Hi fintech friends,
Please find this week’s brief on the latest fintech movements in Greater China.
(I asked Gemini to create a thumbnail for today’s newsletter since I couldn't find a perfect fit elsewhere. It felt appropriate given that today’s edition covers a lot of agentic commerce news. What do you all think?)
Product & Partnership Launches
Alipay launched a delegated purchasing feature on Taobao, allowing Qwen-powered AI agents to autonomously monitor prices and execute transactions.
Hong Kong fintech Reap partnered with TerraPay to streamline cross-border B2B payouts by integrating local payment rails into its treasury platform.
OSL Group and Anchor Point Financial successfully tested the HKDAP stablecoin with custodial support from Standard Chartered.
XTransfer introduced its X-Net settlement network in Latin America to provide SMEs with lower-cost B2B trade and remittance solutions.
PhotonPay and Mastercard completed its first agentic payment.
Weixin Pay expanded its digital wallet services to 12 major tourist attractions in Queensland, Australia, to support recovering Chinese tourism.
Financing & Acquisition
Kraken’s parent company Payward agreed to acquire Reap for $600 million to expand its corporate card and payment infrastructure.
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