Propel Hong Kong as a Global Digital Asset Hub through Exploration of Stablecoins Use Case
HONG KONG, Dec. 11, 2024 /PRNewswire/ -- IDA, a premier HK-based fintech company, announces its collaboration with The Bank of East Asia, Limited ("BEA") to support Hong Kong's digital asset market development. This collaboration will leverage IDA's innovative solution of 1:1 HKD pegged stablecoin to explore the feasibility of widespread adoption of digital finance.
IDA and BEA, coupled with a local payment gateway, will explore a use case together that can simplify payment processes and enhance user experience. Under this trial, BEA will act as a reserve bank and authorized minter to ensure compliance with regulatory framework, while fostering technological innovation in finance. This collaboration aims to explore the integration of stablecoin into payment and settlement infrastructure, so as to give impetus to the local economy and improve cash flow for businesses.
"Made in HK, Made for HK," reflects our commitment to the local community and economy. "Our collaboration with BEA is a powerful step towards realising the vision of creating an inclusive and vibrant digital finance ecosystem in Hong Kong, exploring different use cases that will benefit everyone in Hong Kong," said Lawrence Chu, Co-Founder & CEO of IDA. Leveraging BEA's financial and relevant regulatory expertise, we will explore a stablecoin use case to enable instant transactions, and enhance cash flow for merchants with its 24/7 availability and minimal transaction fees. This capability is envisioned to empower local businesses to operate more efficiently, driving increased economic activity and ultimately bolstering Hong Kong's economy.
Committed to support the city's fintech development, BEA plays the role of banking support in this exploration. "We are pleased to embark on initiatives that can help strengthen Hong Kong's competitive edge as a global financial hub," said Stephen Leung, Group Chief Information Officer, General Manager and Head of Technology and Productivity Division of BEA. "Our participation in this collaboration underscores our commitment to technological innovation in finance, while staying compliant to regulatory framework."
Along the vision of making Hong Kong a global leader in digital finance, this initiative hopes to lay the groundwork for a vibrant, innovative, and inclusive financial environment that benefits all stakeholders.
About IDA Finance Hong Kong Limited (IDA)
IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.
IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.
To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of stablecoins as a payment and settlement digital currency.
More information can be found at idafi.xyz / LinkedIn / X
source: IDA
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