Ant Group’s International Division Plans to Apply for Stablecoin Licenses in Hong Kong and Singapore

Ant Group Plans to Apply for Stablecoin Licenses in Singapore and Hong Kong

According to a report by Bloomberg citing informed sources, Ant Group, the online financial services company founded by Chinese entrepreneur Jack Ma, is planning to apply for stablecoin licenses for its international division in Singapore and Hong Kong.

Sources revealed that Ant International, headquartered in Singapore, will submit its application for a stablecoin issuer license immediately after the “Stablecoin Regulation” comes into effect in Hong Kong in August. They added that, in addition to Singapore, the company also plans to apply for related licenses in Luxembourg.

The sources indicated that this initiative by Ant Group aims to strengthen the fintech company’s blockchain business, which underpins its cross-border payment and fund management services. They noted that Ant Group processed over one trillion US dollars in global transaction volume last year, with one-third completed through its blockchain-based Whale platform.

Shortly after this news was released, Ant International confirmed the information in a report by The Paper, stating that the company “will submit the application as soon as the bill comes into effect on August 1 and relevant channels are opened, hoping to contribute more to the construction of Hong Kong as a future international financial center.”