Happy almost Friday, folks!

Hope everyone is enjoying the good weather. If you’re in New York, how’s Fintech Week treating you? If you’ve attended any TWIF-hosted events, we’d love to hear your feedback.

Here’s a quick roundup of this week’s updates—enjoy!

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Licensing & Regulations

• US House Committee pressure JPMorgan and Bank of America to withdraw from CATL’s $5B Hong Kong IPO over links to Chinese government.
• China clarifies cross-border data transfer rules with new official guidance, aiming to standardize compliance for businesses handling sensitive information.
• China and Vietnam agree to accelerate QR code payment interoperability, enabling direct transactions between consumers in both markets.
• Shanghai unveils a new cross-border financial services action plan to streamline capital flows and expand fintech pilot programs.

Product & Partnership Launches

• OSL partners with Fosun Wealth Holdings to provide institutional-grade crypto trading solutions in Hong Kong, combining traditional finance and digital asset infrastructure.
• ChinaAMC Hong Kong becomes the first Asian firm to explore Ethereum ETF staking, targeting institutional investors seeking crypto yield opportunities. ChinaAMC will collaborate with OSL.
• HashKey launches an XRP Tracker Fund in Hong Kong, with Ripple being an early investor, to meet growing demand for diversified crypto investment products.
• HSBC collaborates with Huatai Securities to offer Hong Kong investors access to mainland China’s onshore wealth management products.
• MoneyHero Group launches an AI-powered end-to-end digital car insurance platform in Hong Kong, featuring real-time pricing and claims processing.

Other News

• Thailand’s Stock Exchange will begin trading five new depositary receipts linked to Chinese tech stocks, including Tencent, Meituan and Xiaomi, starting April 22.
• Temu cuts ad spend over tariffs uncertainties.