"Alibaba affiliate plans to apply for stablecoin issuance licenses in Hong Kong and Singapore"
Summary
- Ant International, an Alibaba affiliate, is reportedly planning to apply for stablecoin issuance licenses in Hong Kong, Singapore, and Luxembourg.
- Specifically, it was announced that the company plans to officially apply for a fiat-referenced stablecoin issuance license immediately after the Stablecoins Ordinance comes into effect in Hong Kong.
- According to the news outlet, this plan is part of a strategy to strengthen its blockchain-based global payments and treasury management business.
Ant International, the overseas arm of Alibaba-affiliated fintech company Ant Group, is reportedly planning to apply for licenses to issue stablecoins from authorities in Hong Kong, Singapore, and Luxembourg.
On the 12th (local time), Bloomberg, citing sources, reported that "Ant International intends to apply for a stablecoin issuer license with local authorities in Hong Kong as soon as the Stablecoins Ordinance comes into effect this August." It was also conveyed that Ant International is preparing to submit related license applications to the financial authorities in Singapore and Luxembourg.
An Ant International spokesperson stated, "We plan to apply for a license to issue fiat-referenced stablecoins immediately after the ordinance comes into force in Hong Kong."
The outlet explained, "This move by Ant is part of a strategy to strengthen its blockchain-based global payments and treasury management business," adding that "after increased regulatory tightening in China led to a contraction of its online lending segment, Ant International has been focusing on securing new growth engines."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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