Standard Chartered, Animoca Brands, and HKT Join HKMA’s Stablecoin Sandbox

Together, Animoca Brands, HKT, and Standard Chartered Bank (Hong Kong) Limited (SCBHK) will take part in the stablecoin issuer sandbox offered by the Hong Kong Monetary Authority (HKMA). This project, which was unveiled in March, intends to investigate how stablecoins might change payment and banking systems. The collaboration will make use of Zodia Custody’s digital asset custody capabilities; Standard Chartered owns a portion of the company.

The three well-known businesses have the same goals for the market for digital assets: growth that is transparent, sustainable, and well-managed. Their partnership will help Hong Kong achieve its goal of being a major hub for digital assets worldwide. This project is in line with Animoca Brands’ vision for the widespread adoption of digital assets as well as SCBHK’s mission to support and comprehend Hong Kong’s expanding digital asset and blockchain technology.

Exploring Stablecoin Innovations

SCBHK is eager to contribute to the Sandbox, seeking to grasp the opportunities and risks presented by the evolving stablecoin market. This aligns with Animoca Brands’ mission to drive digital asset adoption and apply blockchain technology to real-world assets. HKT, a leader in technology, media, and telecommunications, aims to explore how stablecoins can enhance domestic and cross-border payments, benefiting both consumers and merchants.

Dominic Maffei, Head of Digital Assets & Fintech at Standard Chartered, expressed the bank’s commitment to fintech innovation, stating, “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, highlighted the significance of the partnership: “Animoca Brands is excited to partner with two of the most established and respected companies in Hong Kong to participate in the Sandbox. 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, and we are delighted to explore opportunities and new ways to innovate through the Sandbox.”

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