Standard Chartered Hong Kong, Animoca Brands, and HKT Join HKMA Stablecoin Issuer Sandbox

Standard Chartered Hong Kong, Animoca Brands, and HKT have joined forces to take part in the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox that was announced in March this year.

Standard Chartered Hong Kong, Animoca Brands and HKT have joined the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox, announced earlier this year.

The HKMA’s stablecoin issuer sandbox aims to facilitate the HKMA in communicating supervisory expectations and guidance to institutions that intend to issue fiat-referenced stablecoins in Hong Kong, enabling sandbox participants to test the feasibility of their intended business models and engage directly with the HKMA on future regulatory requirements.

The coalition will leverage the institutional digital asset custody capabilities of Zodia Custody, which is partly owned by Standard Chartered.

The three corporates share a common vision for the sustainable, transparent and appropriately risk-managed growth of the digital asset market in Hong Kong and beyond.

These collaborative efforts in exploring the pivotal role of stablecoins in driving the evolution of financial and payments markets will support Hong Kong’s transformation into a global digital asset hub, the statement reads.

Standard Chartered Hong Kong aims to participate in the Sandbox to best determine how to support the growing digital asset ecosystem in Hong Kong, and to better understand the opportunities and risks that the evolving stablecoin market brings to this ecosystem, according to the press release.

“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,” said Dominic Maffei, head of digital assets and fintech, Hong Kong, at Standard Chartered.

“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 a positive impact for our clients,” Maffei added.

This initiative also aligns strongly with Animoca Brands’ vision of driving digital asset mass adoption and the application of blockchain-related technology solutions for real-world assets and traditional economies.

“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,” said Evan Auyang, group president at Animoca Brands.

Meanwhile, HKT aims to explore within the Sandbox how the innovation in stablecoins can support domestic and cross-border payments, bringing greater benefits to consumers and merchants.

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

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