Standard Chartered, Animoca Brands, and HKT Collaborate in HKMA Stablecoin Issuer Sandbox

Standard
Chartered
Bank
(Hong
Kong)
Limited
(SCBHK),
Animoca
Brands,
and
HKT
have
announced
their
collaboration
to
participate
in
the
Hong
Kong
Monetary
Authority
(HKMA)
stablecoin
issuer
sandbox,
according
to

Animoca
Brands.
This
initiative,
unveiled
in
March
2024,
aims
to
leverage
the
institutional
digital
asset
custody
capabilities
of
Zodia
Custody,
partly
owned
by
Standard
Chartered.

Driving
Stablecoin
Innovation

The
coalition’s
objective
is
to
foster
the
sustainable,
transparent,
and
risk-managed
growth
of
the
digital
asset
market
in
Hong
Kong
and
beyond.
Their
joint
efforts
will
explore
the
role
of
stablecoins
in
transforming
financial
and
payment
markets,
supporting
Hong
Kong’s
ambition
to
become
a
global
digital
asset
hub.

SCBHK,
a
leading
international
bank,
aims
to
support
the
burgeoning
digital
asset
ecosystem
in
Hong
Kong
by
understanding
the
opportunities
and
risks
associated
with
the
evolving
stablecoin
market.
This
aligns
with
Animoca
Brands’
vision
of
driving
the
mass
adoption
of
digital
assets
and
implementing
blockchain
technology
solutions
for
real-world
applications.
HKT,
as
a
leader
in
technology,
media,
and
telecommunications,
is
keen
to
explore
how
innovations
in
stablecoins
can
benefit
domestic
and
cross-border
payments,
enhancing
the
consumer
and
merchant
experience.

Industry
Leaders’
Perspectives

Dominic
Maffei,
Head
of
Digital
Assets
&
Fintech
at
Standard
Chartered
Hong
Kong,
stated,
“Standard
Chartered
is
committed
to
staying
at
the
forefront
of
the
growing
digital
asset
market
and
driving
fintech
innovation
in
Hong
Kong.
We
believe
that
regulated
financial
institutions
have
a
key
role
to
play
in
the
development
of
these
markets.
Under
the
guidance
of
the
HKMA,
we
are
proud
to
take
part
in
the
Sandbox
with
innovative
industry
leaders,
Animoca
Brands
and
HKT,
to
transform
the
financial
sector
and
create
positive
impact
for
our
clients.”

Evan
Auyang,
Group
President
of
Animoca
Brands,
expressed
excitement
about
partnering
with
SCBHK
and
HKT,
stating,
“As
a
global
Web3
ecosystem
builder
based
in
Hong
Kong,
we
are
excited
about
the
mass
adoption
of
digital
assets
via
stablecoins
issued
under
the
HKMA’s
proposed
stablecoin
issuer
regime.
We
are
delighted
to
explore
opportunities
and
new
ways
to
innovate
through
the
Sandbox.”

Monita
Leung,
CEO
of
Digital
Ventures
at
HKT,
added,
“HKT
promotes
fintech
and
digital
economy
through
our
consumer
and
merchant
payment
solutions.
We
are
delighted
to
explore
the
immense
potential
of
stablecoins
in
revolutionising
payment
systems.
By
facilitating
efficient
and
seamless
payment
solutions,
it
paves
the
way
for
digital
transformation
and
Web3
development
in
Hong
Kong.”

Conclusion

The
collaboration
among
SCBHK,
Animoca
Brands,
and
HKT
in
the
HKMA’s
stablecoin
issuer
sandbox
marks
a
significant
step
towards
advancing
digital
asset
innovation
in
Hong
Kong.
By
leveraging
their
combined
expertise,
these
organizations
aim
to
drive
the
adoption
of
stablecoins
and
enhance
the
financial
and
payment
landscape,
positioning
Hong
Kong
as
a
leading
digital
asset
hub.

Image
source:
Shutterstock