{"id":34511,"date":"2024-07-19T11:20:17","date_gmt":"2024-07-19T11:20:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/za-bank-now-providing-services-to-stablecoin-issuers-in-hong-kong\/"},"modified":"2024-07-19T11:20:17","modified_gmt":"2024-07-19T11:20:17","slug":"za-bank-now-providing-services-to-stablecoin-issuers-in-hong-kong","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/za-bank-now-providing-services-to-stablecoin-issuers-in-hong-kong\/","title":{"rendered":"ZA Bank Now Providing Services to Stablecoin Issuers in Hong Kong"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

Hong Kong\u2019s digital banking leader, ZA Bank, has ventured into reserve banking services for stablecoin issuers. The Hong Kong Monetary Authority (HKMA) recently revealed the list of participants approved for its stablecoin sandbox initiative, marking a significant step for the region\u2019s financial technology sector.<\/p>\n

ZA Bank announced its collaboration with RD InnoTech on July 18. RD InnoTech is one of the first companies listed by the HKMA for sandbox trials. This partnership signifies ZA Bank\u2019s commitment to advancing financial innovation. Additionally, ZA Bank is in the process of onboarding nearly ten more stablecoin clients, although it has not disclosed specific details yet.<\/p>\n

HKMA\u2019s Stablecoin Sandbox Initiative<\/h2>\n

The HKMA\u2019s sandbox initiative includes a select group of companies authorized to test stablecoins backed by fiat currencies. These companies will explore applications in e-commerce, trade settlement, and tokenized assets. However, the exact timeline for these experiments remains unspecified.<\/p>\n

Among the first batch of participants are JD.com\u2019s subsidiary JINGDONG Coinlink Technology Hong Kong and a consortium featuring Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications. Sources familiar with the matter told crypto.news that this consortium plans to utilize Zodia Custody\u2019s crypto custody services, partly owned by Standard Chartered.<\/p>\n

Earlier, the HKMA received over 100 submissions advocating for a stablecoin licensing regime. A public consultation revealed that a \u201cvast majority\u201d of the 108 respondents supported regulatory oversight to ensure the sustainable growth of the virtual assets sector. HKMA Chief Executive Eddie Yue emphasized the importance of a well-regulated environment. He stated, \u201cA well-regulated environment is essential to foster responsible and sustainable growth within Hong Kong\u2019s stablecoin ecosystem.\u201d<\/em><\/p>\n

\n
\n
\n
\n
\n
350% or 5BTC + 150 Spins!<\/strong><\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

This initiative by the HKMA and the involvement of leading financial institutions like ZA Bank reflect a growing commitment to integrating stablecoins into mainstream financial services. It also highlights Hong Kong\u2019s role as a hub for financial innovation and digital asset development.<\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) Hong Kong\u2019s digital banking leader, ZA Bank, has ventured into reserve banking services for stablecoin issuers. The Hong Kong Monetary Authority (HKMA) recently revealed the list of participants approved for its stablecoin sandbox initiative, marking a significant step for the region\u2019s financial technology sector. ZA Bank […]<\/p>\n","protected":false},"author":34,"featured_media":34512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/34511"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=34511"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/34511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/34512"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=34511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=34511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=34511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}