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Coins.ph's Philippine Peso-backed stablecoin, PHPC, has successfully exited the BSP Regulatory Sandbox as of June 10, 2025, allowing for expanded operations in remittances and cross-border transactions. The stablecoin, fully backed by cash reserves, aims to reduce remittance costs and enhance financial inclusion in the Philippines, a major recipient of overseas remittances. This development aligns with regional trends in digital currency regulation, reflecting the Philippines' strategic focus on leveraging blockchain technology for economic needs.
SG fintech firm Sleek has secured $23 million in a Series B funding round led by Ellerston Capital, with participation from Money Forward. Founded in 2017, Sleek offers digital corporate services including company incorporation and accounting, serving over 16,000 SMEs across Singapore, Hong Kong, the UK, and Australia. The new funding will enhance its automation technology and expand services, focusing on growth in Australia and the UK while supporting its core markets.
Xiaohongshu, the Chinese social media and e-commerce platform, has opened its first office outside mainland China in Hong Kong, aiming to enhance services for cross-border users and brands. This expansion reflects a shift in Hong Kong's role as a launchpad for Chinese tech firms and is strategically timed with the platform's established user base of 300 million monthly active users. The office is expected to influence local tourism and consumer behavior, particularly among the influx of young mainland immigrants seeking lifestyle recommendations.
Hong Kong is set to utilize Chainlink's Cross-Chain Interoperability Protocol (CCIP) for its Central Bank Digital Currency (CBDC) study. This initiative aims to enhance the exploration and implementation of digital currency solutions in the region.
Chinese social media platform RedNote, also known as Xiaohongshu, has launched its first open-source large language model, dots.llm1, featuring a mixture-of-experts system with 142 billion parameters. The model, developed by the Humane Intelligence Lab, excels in Chinese language understanding and aims to reduce training costs while enhancing transparency and trust in AI development. With 300 million monthly active users and a valuation of approximately US$26 billion, RedNote is positioning itself competitively in the evolving landscape of open-source AI.
HSBC is expanding its investment banking operations in Asia and the Middle East, focusing on high-growth markets like Hong Kong and India while reducing its presence in less profitable regions. This strategic shift aligns with the bank's historical roots and capitalizes on the growing demand for IPOs, particularly as Hong Kong leads global rankings with nearly $10 billion raised this year.The evolving economic corridor between Asia and the Middle East presents unique opportunities for investment banks, with trade relationships projected to surpass those with Western nations by 2027. HSBC's recognition as the Middle East's best investment bank in 2025 underscores its strategic positioning in equity and debt capital markets, supporting the region's economic diversification efforts, especially under Saudi Arabia's Vision 2030.
Digital asset inflows slowed amid economic uncertainty, with Ethereum leading the way, attracting $296.4 million and totaling $1.5 billion over seven weeks. The U.S. saw the highest regional inflows at $175 million, while Bitcoin faced outflows of $56.5 million for the second week. Altcoins like Sui and XRP showed mixed performance, with Sui gaining minor inflows and XRP continuing its outflow trend.
Next-gen high-net-worth individuals are increasingly favoring the Middle East for investments, driven by geopolitical security and economic stability. Saudi Arabia, through its Vision 2030 program and new residency initiatives, is positioning itself as a regional wealth hub, attracting over 20,000 millionaires to Riyadh and 10,400 to Jeddah. Meanwhile, the UAE is also benefiting from this trend, as the region seeks to enhance market connectivity and wealth management services amidst a backdrop of modest growth in HNWI wealth.
In June 2025, funding activity in Asia remains robust despite challenging macroeconomic conditions, with notable deals including India’s Udaan raising $114 million and China’s D-Robotics securing $100 million. A total of 58 deals worth over $575 million were reported recently, highlighting ongoing investor interest in the region's startups. Additionally, a new platform, Glasswall, aims to enhance transparency in fundraising by allowing founders to share feedback on investors.
Beijing's Public Security Bureau plans to sell confiscated cryptocurrencies through licensed exchanges in Hong Kong, marking the first formal process for disposing of seized digital assets. This initiative, in collaboration with the China Beijing Equity Exchange, aims to manage billions in crypto seized since the country's ban on trading. While mainland China maintains strict regulations, Hong Kong is emerging as a hub for virtual assets, allowing for a dual approach to cryptocurrency regulation.
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Philippines stablecoin PHPC exits trial phase to enhance remittances and transactions
09:18 10.06.2025
Sleek secures 23 million dollars in series B funding for expansion
03:00 10.06.2025
Xiaohongshu opens Hong Kong office to enhance cross-border services and tourism
00:45 10.06.2025
hong kong adopts chainlink's ccip for central bank digital currency study
21:03 09.06.2025
RedNote launches open-source language model enhancing Chinese AI capabilities
09:50 09.06.2025
HSBC expands investment banking in Asia and Middle East for IPO growth
04:39 09.06.2025
Ethereum leads digital asset inflows as market slows amid uncertainty
03:34 09.06.2025
next-gen high-net-worth individuals favor middle east for investment opportunities
13:39 08.06.2025
Asia's tech landscape thrives with significant funding deals amid challenges
11:30 07.06.2025
China to sell seized cryptocurrencies through Hong Kong exchanges for first time
03:00 07.06.2025
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