Hong Kong-based digital bank ZA Bank has announced that it has become the first digital bank in Hong Kong to offer exclusive reserve banking services to stablecoin issuers.
According to the latest list of sandbox participants released by the HKMA, Yuanbi Innovation Technology Limited (Yuanbi), which has partnered with ZhongAn Bank, is also one of the first members. Yuanbi became the first stablecoin issuer of ZhongAn Bank to provide reserve banking services.
Ronald Yiu, Chief Executive Officer of ZhongAn Bank, said: "We are currently negotiating cooperation with nearly 10 stablecoin companies, and there are many more projects in the future. We fully support the HKMA's policy and are pleased that the relevant development has entered the sandbox stage. By providing a safe and reliable banking infrastructure, it will bring more security to users and further strengthen confidence in the stablecoin market.
ZhongAn Bank provides reserve banking services to stablecoin issuers
2024-07-19 03:12:43
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