diff --git a/CHANGELOG.md b/CHANGELOG.md
index ae291ec38..34ef62903 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,30 @@
 # Changelog
 
+## 16.5.0-beta.1 - 2024-12-20
+* [#1794](https://github.com/stripe/stripe-php/pull/1794) Improved php type hints
+  
+  ### Adds Create/Update/Retrieve/Delete/All/Search parameters
+  
+  You will now be able to get type hints of the keys that can passed without switching out of your IDE. Eg.
+  ```php
+  * @param null|array{customer:string, components: array} $params
+  ```
+  
+  <img width="417" alt="PHPStorm IDE with array type hints" src="https://github.com/user-attachments/assets/e914dcda-354f-4df2-b82e-217ad931e71d">
+  
+  ### Updated StripeObject class properties
+  We changed the type of class properties from `StripeObject` to something more specific. 
+  
+  For example: Invoice settings was defined as a StripeObject in Customer resource. 
+  
+  https://github.com/stripe/stripe-php/blob/bae10cd799404f0f4862ec03810c5ff8ca634b30/lib/Customer.php#L25
+  
+  Now you will be able to reference `custom_fields` and `rendering_options` on `customer->invoice_settings` without PHPStan complaining. 
+  ```php
+  * @property object{custom_fields: null|object{name: string, value: string}&\Stripe\StripeObject&\stdClass[], default_payment_method: null|string|\Stripe\PaymentMethod, footer: null|string, rendering_options: null|object{amount_tax_display: null|string, template: null|string}&\Stripe\StripeObject&\stdClass}&\Stripe\StripeObject&\stdClass $invoice_settings
+   */
+  ```
+
 ## 16.4.0-beta.3 - 2024-12-12
 * [#1792](https://github.com/stripe/stripe-php/pull/1792) Update generated code for beta
   * Add support for `allow_redisplay` on `Card` and `Source`
diff --git a/VERSION b/VERSION
index 191d9ad31..a0131818e 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-16.4.0-beta.3
+16.5.0-beta.1
diff --git a/lib/Stripe.php b/lib/Stripe.php
index 86d9988a0..4afd3b78d 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 = '16.4.0-beta.3';
+    const VERSION = '16.5.0-beta.1';
 
     /**
      * @return string the API key used for requests