Ant International plans to apply for stablecoin licenses in Hong Kong and Singapore, signaling growing fintech interest in regulated crypto payment systems, Bloomberg reported.
Ant International reportedly plans to apply for stablecoin issuer licenses in Singapore and Hong Kong, signaling growing institutional cryptocurrency adoption among fintech firms.
Ant International, a Singapore-based unit of the Jack Ma-backed Ant Group, is preparing to submit a license application in Hong Kong after the city’s stablecoin regulatory framework takes effect in August, according to a Bloomberg report citing unidentified sources. The company is expected to pursue similar licensing efforts in Singapore and Luxembourg.
Ant Group is an affiliate of the Chinese conglomerate Alibaba Group, which owns and operates the world’s largest digital payment platform, Alipay, serving over 80 million merchants and 1.3 billion users worldwide.
