Standard Chartered Hong Kong has revealed the creation of Anchorpoint Financial, a joint venture focused on stablecoins. This venture is a collaboration with Hong Kong Telecom (HKT) and Animoca Brands, a prominent web3 company. On August 1st, coinciding with the enactment of
Hong Kong’s new regulations for stablecoins, Anchorpoint Financial formally notified the Hong Kong Monetary Authority (HKMA) of their intent to apply for a stablecoin license.
The three organizations previously joined forces on a stablecoin initiative within the HKMA’s
stablecoin sandbox program, which included a very limited number of participants. HKMA’s Chief Executive,
Eddie Yue, has indicated that initially, only a select few stablecoin licenses will be granted, likely starting early in the coming year. It’s worth noting that the initial anti-money laundering (AML) rules for stablecoins in Hong Kong
mandate the identification of all stablecoin holders, extending beyond those directly engaging with the issuer. This requirement might give banks a competitive edge in the application process, as they already conduct thorough due diligence on their existing clientele.
Mary Huen, the CEO of Standard Chartered for Hong Kong and Greater China & North Asia, stated that the bank is driven by “a vision to introduce an innovative, efficient, and secure means of exchange to Hong Kong, further enhancing transaction convenience and expanding the use of digital assets. We are confident that stablecoins will be crucial in fostering a thriving digital asset ecosystem in Hong Kong, and we are committed to playing a significant role in supporting Hong Kong as a premier international financial center and digital assets hub.”
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