This Week in Fintech - China (9/18)

Hi friends,

Welcome to your weekly dose of what’s moving fintech across China and Asia. Here’s what’s new this week:

Product & Partnership Launches

Alipay+ has partnered with Grab to let Southeast Asia travelers book rides using their home e-wallets, and will also launch cross-border QR code payments with Saudi Arabia’s mada payments network in 2026.
UnionPay is piloting cross-border QR payments between China and Indonesia, aiming for full rollout in 2025.
XTransfer and Shanghai Pudong Development Bank (SPD Bank) have partnered to enhance cross-border trade for SMEs, focusing on local accounts, multi-currency settlement, and risk control.
Ant International and Google are building a protocol for AI agents to securely make payments for users.

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Licensing & Regulations

The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have signed an MoU to deepen cooperation on bank oversight, improving cross-border supervision and information sharing.
CoGoLinks has received a payment license from Dubai’s financial regulator, enabling it to offer cross-border payment services to UAE businesses and global enterprises entering the region.
China has told its major tech companies to stop buying Nvidia AI chips. Alibaba and Baidu have started using their own chips to train AI models, reducing reliance on Nvidia for advanced computing needs.

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