diff --git a/CHANGELOG.md b/CHANGELOG.md
index 215892be9..e0ed5473e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## 16.3.0-beta.1 - 2024-10-29
+* [#1780](https://github.com/stripe/stripe-php/pull/1780) Update generated code for beta
+  * Add support for `trigger_action` method on resource `PaymentIntent`
+  * Remove support for value `payout_statement_descriptor_profanity` from enum `StripeError.code`
+  * Add support for `id_bank_transfer` on `PaymentMethodConfiguration` and `PaymentMethod`
+  * Add support for `gopay`, `qris`, and `shopeepay` on `PaymentMethodConfiguration`
+
 ## 16.2.0 - 2024-10-29
 * [#1772](https://github.com/stripe/stripe-php/pull/1772) Update generated code
   * Add support for new resource `V2.EventDestinations`
diff --git a/VERSION b/VERSION
index 8be05eb9f..396e0c800 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-16.2.0-beta.3
+16.3.0-beta.1
diff --git a/lib/Stripe.php b/lib/Stripe.php
index 427f8d0c6..b3930c085 100644
--- a/lib/Stripe.php
+++ b/lib/Stripe.php
@@ -64,7 +64,7 @@ class Stripe
     /** @var float Initial delay between retries, in seconds */
     private static $initialNetworkRetryDelay = 0.5;
 
-    const VERSION = '16.2.0-beta.3';
+    const VERSION = '16.3.0-beta.1';
 
     /**
      * @return string the API key used for requests