Ant Group is taking action...
Plans to apply for stablecoin licenses in Hong Kong and Singapore
Ant Group Co.'s international business division is planning to apply for stablecoin licenses in Singapore and Hong Kong.
According to insiders, Ant International, headquartered in Singapore, will immediately apply for a stablecoin issuer license in Hong Kong after the "Stablecoins Ordinance" comes into effect in August.
In addition to Singapore, the company also plans to seek permission in Luxembourg.
Insiders say this move aims to strengthen the company's blockchain business to support its cross-border payment and fund management services. They stated that
Ant Financial processed over $1 trillion in global transactions last year,
one-third of which was handled by its blockchain-based Whale platform.
