Standard Chartered Bank (Hong Kong) announced on Friday that its joint venture, Anchorpoint Financial, formally expressed its interest with the Hong Kong Monetary Authority (HKMA) in applying for a stablecoin issuer license on Aug 1, the day the city’s Stablecoins Ordinance came into effect.  

Anchorpoint Financial — a joint venture formed by Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications — is designed to build a business model focused on the issuance and advancement of a licensed stablecoin.

Mary Huen, CEO of the bank’s Hong Kong and Greater China and North Asia division, said this move aims to introduce an innovative, efficient, and secure medium of exchange in Hong Kong, further enhancing transaction convenience and broadening the adoption of digital assets.

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Huen said she believes that “stablecoin will play an important role in building a sustainable digital asset ecosystem in Hong Kong”.  

The HKMA, in its guidelines released on July 29 regarding the regulatory framework for stablecoin issuers, encouraged potential applicants to contact the authority by Aug 31, to better understand regulatory expectations and receive timely feedback.

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The consortium led by Standard Chartered Bank (Hong Kong) is one of three participants in the HKMA’s stablecoin issuer sandbox, launched last year, to explore how stablecoin can integrate Web3.0 technologies with traditional finance to facilitate innovation in payments and financial markets. The other two participants are Jingdong Coinlink Technology Hong Kong and RD InnoTech.

Contact the writer at irisli@chinadailyhk.com