In the current wave of the digital economy sweeping the globe, stablecoins are increasingly highlighted as a bridge connecting traditional finance and the crypto world. Recently, a significant piece of news has drawn widespread attention in the industry: Ant Group is planning to apply for stablecoin licenses in Singapore and Hong Kong through its international business division. This move not only marks a key step for Ant Group in its blockchain and globalization strategy but also signals a new competitive landscape for the stablecoin market. Against the backdrop of Hong Kong actively embracing Web3.0 and Singapore continuously promoting digital asset innovation, this layout by Ant Group will undoubtedly inject new vitality into the global stablecoin ecosystem.
- Ant Group's Stablecoin Layout: Hong Kong and Singapore
According to a report by Bloomberg on June 12, Ant Group's international business division—Ant International, headquartered in Singapore—is actively preparing to apply for stablecoin licenses in Singapore and Hong Kong. Insiders revealed that Ant International plans to submit its application for a stablecoin issuer license in Hong Kong immediately after the "Stablecoin Issuer System" comes into effect in August. Additionally, the company also plans to seek relevant licenses in Luxembourg, demonstrating its global licensing strategy.
Ant Group's Vice President and President of Ant Financial's Blockchain Business, Bian Zhuoqun, further confirmed this news at the SNEC Shanghai Photovoltaic Exhibition, stating that Ant Financial has initiated the application for a stablecoin license in Hong Kong and has engaged in multiple rounds of communication with regulatory authorities. Notably, Ant Financial has listed Hong Kong as its global headquarters this year and has already completed a regulatory sandbox trial in Hong Kong, laying a solid foundation for its license application there.
- Empowering Blockchain Technology: The Cornerstone of Trillions in Fund Flow
Ant Group's application for a stablecoin license aims to further strengthen its blockchain business to support its vast cross-border payment and fund management services. Insiders stated that Ant Financial processed over $1 trillion in global transactions last year, with an astonishing one-third (over $300 billion) handled by its blockchain-based Whale platform. This data fully demonstrates Ant Group's deep accumulation and immense potential in the application of blockchain technology.
The Whale platform is one of the two core fund management technology products developed by Ant International, the other being the AI foreign exchange model Falcon. The Whale platform can manage over 100 currencies of Ant International's four core businesses (including cross-border wallet payments and digital solutions Alipay+, cross-border corporate account services WorldFirst, global merchant payment services Antom, and scenario financial services EmFi), covering offline digital payments in over 70 global markets, online e-commerce payments in more than 100 currencies, and global account operations for 1.2 million small and medium-sized enterprises. It is estimated that if half of the fund flow can be realized through stablecoin applications, the trading volume of stablecoins in its existing business could exceed $150 billion, representing a significant increment in the stablecoin market.
- New Stablecoin Regulatory Policies in Hong Kong: An Important Part of the Web3.0 Financial Center
In recent years, Hong Kong has actively embraced Web3.0, aiming to build an international virtual asset financial center. Stablecoins pegged to the Hong Kong dollar are a crucial component of the future financial infrastructure and a key step in Hong Kong's Web3.0 financial strategy. At the end of May this year, the Hong Kong Legislative Council passed the "Stablecoin Ordinance," aiming to bring the issuance of stablecoins pegged to the Hong Kong dollar and other fiat currencies under regulation. This initiative aims to improve the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation.
As a special type of regulated crypto asset pegged to fiat currencies, stablecoins have advantages such as high transparency, reducing costs, and improving efficiency for cross-border finance, and have developed rapidly in recent years. The clear regulatory framework in Hong Kong provides a clear path and confidence for large fintech companies like Ant Group to enter the stablecoin field, reflecting Hong Kong's leading position in digital asset regulation.
- Global Strategy and Future Outlook: Competing with International Giants
As the parent company of Alipay, Ant Group has made internationalization a core development strategy. Ant International focuses on serving enterprises and institutions in cross-border financial business overseas, aiming to establish a cross-border payment cooperation platform. After the restructuring of Ant Group in 2024, Ant International began to "stand on its own," forming four core business segments. Bloomberg previously reported that Ant International's revenue in 2024 is expected to exceed $3 billion, having been profitable for two consecutive years, and is considering a listing in Hong Kong.
In the stablecoin field, Ant International's main competitors include American companies like Stripe and PayPal, as well as card organizations like Visa and MasterCard, all of which have actively engaged in the stablecoin issuance system. Ant International is the first global fintech company to clearly state its intention to be the first to submit an application for a stablecoin issuance license to the Hong Kong government, possessing extensive fund management experience, which gives it a first-mover advantage in the global stablecoin competition.
Ant Group's proactive layout in the stablecoin field will not only consolidate its leading position in global cross-border payment and fund management but also further promote the compliance and widespread application of stablecoins globally.
Conclusion:
Ant Group's move to apply for stablecoin licenses in Hong Kong and Singapore is an inevitable result of the deep integration of its globalization strategy and blockchain technology. Against the backdrop of Hong Kong actively building a Web3.0 financial center and the increasingly完善 regulatory framework for stablecoins, Ant Group's entry will bring new vitality and competition to the stablecoin market. With its strong blockchain technology capabilities and vast fund processing capacity, Ant Group is expected to play an important role in the global stablecoin ecosystem, accelerating the deep integration of the digital economy and the real economy, and providing more efficient and transparent solutions for global cross-border finance.
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Original Article: “Ant Group to Apply for Stablecoin Licenses in Hong Kong and Singapore, Accelerating Global Expansion”
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