Hong Kong positioned as stablecoin bridge for mainland Chinese firms: fintech unicorn
Global digital payment services provider attracted by the city’s ‘transformational’ stablecoin framework
Hong Kong could serve as “a kind of initial validation, initial test” for Chinese companies exploring stablecoin use in cross-border commerce, said Joao Del Valle, CEO and co-founder of global digital payment services provider Ebanx, in a recent interview with the Post.
Hong Kong’s new stablecoin regulations are “transformational”, Del Valle added. “It’s kind of an entry into [mainland] China. I think that is the most attractive aspect of it”, though “the adoption [of stablecoins] might be gradual”.
“Hong Kong for us … [is] an exploration and we are positive that it can drive some business in the future,” Del Valle said. The company expected “some significant growth next year in stablecoin use as a payment method [globally]” since international transfers took only seconds, compared to one to two days for traditional wire transfers, he said.