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Hey fintech friends!
This week’s China fintech news is packed with regulatory news.
First up, Visa just got the green light from the People's Bank of China to start preparing for a domestic bankcard clearing license. Unlike Amex or Mastercard, Visa is going totally solo as a wholly foreign-owned enterprise (Not sure if this has to do with the Xi-Trump meeting that just happened, politics always plays a part in deals unfortunately!). They have exactly one year to build their infrastructure and start settling yuan transactions directly. It’s a massive regulatory breakthrough, but the clock is ticking for them to take on China UnionPay and the QR-code giants like Alipay and WeChat Pay.
At the same time, China is launching a national blockchain and integrated computing network to modernize industrial supply chains. This new policy is strictly focused on building out data infrastructure for the real economy and safely monetizing data, all while keeping a total, hard ban on speculative cryptocurrencies.
Looking at these headlines, I sense a clear pattern of growth under tight control. Beijing is opening its doors to global players like Visa and embracing advanced blockchain technology, but only and always on its own terms.
Anyhow, let’s dive into this week’s China fintech news!
- Ning
Deadline Extended: One More Week to Nominate Your 2026 Changemakers
Due to the flood of submissions over the past few days (and more than a few requests for extra time), we’re keeping the nomination window open for one final week.
You now have until Friday, October 16 to put forward the builders, platforms, and investors who drove lasting, positive change in fintech this year..
We’re recognizing honorees across five distinct categories: Big Companies, Startups, Founders, VCs & Investors, and Social Good / Nonprofits.
Winners will be announced live at our year-end Fintech Formal on Dec. 11 in New York.
The Rundown
🚀 Product Launches
Sends partnered with UnionPay International to develop card issuing and merchant acquiring capabilities within its platform.
Airwallex introduced a Walmart Seller Center integration enabling Canada-based marketplace sellers to receive USD and CAD payouts.
💸 Fundraises
OPay secured approximately $185 million from Standard Bank Group in a private placement ahead of a planned US IPO.
🏛️ Policy & Regulation
China is launching a national blockchain and integrated computing network to modernize its industrial supply chains and safely monetize data. The policy strictly focuses on state-controlled infrastructure for the real economy, maintaining its total ban on speculative cryptocurrencies.
China accelerated the consolidation and cleanup of small rural banks following a record number of lender closures.
Hong Kong announced plans to table a bill by the end of the year to license virtual asset dealing, custody, advisory, and management services.
Visa received approval from the People's Bank of China (PBOC) to prepare for a domestic bankcard clearing institution.
Ant International received two payment licences from the Central Bank of the UAE to support merchant acquiring and cross-border financial services.
XTransfer completed its registration with Chile’s Unidad de Análisis Financiero to extend its B2B cross-border payment services.
YeePay secured an electronic money institution (EMI) licence from De Nederlandsche Bank to expand its European regulated payment services.
Upcoming Events
TWIF and Stablecon are hosting a lot of events with fintechs like Checker, Cambr, OpenFX, and many more at Money20/20 next week. Check them out and register before it's too late: https://luma.com/user/twif
See you next week!
