Ant International Seeks Stablecoin Licenses in Singapore Hong Kong

Ant International, a Singapore-based unit of the Jack Ma-backed Ant Group, is preparing to apply for stablecoin issuer licenses in Singapore and Hong Kong. This strategic move is part of the company's global expansion efforts, aiming to leverage the improving regulatory clarity surrounding cryptocurrencies in these regions. The company plans to submit its license application in Hong Kong once the city's new Stablecoin Ordinance takes effect on August 1. This ordinance, which was passed on May 21, establishes Hong Kong's first licensing regime for fiat-based stablecoins. Under this new regime, stablecoin issuers must obtain a license from the Hong Kong Monetary Authority (HKMA) for stablecoin issuance, with noncompliance punishable by fines of up to 5 million Hong Kong dollars.

Ant International's plans to pursue similar licensing efforts in Singapore and Luxembourg highlight the company's commitment to expanding its digital financial services globally. The move underscores rising confidence among traditional fintech players in the maturing global regulatory landscape for stablecoins, which are increasingly used for payments and digital asset settlement. Ant International seeks to adopt stablecoins for its financial operations, including cross-border payments and treasury management services. During 2024, a third of the firm’s $1 trillion worth of global transactions were processed through its blockchain-based Whale platform. Ant International also handles the transactions of its e-commerce affiliate, Alibaba.

Ant Group and its affiliates have previously shown interest in blockchain and tokenization solutions. In December 2024, Ant Digital partnered with Sui layer-1 blockchain to tokenize real-world assets related to the environmental, social, and governance space. This move by Ant International to leverage stablecoins for cross-border payments and treasury management services is a significant step towards integrating stablecoins into its existing financial ecosystem. The company's decision to pursue stablecoin licenses in these jurisdictions is a significant step towards integrating stablecoins into its existing financial ecosystem, potentially offering new opportunities for users and businesses alike. The news comes as the total stablecoin market capitalization surpassed the $250 million all-time high for the first time on Sunday, June 8. The global stablecoin supply may surpass $1 trillion before the end of 2025, potentially becoming the next significant catalyst for the growth of the cryptocurrency market.