Tonik is the first digital-only bank in the Philippines with a banking licence from the BSP. Ukraine's Diligent Capital Partners, which is leading the pre-Series C funding round, has backed founder Greg Krasnov before.

Read on to find out the winners of the Deal Awards - Asia Pacific.

It is the group's largest public IABS issuance to date and its first in the Rule 144A/Reg S format with US onshore investors involved. Clifford Capital's group CEO told FA the deal "reflects the growing interest and appetite in infrastructure returns from institutional investors".

Emerging markets are fuelling the rise of stablecoins. New regulations mean that more institutions are tapping greater distribution that could reshape global finance, including in Apac.

Bauhinia 3 has a portfolio of 33 project and infrastructure loans across 28 projects, 12 countries and nine sub-sectors, with a value of $450.5m. HKMC issued Class D notes at non-investment grade -- a first in Asia.

Despite the promising pass of an Ordinance, use cases of stablecoins in Hong Kong remain vague. Adopting retail stablecoins depends on multiple factors, including the regulator’s stance and technical concerns, such as monitoring unhosted wallets.

Hong Kong’s Stablecoin Law is cementing the financial hub’s digital ambitions, however pending US crypto laws are keeping regulatory competition tight as both chase the growing opportunity.

The Hong Kong Stock Exchange has eased IPO public float requirements and has made reforms in the IPO price discovery process; it is also carrying out a further consultation; meanwhile, listings continue apace.

An ambitious wave of Chinese entrepreneurs is changing the definition of Chinese private equity investment, as the market looks for a revival after a slow few years; Cheng sees opportunities across product personalisation, robotics and different geographies.