Gaming software company, Animoca brands has collaborated with Standard Chartered Bank (Hong Kong) Limited (”SCBHK”) and HKT to launch a Hong Kong dollar-backed stablecoin. Animoca Brands confirmed the development in a blog post released today. According to the post, the group also plans to enter into a joint venture to apply for a license from the Hong Kong Monetary Authority (”HKMA”) in the new regulatory regime.
Having been an active partner of the Hong Kong Monetary Authority’s tokenized projects over the last few years, Standard Chartered Bank is excited to contribute to the growing digital asset industry in Hong Kong. As a key partner in the joint venture, SCBHK is well known for its outstanding reputation and engagement with stablecoin on a global scale.
Animoca Brands is also a renowned web3, and gaming software firm headquartered in Hong Kong. As revealed, the firm plans to integrate its industry expertise and extensive network to enable the collaboration transform into crypto-native opportunities. In addition, Animoca brands will also explore innovative use cases within the web3 ecosystem to foster long-term growth for the partnership.
Notably, the third party in the joint venture, HKT is a frontier of technology, media and telecommunication. HKT plans to harness its mobile wallet expertise to develop innovative applications for the stablecoin. Similarly, it aims to enhance domestic and cross-border payments while availing consumers and merchants with greater benefits.
Standard Chartered Bank executives reacts to the partnership
Reacting to the joint venture, the Group Chief Executive at Standard Chartered Bank, Bill Winters stated that the development of different forms of tokenized money is an important aspect of the digital asset industry. He added that the SCBHK is introducing solutions and instruments that meets the growing demand of the clients and the markets. Winters further that Standard Chartered Bank proven track record positions it as the best partner for this innovation.
Similarly, Standard Chartered Bank’s Chief Executive Officer of Hong Kong and Greater China and North Asia, Mary Huen has also reacted to the partnership. According to the CEO, Standard Chartered Bank looks forward to becoming one of the first issuers of the Hong Kong dollar-backed stablecoin.
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