This is what they call 'Rather give to foreign friends than to domestic servants' Hong Kong has three note-issuing banks, and Standard Chartered and HSBC are two of them. The other note-issuing bank, Bank of China (Hong Kong), also applied for a stablecoin license, but since it's a Chinese-funded institution, it wasn't included in the first batch. So whether it's an individual or an institution, having a Chinese background is always a disadvantage Oh, by the way, HSBC and Standard Chartered both have roots in serving the opium trade back in the day.