HKMA Chief: Hong Kong Dollar Stablecoin to Launch Within the Year, Wealth Management Connect 3.0 Continues Discussions

BlockBeats News, June 9th. According to a report by Caixin, Norman Chan, Chief Executive of the Hong Kong Monetary Authority, led a delegation from the Hong Kong Association of Banks to Beijing recently and participated in a group media interview on June 8th. During the interview, Norman Chan discussed hot topics in the market such as the Hong Kong stablecoin license, cross-border financial regulation, and RMB internationalization.

Norman Chan stated that Hong Kong, as a core hub for expanding into the Chinese market, possesses a triple advantage of institutions, location, and market. It will continue to attract global capital inflows in the future. Regarding the future arrangement of stablecoin licenses, Norman Chan revealed that AnChain Technology is expected to launch a stablecoin in the mid-year, "probably starting trial use in a few weeks," while HSBC is expected to launch in the third to fourth quarter of this year. The stablecoin applications of AnChain Technology and HSBC differ.

According to Norman Chan, AnChain Technology focuses on cross-border payments, aiming to reduce the cost of cross-border remittances, enhance transaction speed, and adapt to cross-border e-commerce and regional trade scenarios. HSBC, on the other hand, is more focused on expanding into retail payment scenarios. In the future, it may involve connecting to clearing platforms to advance the settlement of tokenized assets.