Standard Chartered Forms Partnership For Hong Kong Stablecoin
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Standard Chartered has teamed up with Animoca Brands and HKT to roll out a new stablecoin backed by the Hong Kong dollar. The company has worked with stablecoin issuers around the world, giving the joint venture access to its banking system and rules.
Standard Chartered Bank Hong Kong has been part of the Hong Kong Monetary Authority’s projects on tokenised money for years. The company wants to help the digital asset market grow in Hong Kong by playing an important role in the new venture.
The Companies Seek To Apply For A Licence From The Hong Kong Monetary Authority
Animoca Brands plans to explore ways to use the stablecoin in the Web3 space, while HKT will include the digital money in its mobile wallet. The three partners have been part of the Hong Kong Monetary Authority stablecoin sandbox since July 2024. They have been testing how stablecoins can help link Web3 and traditional finance for payments and financial markets.
The companies plan to submit a licence request to the Hong Kong Monetary Authority to issue the stablecoin.
Bill Winters, group Chief Executive of Standard Chartered, noted that digital assets are not going away and tokenised money is important for the industry’s future. He explained that stablecoins play an important role in digital assets. Standard Chartered’s banking system, rules, and global reach put the company in a strong position to help with the growth of digital assets in Hong Kong and other places.
A few weeks ago, Standard Chartered introduced SC PrismFX, a service for foreign exchange and payments. The service is designed to help banks, payment technology companies, and business clients.
SC PrismFX combines Standard Chartered’s banking, financial market services, and digital tools under one brand. According to the update, it gives FX payment services in over 130 currencies across more than 40 markets.
The Service Will Offer Business Clients With Smooth Payments And Good FX Prices
For business clients, the service offers a smooth payment process with strong foreign exchange prices and expert advice on growing markets. The company said clients will also get support for handling payments, collections, and trade finance.
For payment technology companies, SC PrismFX offers a wide payments network in different markets, access to local and instant payment systems, and digital FX tools.
According to Standard Chartered, financial institutions can use SC PrismFX to handle different currencies with clear FX rates. The platform includes automated FX payments, faster multi-country transfers, automatic conversions, and easy setup without major system changes.
Sharad Desai, head of markets sales and structuring at Standard Chartered, stated that businesses and financial firms need digital FX solutions to manage risks, control costs, and stay competitive. He added that SC PrismFX combines the company’s FX trading skills, local insights, and payments platform to help clients with their FX payment needs, no matter how detailed they are.
