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South China Morning Post
05-08-2025
- Business
- South China Morning Post
Hong Kong stablecoin regime a ‘double-edged sword' for market's growth, analysts say
Published: 11:00am, 5 Aug 2025 Hong Kong's new stablecoin law sets a global standard but might initially sideline innovative start-ups while encouraging big local and mainland financial firms to participate in the cryptocurrency sector's growth, industry experts said. The city rolled out one of the most stringent stablecoin regimes globally and kick-started the application process for potential issuers on Friday, part of a broader effort to be a leading digital asset hub connected to China's vast economy. The move aims to ensure a prudent approach for the issuance of stablecoins , a type of cryptocurrency backed by fiat currencies or other reserve assets. The regime's upfront capital requirement of HK$25 million (US$3.2 million) presented a barrier for smaller firms, according to Florian Spiegl, founder and CEO of Evident Group, which operates a digital investment platform for alternative assets and is licensed by the Securities and Futures Commission . In addition, a requirement that every applicant be a locally incorporated company with management on the ground added cost and friction for global players, he said. A limited number of issuers would initially emerge in Hong Kong, analysts said. These would primarily be major local and mainland Chinese firms, as some smaller start-ups and fintech innovators would be deterred, they said. 'For applicants, it's a double-edged sword, as the costs of entry and operations are too high for some,' Spiegl said. 'For major banks and large, well-capitalised global crypto firms that want a 'gold standard' licence to minimise risk and signal trust, Hong Kong's tough stance might actually be a draw.' Hong Kong's strict rules contrast with Singapore's base capital requirement of at least S$1 million (US$776,367) and the rules in the US, which just require that the amount be sufficient to ensure ongoing operations.
Fintech News ME
18-06-2025
- Business
- Fintech News ME
InvestHK's Gulf Cooperation Council Fintech Visit Spurs Strategic Partnerships
Invest Hong Kong (InvestHK) reinforced its role as a global business hub through a strategic visit to the Gulf Cooperation Council (GCC) region, forging strong partnerships. The InvestHK GCC fintech delegation built on the momentum from the Chief Executive's earlier visit to the Middle East in May, which saw three Memoranda of Understanding (MOUs) signed by InvestHK. The InvestHK GCC fintech delegation, made up of leaders from top financial and fintech firms founded locally, in Mainland China or overseas with operations in Hong Kong, engaged in high-level meetings. This included meetings with local government organisations, private equity partners and tech incubators across the GCC, facilitated by InvestHK. The Director-General of Investment Promotion at InvestHK, Alpha Lau, said, 'In today's evolving global economy, Hong Kong has showcased its irreplaceable strategic value as a 'super connector'. We recognise opportunities in high-potential markets, such as the GCC region, which are actively diversifying their economies through innovations. By partnering with InvestHK, companies can effectively access these competitive markets with the government's support.' The Global Head of Financial Services, FinTech & Sustainability at InvestHK, King Leung, added, 'Leveraging our in-depth understanding of each participating company, we successfully showcased Hong Kong as an efficient platform for connecting high-quality enterprises, earning broad recognition from local governments, businesses, and investors across the GCC region.' Over the past two years, firms like Evident Group, LianLian Global, OneDegree, and others have joined the delegations, with delegates crediting the HKSAR Government for enabling meaningful results through its support and connections. Evident Group's delegation participation led to a milestone MOU with Zand Bank, the UAE's AI-powered bank. This marked the start of a strategic collaboration, focused on delivering innovative alternative investment solutions for the latter's private wealth clients. By leveraging Evident Group's secure digital market infrastructure, the partnership aims to broaden access to private equity secondaries, private credit, and tokenised infrastructure, highlighting how digitalisation of private markets can strengthen Hong Kong's role as a bridge for global private wealth. Next, LianLian Global sees Hong Kong as a vital hub for expanding its presence in the GCC. Using InvestHK delegations to build key government-to-government relationships, most notably with the Central Bank of the UAE, opened new strategic pathways. Also, at the Dubai FinTech Summit, LianLian Global secured a cooperation agreement with Lulu Money to extend payment services into Mainland China. Thirdly, Lingfeng Capital secured its approved-in-principle from the UAE's Financial Services Regulatory Authority as a licensed fund manager in the UAE. Lingfeng Capital has set up its regional headquarters in Abu Dhabi after identifying growth opportunities during the first delegation visit last year. Building on this momentum, Lingfeng Capital is now establishing a fund in Abu Dhabi to support portfolio companies from Hong Kong, Mainland China, and beyond as they expand into the GCC region. Finally, OneDegree has earned recognition from GCC government officials for its digital asset insurance solutions. Backed by investment from Dubai Insurance and approved by the Central Bank of the UAE through its partnership with Dubai Insurance Co., OneDegree is set to provide digital asset insurance in the UAE. Walaa will be providing reinsurance capital for OneDegree's global digital asset playbook. A key milestone for OneDegree was a private meeting with senior leadership of the Kingdom of Saudi Arabia's Insurance Authority during last year's delegation visit. The 2025 InvestHK GCC fintech delegation was built on groundwork laid by HKSAR officials to deliver concrete business outcomes, reinforcing Hong Kong's role as a globally connected, outward-facing economy. As a 'super connector' and 'super value-adder,' Hong Kong continues to drive two-way economic growth through innovation and strategic partnerships.
South China Morning Post
14-06-2025
- Business
- South China Morning Post
Supporting role: how InvestHK is driving Hong Kong firms' global growth
On May 16, just as US President Donald Trump wrapped up his whirlwind Gulf tour with over US$2 trillion in deals, a little-known Hong Kong fintech firm beat global rivals to bag a contract with a United Arab Emirates (UAE) bank. Advertisement Evident Group, operator of a digital investment platform for alternative assets and licensed by the Securities and Futures Commission , formed a partnership with Zand Bank, the UAE's first fully licensed digital bank. The collaboration will provide the Dubai-based bank's clients with investment opportunities through Evident's tokenisation technology and infrastructure. The partnership was made possible thanks to the efforts of InvestHK . And Evident's success exemplifies the investment promotion agency's new mission. After a quarter-century dedicated to attracting global investment to Hong Kong, InvestHK is transforming into a business development agency that leverages the city's dual role as both a 'superconnector' and 'super value-adder' to help companies succeed. 'We must now help them take the next step in their journey to be successful,' said Alpha Lau Hai-suen, the director general of InvestHK. 'Whether they are from China or from Asia or elsewhere, once they open in Hong Kong, we see them as a Hong Kong company, so we will help them.' (From left) King Leung, global head of financial services, fintech and sustainability at InvestHK; Victor Yim, head of fintech at Cyberport Hong Kong; Florian Spiegl, founder and CEO of Evident Group; Ronald Fok, head of wealth and asset management at Zand Bank; Michael Chan, CEO of Zand Bank, and Parag Gupta, COO of Zand Bank. Photo: Handout This strategic shift responds to evolving challenges. InvestHK was established in 2000 to retain foreign investment amid rising competition. A pivotal moment came in 2001 when China joined the World Trade Organization, prompting many firms to bypass Hong Kong for direct mainland access. But now companies want to expand, taking advantage of Hong Kong's credibility and regulations. Advertisement Evident's founder Florian Spiegl appreciated InvestHK's role in bringing the partnership with Zand to fruition. He said this was only possible after InvestHK arranged an informal meeting with Zand's CEO, Michael Chan, which gave him an opportunity to share his vision. This, in turn, helped speed things up.
