Source: Yunha Lee/CoinDesk
Hi fintech friends,
Welcome back to This Week in Fintech - China! As the summer heats up, so does the pace of developments in China’s fintech scene. Let's dive in now.
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The Coin Related
Despite CEO's initial skepticism, Airwallex is building a dedicated stablecoin platform team. The new infrastructure will enable customers to buy, hold, send, and settle tokens globally, supporting instant payments and seamless fiat-to-stablecoin conversion. Airwallex is embedding stablecoins into its core FX and liquidity operations, aiming to make tokenized currency as frictionless as fiat across its global network.
Ant International is seeking stablecoin licenses in multiple countries and regions, aiming to bridge regulated payments and DeFi. Meanwhile, there have been rumors that Circle is exploring a partnership with Ant Group to extend presence into China.
Hong Kong continues to attract major players, with over 40 firms preparing stablecoin license applications.
Circle and OKX have partnered to enable zero-fee, instant USD↔USDC conversions for OKX’s global users, making stablecoin on/off ramps faster and easier.
OSLacquiredBanxa for CAD $85.2 million to scale global crypto infrastructure.
Licensing & Regulations
China issued its first batch of long-term payment licenses to non-bank payment firms, signaling a shift toward regulatory stability. The first batch includes tech companies like Bytedance, Douyin and Huawei.
Product & Partnership Launches
Revolut now lets customers send money to China via Alipay, targeting the vast remittance market.
Dext, a bookkeeping automation provider,and Airwallex teamed up to launch Dext Payments, automating multi-currency bookkeeping and supplier payments for SMEs.
Other News
Shein filed for a Hong Kong IPO, to pressure London listing approval.
TikTok is preparing a U.S.-specific app with its own algorithm and user data storage to address regulatory scrutiny.
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