- HashKey Group joins Yuanbi Technology and Zhongan Bank to introduce stablecoins in Hong Kong.
- Yuanbi Technology holds a stored value facility (SVF) license from Hong Kong.
- The HashKey Group stablecoin partnership notification follows the unveiling of a retail trading app.
During the KUN and HashKey Exchange strategic cooperation signing ceremony on Thursday, Xiao Feng, the founder of HashKey Group, made a significant announcement. Feng disclosed that HashKey Group is partnering with Yuanbi Technology and Zhongan Bank in Hong Kong to jointly issue stablecoins.
This development was captured in a Chinese report early today, November 2. According to the report, Yuanbi Technology, which was founded by the former president of the Hong Kong Monetary Authority, Chen Delin, has obtained a stored value facility (SVF) license from the country’s regulatory authority.
Furthermore, it disclosed that Yuanbi Technology largely targets institutions with its payment solutions. Notably, details specific to the proposed stablecoin project are yet to be disclosed at press time. Therefore, it remains to be determined whether the stablecoin will be pegged to the US dollar or Chinese yuan.
Besides, it is worth mentioning that HashKey Group is a prominent digital asset management house under the regulation of Hong Kong’s Securities and Futures Commission (SFC). Interestingly, this stablecoin partnership announcement follows the release of HashKey Group’s newest service for retail investors.
Specifically, the Hong Kong SFC approved HashKey’s move to launch a crypto exchange app targeted at retail crypto investors last Friday. Following the approval, HashKey Group unveiled the retail trading application yesterday, dubbed the HashKey Exchange App.
As per the company’s statement, the app provides comprehensive mobile trading features for retail, positioning it as a significant addition to the crypto ecosystem in Hong Kong. Emphatically, the HashKey app notification report pointed out that Hong Kong investors are now able to acquire Bitcoin and Ethereum using either local currency or U.S. dollars.
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