Hong Kong’s financial sector is witnessing a major shift. Standard Chartered’s Hong Kong unit has partnered with Animoca Brands, which is planning to go public in the U.S., to create a stablecoin tied to the Hong Kong dollar. As announced, both companies have set up a new business called Anchorpoint Financial Limited. This joint venture will focus on building a strong business model for regulated stablecoins. The new firm also seeks to apply for an official license to operate in Hong Kong. Anchorpoint Moves to Join Hong Kong’s Regulated Stablecoin Market Anchorpoint Financial formally told the Hong Kong Monetary Authority (HKMA) that it intends to apply for a stablecoin issuer license. This follows the HKMA’s introduction of a new framework for stablecoin regulation. This new rule began with a six-month transition period and special rules for the market. The new rules are stricter than many expected. In early August, shares of several Hong Kong companies linked to the stablecoin sector fell sharply, in some cases by up to 20%. However, experts say this drop was just the market adjusting to stricter oversight. Standard Chartered and Animoca Brands Advance Stablecoin Plans Standard Chartered and Animoca Brands are not new partners. Back in February 2024, they announced the first plan to launch a Hong Kong-dollar-backed stablecoin. Their partnership continued in July 2024, when they joined Hong Kong Telecommunications in the HKMA’s stablecoin issuer sandbox. This program lets companies test their ideas and operations under the regulator’s guidance before launching publicly. Furthermore, Standard Chartered has a special role in Hong Kong’s financial system. Along with HSBC and the Hong Kong branch of Bank of China, it is one of the few banks allowed to issue the city’s official currency under the HKMA’s supervision. This record of trust gives the bank a strong base for entering the stablecoin market. The new partnership could bring stability and confidence to Hong Kong’s growing digital market. Growing Competition in Hong Kong’s Crypto Market The race to control Hong Kong’s stablecoin market is getting more competitive. In late July, e-commerce giant JD.com registered companies linked to a possible stablecoin launch, just before the new rules came into effect. Other big names are also moving in. Ant International, the Singapore-based arm of Jack Ma’s Ant Group, plans to apply for stablecoin licenses in both Hong Kong and Singapore. Around the same time, Jingdong Coinlink Technology Hong Kong Limited, a JD Technology Group subsidiary, revealed its plan for a Hong Kong-dollar stablecoin with a 1:1 value ratio. The partnership between Standard Chartered and Animoca Brands shows that Hong Kong is serious about becoming a leader in regulated digital finance . If successful, this project could set a model for how traditional banks and tech companies can work together to create trusted and well-regulated digital money. The post Standard Chartered and Animoca Brands Team Up For HKD Stablecoin appeared first on TheCoinrise.com .
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