17 Feb, 2025

Standard Chartered Plans to Launch HKD-Backed Stablecoin With Animoca Brands and HKT

Quick Take● Standard Chartered, Animoca Brands and HKT have teamed up to issue a Hong Kong dollar-backed stablecoin.● The initiative comes as Hong Kong prepares to pass a bill regulating stablecoins.Standard Chartered Plans to Launch HKD-Backed Stablecoin With Animoca Brands and HKTStandard Chartered's Hong Kong unit, web3 investor Animoca Brands and telecom company Hong Kong Telecommunications (HKT) have teamed up to form a joint venture to issue a stablecoin pegged to the Hong Kong dollar.The joint venture plans to apply for a license from the Hong Kong Monetary Authority (HKMA) under the city's upcoming stablecoin regulatory regime, aiming to be among the first regulated stablecoin issuers, according to an announcement Monday.The planned stablecoin will draw on Standard Chartered's banking infrastructure, Animoca's crypto expertise and HKT's mobile wallet technology. The companies aim to develop use cases in payments, finance and cross-border transactions.Hong Kong's Planned Stablecoin Regulatory FrameworkHong Kong is moving toward a regulated stablecoin framework as part of its broader digital asset strategy. In December 2024, the government published the Stablecoins Bill, which would establish a licensing and regulatory regime for fiat-backed stablecoin issuers. Last month, Hong Kong's Legislative Council held its first discussion on the bill, noting that stablecoin issuers will need to obtain an HKMA license.Standard Chartered Bank (Hong Kong), Animoca Brands and HKT have already been involved in shaping the regulatory framework. In March 2024, the HKMA included them in its stablecoin issuer sandbox, allowing them to explore how stablecoins could bridge web3 and traditional finance and contribute to Hong Kong's position as a global digital assets hub."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," said Mary Huen, CEO of Standard Chartered Hong Kong and Greater China and North Asia."By leveraging the bank's and our partners' core strengths, we aim to launch a stablecoin that can be used securely by institutions and individuals across a wide number of use cases," Huen added.

12 Feb, 2025

Luang Prabang Seeks Visa Waiver Extension for More Chinese Tourists

Luang Prabang Province is calling for the Lao government to extend visa waivers for Chinese tourists, aiming to boost tourism and enhance visitor experiences ahead of a potential new “Visit Laos Year,” with the launch date yet to be decided.Soudaphone Khomthavong, an official from the Luang Prabang Provincial Information, Culture, and Tourism Department, raised these proposals during a cabinet meeting on 5 February.The official recommended that the government consider extending visa waivers for Chinese tour groups and other countries without exemptions, citing the large number of Chinese tourists who visited Laos last year.In 2024, Luang Prabang recorded a total of 438,355 Chinese tourists, making them the largest group of visitors that year, surpassing those from Thailand and South Korea.Additionally, Soudaphone suggested reviewing lessons learned from the 2024 Visit Laos Year campaign to improve future initiatives and better accommodate a potential increase in tourist arrivals.Soudaphone also emphasized the need for government funding at the local level to support tourism promotion activities. She stressed that with better resources, future tourism campaigns could achieve greater success.To improve the visitor experience, Luang Prabang plans to upgrade infrastructure and facilities at tourist sites. This includes improving access roads, enhancing equipment and services at popular attractions, and providing better training for tourism personnel. The province also intends to raise the quality of transportation services for visitors.However, challenges remain from the 2024 Visit Laos Year campaign. Soudaphone highlighted that key access roads to popular destinations, such as Tad Kuang Si Waterfall and the route from Luang Prabang city to the Laos-China railway station, are still in poor condition and require urgent repairs. Upgrading these roads is essential for unlocking the province’s tourism potential.While no specific timeline for these improvements was mentioned, officials remain committed to making Luang Prabang a more accessible and enjoyable destination for tourists in the future.Last year, the government announced free visas for Chinese citizens booking through credit agencies. The policy also included visitors from Hong Kong, Macau, and Taiwan, allowing them to stay in Laos for up to 15 days. This initiative was part of the Visit Laos Year 2024 campaign and aimed to attract more tourists from these regions.