Three prominent financial entities, Standard Chartered, Animoca Brands, and HKT, have united to establish a joint venture centered around stablecoins.
Hong Kong is one step closer to launching its first regulated Hong Kong dollar (HKD)-backed stablecoin, as Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank (Hong Kong) Limited (SCBHK), HKT, and Animoca Brands, has officially submitted its license application to the Hong Kong Monetary Authority (HKMA) under the new "Stablecoins Ordinance."
License Application and Regulatory Framework
The joint venture submitted its application on August 1, 2025, the same day the new stablecoin regulatory framework came into effect in Hong Kong. The Stablecoins Ordinance mandates that stablecoin issuers hold sufficient fiat reserves, meet strict risk controls, and guarantee redemption within one business day. Licensing decisions are expected by 2026.
Sandbox Participation
Before the application, the partners had participated in the HKMA’s stablecoin sandbox program starting in July 2024. This allowed them to test the integration of the stablecoin with payment systems at retail and institutional levels.
Joint Venture Composition and Strategic Goals
Anchorpoint Financial is a unique blend of Standard Chartered’s banking infrastructure, Animoca Brands’ Web3 innovation, and HKT’s mobile wallet and telecom capabilities. The project aims to reinforce Hong Kong’s status as a global financial and fintech hub, facilitate cross-border and domestic payments, support blockchain adoption, bridge traditional finance with digital assets, and align with broader regional strategies to promote offshore yuan (CNH) usage and digital currency leadership.
If licensed, Anchorpoint’s stablecoin could set a benchmark for compliance-driven stablecoin adoption in Asia and advance Hong Kong’s position in the evolving Web3 space.
Role of Partners
HKT, a prominent player in technology, media, and telecommunications, is expected to apply its mobile wallet capabilities to support the development of practical stablecoin applications. By leveraging its infrastructure, governance standards, and international reach, SCBHK believes it can play a substantial role in advancing Hong Kong's position in the stablecoin sector.
The goal of the joint venture is not only to introduce a regulated HKD-backed stablecoin but also to contribute to shaping the future of digital assets in Hong Kong.
If approved, this stablecoin could significantly improve transaction efficiency, enhance payment security, and provide greater transparency through advanced Web3 technologies, as envisioned by HKT's leadership. Standard Chartered has expressed confidence in the future of tokenized money and considers stablecoins an essential element of the digital asset ecosystem. Animoca Brands, a global leader in the Web3 sector, intends to draw on its deep expertise and broad industry network to help the joint venture explore innovative opportunities.
This news marks an important milestone in Hong Kong's journey towards embracing digital currencies and further solidifying its position as a leading international financial centre. The partners believe their early involvement in the sandbox positions them as prime candidates for becoming one of the first licensed stablecoin issuers in the market.
The joint venture, comprised of Standard Chartered's banking infrastructure, Animoca Brands' Web3 innovation, and HKT's mobile wallet and telecom capabilities, has submitted a license application to the Hong Kong Monetary Authority for an HKD-backed stablecoin. If approved, this venture aims to reinforce Hong Kong's stature as a global fintech hub, facilitate cross-border and domestic payments, align with regional strategies to promote offshore yuan usage, and bridge traditional finance with digital assets – all while fostering compliance-driven stablecoin adoption in Asia.
The partners, including HKT, a technology powerhouse, and Standard Chartered, a key player in digital assets, hope that their stamp of approval will set a benchmark for the evolving Web3 space and position themselves amongst the first licensed stablecoin issuers in the market. If successful, the stablecoin could significantly improve transaction efficiency, enhance payment security, and provide greater transparency through advanced Web3 technologies – paving the way for the future of digital asset management in Hong Kong.
