched Project Excellence 2024 to make payments more convenient for visitors and senior citizens.
• Ant Group is increasing the single-transaction limit for international travelers using its cross-border payment services from $1,000 to $5,000, and raising the annual cumulative transaction limit from $10,000 to $50,000.
• The Hong Kong Monetary Authority (HKMA) has launched one of the world's first wholesale CBDC pilots.
• Malaysia's MOVE Digital, the digital arm of Capital A aviation group, has partnered with Singapore's Ant International to integrate payment methods, provide acquiring services, and drive business growth through digital marketing. 
• Adyen has partnered with PayMe by HSBC in Hong Kong to become an acquirer for the mobile payment service.

Other News 

• Chinese regulators are urging banks to expedite the approval process for new loans to private property developers facing a shortage of funds. On the other hand, China's property crisis is driving private credit towards tech sectors.
• Chinese President Xi Jinping was set to meet with a group of U.S. business leaders in Beijing last week, aiming to attract American firms in response to a decrease in foreign investment.
• Bank of Singapore has appointed former Credit Suisse exec Ronnie Cheung as Greater China COO. 
• Ant Group has appointed its former CFO Han Xinyi as the new president. 
• Airwallex has expanded its US presence with new offices in New York/Austin and added three senior hires: Jason Gottlieb as VP and global head of financial partnerships, Hugo Buret as head of strategic partnerships, and Ankur Goel as global head of revenue operations.

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