Wang Shixiong, former Deputy CEO of Bank of China Hong Kong, serves as Chairman of the Board of Directors of stablecoin issuer IDA

According to a report by Sing Tao Daily, IDA, a stablecoin issuer based in Hong Kong that uses fiat currency as a reference, announced the appointment of Wang Shixiong as the chairman of its board of directors. He will lead IDA's strategic vision and corporate governance, and prepare for its upcoming launch of a stablecoin based on fiat currency. It is reported that Wang Shixiong has over 30 years of experience in the banking industry and has served as the Deputy CEO of Bank of China (Hong Kong) Group, responsible for various financial market operations, including global markets, global transaction banking, investment management, insurance, asset management, and other capital market related businesses. IDA announced in September this year the completion of a seed round financing of $6 million, with participation from Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments, to advance the development and launch of its HKD 1:1 collateralized stablecoin HKDA.