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Investing.com -- Standard Chartered (OTC:SCBFF) Plc announced on Monday its plans to form a joint venture with Animoca Brands and HKT to apply for a license from the Hong Kong Monetary Authority.
The goal is to issue a stablecoin backed by the Hong Kong dollar, it said in a press release.
The banking giant has entered agreements with Animoca Brands, a firm specializing in Web3 technologies that utilize blockchains, and HKT, a leading telecommunications service provider in Hong Kong.
The joint venture aims to tap into opportunities in the cryptocurrency sector and improve both domestic and cross-border payments, as per the statement by Standard Chartered.
“As a participant of the HKMA’s stablecoin issuer sandbox, Standard Chartered looks forward to becoming one of the first issuers launching an HKD-backed stablecoin together with our strategic partners, bringing an innovative medium of exchange to Hong Kong and charting a new chapter for Hong Kong’s digital asset market," Mary Huen, CEO of the bank's Hong Kong and Greater China & North Asia division said.
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