The global fintech and digital payments landscape continues to evolve at a rapid pace. From regulatory updates to cross-border payment innovations, this week’s key developments highlight how financial institutions, tech giants, and governments are shaping the future of international commerce. This digest delivers concise yet comprehensive insights into the latest trends in outbound finance, focusing on regulatory shifts, technological advancements, and strategic partnerships.
🌐 Global Regulatory Shifts in Cross-Border Finance
Governments and international bodies are intensifying efforts to balance innovation with security in digital finance.
China Strengthens Digital Trade and Cross-Border Payment Cooperation
Recent guidance from top Chinese authorities emphasizes deeper collaboration in digital trade. A policy jointly released by the Central and State Councils calls for enhanced international cooperation in areas including cross-border settlement and mobile payments. The initiative targets stronger digital infrastructure connectivity with ASEAN, Central Asia, BRICS, and SCO nations—laying the groundwork for broader regional financial integration.
👉 Discover how global payment systems are adapting to new regulatory frameworks.
New Anti-Fraud Rules Avoid Blanket Account Freezes
In a significant move to protect legitimate businesses, China’s Ministry of Public Security and three other agencies have introduced updated anti-fraud measures. These rules emphasize precision over blanket enforcement, ensuring that overseas trade accounts aren’t arbitrarily frozen. Financial institutions are now guided to implement “accurate assessment, fine-grained operations, and precise打击” (打击 =打击 is translated as "targeted action") to combat fraud without disrupting lawful cross-border transactions.
FATF to Revise Risk Assessment Standards
The Financial Action Task Force (FATF) plans to update its methodology for evaluating countries’ exposure to illicit financial flows. The revised standards aim to support financial inclusion while maintaining robust anti-money laundering (AML) safeguards—a move that could reshape compliance expectations worldwide.
🚀 Cross-Border Payment Innovations and Market Expansions
Fintech players are aggressively expanding their global footprint with localized solutions.
JD Launches JD FinTech for Cross-Border E-Commerce
At its recent supply chain finance summit, JD Pay unveiled JD FinTech, a dedicated financial platform for cross-border e-commerce. The service offers multi-currency accounts, seamless fund transfers, currency conversion, and tax reporting—delivering a one-stop solution for exporters seeking efficiency and compliance.
Checkout.com Enters Japan with Localized Processing
Global payment processor Checkout.com has officially launched in Japan, introducing direct acquiring capabilities. This move enables merchants to accept payments locally while reducing processing times and fees—part of its broader Asia-Pacific strategy to deliver region-specific solutions.
Worldpay Launches Near-Instant Refunds in the UK
Worldpay has rolled out a groundbreaking refund solution in the UK, allowing consumers to receive refunds in minutes instead of days. Initially available for Mastercard and Visa users at select retailers like HMV, the service addresses rising consumer expectations—40% of shoppers expect refunds within 24 hours. Expansion across the EU is planned for 2025.
💳 Digital Wallets and Transit Payments Go Global
Contactless payments are becoming the norm in public transportation and retail.
Apple Brings Tap to Pay to New Zealand
Apple has launched Tap to Pay on iPhone in New Zealand, turning compatible iPhones (Xs and later) into contactless payment terminals. Merchants can now accept payments via cards, Apple Watch, or iPhone using NFC—supporting Amex, Visa, Mastercard, JCB, and Discover.
Auckland Adds UnionPay Contactless Transit Support
Auckland’s public transit system now accepts UnionPay contactless payments. Residents and tourists can tap their UnionPay cards or mobile wallets on subways, buses, and ferries—enhancing travel convenience and boosting digital payment adoption.
Japan to Add Over 1 Million UnionPay QR Code Merchants
UnionPay International has partnered with Mizuho Bank and UC Card to enable J-coin Pay merchants across Japan to accept UnionPay QR codes. This expansion will allow Alipay+ users seamless access to over a million stores—significantly improving the mobile payment experience for Chinese tourists.
