Chobe National Park, Botswana
Hello fintech friends,
It is currently China’s Golden Week, celebrating National Day. Following the rollout of the stimulus plan just before this holiday, the Chinese stock market reached new highs. However, Caixin Global’s Global Manufacturing PMI shows a significant decline in the manufacturing sector for September.
Do you think China’s economy will truly rebound with strong policy support? Share your thoughts in the comments or reach out to me at: [email protected].
Now, let’s dive into what’s been happening in China’s banking and fintech sector over the past week.
Licensing & Regulations
A significant decline in venture capital funding for Chinese startups is prompting Beijing to take a more active role in developing the country's tech industry, providing the bulk of investment into tech startups. It now has expanded the number of cities where the Big Five banks' asset investment companies can invest in tech firms from a few to 18 with increased investment limits.
China announced the new Network Data Security Management Regulations, effective January 1, 2025.
Binance’s founder CZ was released from jail after serving 4 months.
Financing, Investment & Acquisition
Citadel plans to open its wholly owned brokerage, asset management and proprietary trading company by this year, after failing in its bid for Credit Suisse’s onshore business.
DBS is waiting for regulatory approval to increase its ownership in its Chinese securities JV from 51% to 91%.
RD Technologies secured $7.8m to expand its FinTech bridge between Web2 and Web3.
Product & Partnership Launches
Alipay+partnered with Himalayan Bank to expand acceptance in Nepal.
Bank of China HK launched a new Mastercard multi-currency debit card leveraging Worldline’s solutions.
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