Hong Kong’s Digital Asset Ecosystem Set to Grow with New Joint Venture for Stablecoin Issuance

Hong Kong’s Digital Asset Ecosystem Set to Grow with New Joint Venture for Stablecoin Issuance

(IN BRIEF) Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT have launched a joint venture to apply for a license from the Hong Kong Monetary Authority to issue a Hong Kong dollar-backed stablecoin. This collaboration leverages SCBHK’s banking infrastructure, Animoca’s Web3 expertise, and HKT’s mobile wallet experience. The JV aims to enhance payment systems and solidify Hong Kong’s status as a global digital asset hub.

(PRESS RELEASE) LONDON, 17-Feb-2025 — /EuropaWire/ — A new joint venture (JV) has been formed by Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT, with plans to apply for a license from the Hong Kong Monetary Authority (HKMA) under the city’s newly introduced regulatory framework. The aim is to issue a Hong Kong dollar-backed stablecoin, positioning Hong Kong as a hub for the growing digital assets market.

SCBHK brings a wealth of experience, having worked with global stablecoin issuers and participated in numerous HKMA tokenised money initiatives. The bank’s robust infrastructure and high governance standards will anchor the JV, supporting its role in the city’s expanding digital asset sector.

Animoca Brands, a key player in the Web3 space, will leverage its global network and industry expertise to help the JV tap into crypto-native opportunities. The company aims to support innovative use cases across Web3, contributing to the long-term success and growth of the JV.

HKT, a leader in technology, media, and telecommunications, will bring its expertise in mobile wallet development to the table. The goal is to create cutting-edge stablecoin use cases that enhance both domestic and international payments, ultimately benefiting consumers and businesses alike.

Bill Winters, Group Chief Executive of Standard Chartered, emphasized the growing importance of digital assets and tokenised money in the financial landscape. “Stablecoins, with their proven use cases, are integral to the digital asset ecosystem. Our global reach and bank-grade infrastructure position us well to contribute to the growth of this market, both in Hong Kong and globally,” he remarked.

Mary Huen, Chief Executive Officer for Standard Chartered in Hong Kong and Greater China & North Asia, expressed excitement about the venture’s potential. “We look forward to being among the first to issue a Hong Kong dollar-backed stablecoin. This project will introduce an innovative medium of exchange, boosting Hong Kong’s digital asset market and securing its role as a leading global financial centre,” Huen said.

Animoca Brands’ Group President, Evan Auyang, shared enthusiasm about the collaboration. “Stablecoins are one of Web3’s most widely recognized applications. This joint venture is an exciting opportunity to be part of the first batch of issuers in Hong Kong’s new stablecoin regulatory regime. We are confident that Hong Kong will lead the way in Web3 innovation,” he stated.

Susanna Hui, Group Managing Director of HKT, highlighted the broader economic benefits of the venture. “Our aim is to enhance payment efficiency and transparency through the use of Web3 technologies. The stablecoin will streamline transactions, benefiting both the retail sector and the wider business ecosystem in Hong Kong,” Hui said.

The JV is actively participating in the HKMA’s stablecoin issuer sandbox, launched in July 2024, which explores the role of stablecoins in bridging traditional finance with Web3. The venture aims to be one of the first to issue a Hong Kong dollar-backed stablecoin, reinforcing the city’s position as a global digital asset hub.

Animoca Brands

Animoca Brands, a Deloitte Tech Fast winner, a Fortune Crypto 40 company, one of the Top 50 Blockchain Game Companies 2025, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse. The company develops and publishes a broad portfolio of products and content across gaming, education, entertainment and more via multiple subsidiaries, including The Sandbox. Animoca Brands is one of the most active investors in Web3, with a portfolio of over 540 investments including Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and many more. Animoca Brands is headquartered in Hong Kong and backed by institutional investors including Temasek, Boyu Capital, GGV Capital, C Ventures, Dragonfly, Mitsui & Co, 10T Holdings, Liberty City Ventures, and others. For more information visit www.animocabrands.com or follow on X (Twitter), YouTube, Instagram, LinkedIn, Facebook, and TikTok.

HKT

HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city’s true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses, whereas our comprehensive connectivity and smart living offerings enrich people’s lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.

For more information, please visit www.hkt.com

LinkedIn: linkedin.com/company/hkt

Standard Chartered

We are a leading international banking group, with a presence in 52 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X(Opens in a new window), LinkedIn(Opens in a new window), Instagram(Opens in a new window) and Facebook(Opens in a new window).

Media Contact:

Lilian Goh
Standard Chartered Bank (Hong Kong) Limited
Corporate Affairs
lilian.goh@sc.com

Animoca Brands Corporate Communications
press@animocabrands.com

Nicole Lo
HKT
Group Communications
nicole.cm.lo@pccw.com

SOURCE: Standard Chartered