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Hello fintech friends,
A lot of new launches took place this past week, with AI continuing to be the buzz word as platforms roll out automated payment tools and smart settlement systems. At the same time, Chinese tech companies looking for alternative listing routes after facing IPO hurdles overseas are finding that turning to the domestic market brings its own set of valuation and compliance challenges.
Read on for more details.
- Ning
The Rundown
🚀 Product Launches
China completed its first cross-border digital yuan payment to Singapore for the purchase of aircraft fuel, marking a milestone in expanding the sovereign digital currency's global use.
Hang Seng Bank partnered with AlipayHK to become the first local bank to support direct top-ups for AlipayHK e-wallets, enabling customers to execute instant funds transfers.
Unlimit expanded its payments partnership with Xiaomi GetApps to provide localized payment solutions and enhance digital transaction accessibility for users across global emerging markets.
Airwallex introduced onsite local payment methods for merchants using Shopify, allowing customers to complete transactions without being redirected to external payment gateways.
Shanghai Commercial Bank collaborated with fintech firm Planto to utilize the HKMA's Interbank Account Data Sharing framework, aiming to streamline account aggregation and enhance digital banking services.
Futu Securities launched direct Korean stock trading services for its Hong Kong retail clients, enabling them to invest in South Korean equities via its digital platform.
LianLian International partnered with China UnionPay to introduce an AI-driven payment system tailored to optimize cross-border transaction processing and fraud management.
Visa and LianLian International launched an AI agent-driven B2B payment solution to automate cross-border merchant transactions and optimize treasury management operations.
🏦 M&A
HashKey Group signed a non-binding agreement to fully acquire the Asia Pacific Exchange (APEX) in order to secure highly sought-after regulatory licenses from the Monetary Authority of Singapore.
🗂️ Other News
Fast-fashion retailer SHEIN is struggling to justify a valuation of around $50 billion for its planned Hong Kong initial public offering.
China’s leading social media platform XiaoHongShu (Little Red Book) is facing scrutiny over its potential Hong Kong IPO after a former employee filed a complaint with the stock exchange. The complaint alleges inconsistencies regarding the company's variable interest entity (VIE) corporate structure.
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Fun Stuff
DO YOU KNOW The Rai stone system of Yap is widely considered the ancient precursor to the blockchain because it relied on a completely decentralized, public ledger, except that it wasn’t digital. 🤔
Photo by Ken Eckert via Wikipedia
Instead of using a network of computers, the community used shared oral history to track the ownership of the massive stones, meaning everyone had to publicly agree on transactions to prevent fraud — a brilliant system of community consensus operating centuries before Bitcoin!
Oh well, I guess. there is nothing new under the sun.
Until next time!
