Photo taken at StableCon
Happy Thursday! StableCon is a wrap, now here is your update on the latest fintech, crypto, and cross-border payments news from China and the region.
The Coin Related
Hong Kong has passed a new law requiring stablecoin issuers to obtain licenses from the Hong Kong Monetary Authority, setting clear rules for reserves and investor protection. This move positions Hong Kong as a key hub for regulated digital assets.
Licensing & Regulations
Yeahka has obtained a US Money Transmitter License, enabling it to expand its cross-border payment services.
China and Indonesia signed agreement to collaborate on currency settlement.
PingPong has expanded its operations to Malaysia and the UAE by acquiring local licenses, further strengthening its global payment network.
China has raised cross-border renminbi usage requirements for major banks, aiming to boost the RMB’s international role.
Financing
Shein has shifted its IPO plans to Hong Kong after its UK listing was derailed, seeking to leverage Hong Kong’s capital markets.
Product & Partnership Launches
dLocal has partnered with Panda Remit to offer more affordable cross-border remittances, addressing growing demand for cost-effective money transfers.
Citcon and Splitit have launched card-linked installment payment options for global merchants, providing flexible payment solutions.
Visa has expanded its Click to Pay service in Hong Kong through a partnership with ZA Bank, enhancing online payment convenience and security.
