Standard Chartered’s Hong Kong division has partnered with Web3 leader Animoca Brands to launch Anchorpoint Financial, a joint venture aimed at developing a licensed Hong Kong dollar stablecoin. The move marks a significant step in the evolving landscape of regulated digital currencies in the region.
Anchorpoint Financial Eyes Stablecoin Licence
According to an official announcement from Animoca Brands, the newly formed Anchorpoint Financial Limited has already expressed formal interest in obtaining a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA). The application was submitted on August 1, just as the HKMA’s six-month transition period for stablecoin regulation came into effect.
The new regulatory framework introduced by the HKMA has introduced stricter compliance requirements than many market participants had anticipated. As a result, shares in several Hong Kong-listed companies linked to stablecoin concepts experienced sharp declines, with some dropping by as much as 20 percent. Industry experts have labelled this market reaction as a healthy correction and an early adjustment to the new regulatory reality.
Longstanding Partnership with Strategic Vision
The collaboration between Standard Chartered and Animoca Brands has been in development for some time. Plans for a Hong Kong dollar-backed stablecoin were initially revealed in February 2024. Since then, the partnership has gained momentum, particularly with their joint participation in the HKMA’s stablecoin issuer sandbox initiative, alongside Hong Kong Telecommunications.
This initiative underscores Standard Chartered’s deep involvement in the region’s financial infrastructure. The bank is one of only three institutions officially authorised to issue Hong Kong’s fiat currency under the supervision of the HKMA, placing it in a unique position to contribute to the country’s digital currency ambitions.
Industry Faces Rapid Regulatory and Competitive Developments
The launch of Anchorpoint Financial arrives at a pivotal time in Hong Kong’s digital asset ecosystem. Regulatory clarity has ushered in a wave of activity, with several major players entering the race to issue a stablecoin tied to the Hong Kong dollar.
Source: Animoca Brands
China’s JD.com, a major e-commerce platform, has reportedly registered entities in anticipation of launching its own stablecoin just days before the regulatory framework was enforced. Additionally, Ant International, a Singapore-based subsidiary of the Jack Ma-backed Ant Group, has been reported to be preparing licence applications in both Hong Kong and Singapore.
In late July, JD Technology Group’s subsidiary, Jingdong Coinlink Technology Hong Kong Limited, also announced its intention to launch a 1:1 Hong Kong dollar stablecoin, highlighting the intensifying competition in this sector.
Hong Kong’s Push for Regulated Stablecoin Ecosystem
The introduction of the HKMA’s stablecoin framework reflects the government’s broader push to establish Hong Kong as a regulated hub for digital assets. By encouraging licensed and compliant stablecoin projects, regulators aim to build a trusted infrastructure that supports innovation while minimising financial risk.
Anchorpoint Financial’s formation is a direct response to this vision. Backed by one of the region’s most established banks and a major Web3 innovator, the venture is positioned to play a leading role in shaping the future of regulated digital currencies in Hong Kong.
