The Weekly Wrap: all you need to know by Friday COB | March 31st

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

As a result of the ongoing global banking crisis and high inflation, banks in Mainland China have been seeking ways to invest in cryptocurrencies. Mainland China residents are accessing the Web3 industry and investing in digital assets despite the ban imposed by the People’s Bank of China in 2021.

The Binance crypto trading platform is reportedly being accessed by Mainland China residents through VPNs and fake proofs of residence. This allows them to bypass China’s strict regulations and participate in the cryptocurrency market. Additionally, Bitcoin prices have gained nearly 70% year-to-date while the traditional stock market is either lagging in negative gains or minimal volatility.

Chinese banks seek to invest in web3 startups in Hong Kong

According to a report by Bloomberg, Hong Kong arms of Bank of Communications Co., Bank of China Ltd., and Shanghai Pudong Development Bank have sought to invest in Web3 startups. The fall of three US regional banks has seen Asian investors migrate from American financial institutions to local firms.

The Hong Kong Monetary Authority (HKMA) has stated that it takes nearly three months for crypto-related businesses to open a corporate bank account in Hong Kong.

Hong Kong’s crypto adoption is expected to soar

The entrance of the Chinese banking sector in Hong Kong could significantly bump crypto mainstream adoption in the region. This move could be a game-changer for the crypto industry in Hong Kong and beyond, as Chinese banks are known for their influence and investment power.

Deals of the week

• SEBI makes KYC mandatory for E-wallets used to invest in Mutual Funds
• FinTech Raisin lands €60m in Series E, exceeds 1m customers
• P. Morgan to pilot biometric payments in US
• WLPayments partners with Truevo to expand gateway solutions
• Ingenico announces 100% acquisition of Phos
• Zone adopts ThetaRay AI solution to monitor payments in Nigeria
• Western Union expands its service offering across Peru
• Kora launches USD card-acquiring in Africa
• Xelidoni selects Wolters Kluwer’s OneSumX for risk management
• Visa and Brightwell team up for cross-border payments
• Mystifly raises $8m in Pre-Series B Funding

Be on the lookout for

The Finance Magnates Africa Summit will be held at Sandton Convention Center from May 8th to 10th 2023.

FMAS:23 is Africa’s largest premier gathering encompassing a wide audience for your maximum benefit. Bringing together a B2B and B2C audience in online trading, payments, digital assets, and fintech, businesses, and individuals will have the opportunity to find exactly the product or service they are looking for in the region.

Get ready to experience premium networking opportunities at the Finance Magnates Summit in a new location – South Africa. Join business leaders and decision-makers from the online trading, fintech, payments, and crypto industries for an unforgettable gathering. Network with like-minded professionals, gain valuable insights and create meaningful business connections.