This Month in Fintech - China (March 24’)

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.

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). 

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.

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.