Main Points:
- Za Bank launching reserve banking services for stablecoin sandbox participants
- Collaboration with RD InnoTech and onboarding stablecoin clients
- Partnership with companies like JD.com, Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications for stablecoin testing
- HKMA receiving submissions for stablecoin licensing regime and emphasis on regulatory oversight
Za Bank and RD InnoTech Partnership
Za Bank, a Hong Kong-based digital bank, has partnered with RD InnoTech for sandbox trials approved by the HKMA. They are also in the process of onboard nearly ten stablecoin clients, with specific details remaining undisclosed.
Stablecoin Testing with Industry Players
In addition to RD InnoTech, other companies like JD.com, Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications are part of the initial batch permitted to test stablecoins backed by fiat currencies. A consortium involving these entities intends to utilize Zodia Custody, partly owned by Standard Chartered, for crypto custody services.
Regulatory Outlook for Stablecoins in Hong Kong
The HKMA has received over 100 submissions advocating for a stablecoin licensing regime, with a majority of respondents supporting regulatory oversight. Chief Executive Eddie Yue highlights the importance of a well-regulated environment for sustainable growth within Hong Kong’s stablecoin ecosystem.