🔐 Crypto Regulations and Banking Innovations
Cryptocurrency adoption is gaining momentum, but under tighter oversight.
Hong Kong’s ZA Bank Allows Retail Bitcoin Purchases
In a landmark development, Hong Kong’s virtual bank ZA Bank has partnered with HashKey to let retail users buy and sell Bitcoin and Ethereum using fiat currency. With a minimum entry of $70 or HK$600 and reduced fees until mid-2025 (0.8% platform fee), this service marks a major step toward mainstream crypto access in Asia.
👉 Explore secure platforms for entering the digital asset market today.
UK to Propose Crypto Regulatory Framework in 2025
The UK government plans to release a draft crypto asset regulatory framework in early 2025. Covering stablecoins, staking, and broader crypto activities, the unified approach aims to bring clarity and investor protection to the rapidly growing sector.
Sumsub and Elliptic Partner to Combat Crypto Crime
Identity verification firm Sumsub has teamed up with blockchain analytics leader Elliptic to enhance crypto transaction monitoring. By integrating Elliptic’s tools into its platform, Sumsub now offers advanced wallet screening, fraud detection, and Travel Rule compliance—critical for regulated institutions.
📦 E-Commerce and Logistics Updates
Regulatory changes are streamlining cross-border logistics operations.
Customs Cuts Overseas Warehouse Filing Requirement
China’s General Administration of Customs has eliminated the mandatory filing requirement for e-commerce firms using overseas warehouses. While businesses no longer need to register the export warehouse model, they must still submit booking data electronically and ensure accuracy—a move aimed at reducing red tape for exporters.
🏦 Banking Moves: Exits, Expansions & Investments
Traditional banks are recalibrating their global strategies amid geopolitical and economic shifts.
HSBC Halts Personal Payments from Russia & Belarus
Following its full exit from Russian commercial banking in May 2024, HSBC has stopped processing personal payments originating from Russia and Belarus. Customers are advised to seek alternative channels for such transactions.
HSBC Denies Exit from Mainland China Credit Card Market
Rumors of HSBC exiting its mainland China credit card business were debunked by the bank’s official spokesperson. HSBC China confirmed it continues normal operations, including new card applications—reaffirming its long-term commitment to the Chinese market.
NORBr Raises €3M for Payment Infrastructure Growth
Dutch fintech NORBr secured €3 million in funding to enhance its payment terminal management, PayOps efficiency, and compliance tools—highlighting investor confidence in next-gen payment infrastructure.
💬 Frequently Asked Questions (FAQ)
Q: Can individuals in Hong Kong now legally buy Bitcoin through banks?
A: Yes. ZA Bank, a licensed virtual bank in Hong Kong, now allows retail customers to buy and sell Bitcoin and Ethereum using Hong Kong dollars or US dollars through its partnership with HashKey.
Q: Has China completely removed all regulations for overseas warehouse exports?
A: No. While the filing requirement has been canceled, exporters must still submit electronic booking data to customs and remain accountable for its accuracy.
Q: Is Apple’s Tap to Pay available on all iPhone models?
A: No. Tap to Pay requires iPhone Xs or later models running the latest iOS version.
Q: Will Worldpay’s instant refund service be available outside the UK?
A: Yes. The service is expected to expand across the European Union in 2025, covering both online and in-store transactions.
Q: Are there new rules protecting businesses from account freezes due to fraud concerns?
A: Yes. China’s new joint anti-fraud guidelines promote targeted enforcement rather than mass account freezes, helping legitimate exporters avoid unnecessary disruptions.
Q: Is Stripe going public soon after its stock buyback?
A: There’s no official IPO announcement yet. The recent $70 billion valuation stock buyback aims to manage equity dilution and improve employee liquidity.
👉 Stay ahead in global finance with cutting-edge tools for cross-border transactions.