China says: No Need for "Worship of Speed" (TWIF - China 12/05)

Hong Kong's Eddid Financial has received in-principle approval for a Capital Markets Services License from the Monetary Authority of Singapore (MAS), allowing it to offer a range of financial services.

Hong Kong plans to offer crypto tax exemption for hedge funds, private equity funds and family offices. 

Hong Kong financial management platform KPay raised a $55m series A. 

HSBC is winding down its Chinese credit card business after a failed sales attempt. 

Beijing State-owned Asset Management (BSAM) is auctioning its 33% stake in UBS Securities for 1.5 billion yuan ($207 million), paving the way for UBS to gain full ownership of the Chinese securities joint venture. 

China Resources and HKSTP launched the 'Beyond Dreams' initiative with a HK$100 million donation, aiming to support high-potential tech startups and expand their market presence in Hong Kong and Mainland China.

HSBC launched a new payment management system Smart Transact and it plans to roll it out to China by the end of the year. 

The HKUST Business School has introduced the InvestLM Generative AI Platform to assist the local financial services sector, especially small and medium-sized financial institutions.

China's state media stated that the country is not focused on achieving specific GDP growth targets, accepting a growth rate below 5% as there is no need for "worship of speed."

Chinese online retailers Temu and Shein have suspended operations in Vietnam as they work to register their e-commerce services, amid government concerns over deep discounting and potential counterfeit sales.

The UK's Financial Conduct Authority (FCA) signals openness to Shein's potential £50 billion London IPO.