Latest news with #JDcom
Yahoo
a day ago
- Business
- Yahoo
JD.com, Ant Group Push for Yuan-Based Stablecoins to Counter Dollar Rule: Reuters
China's and Ant Group are pressing the central bank to permit yuan-based stablecoins to counter the rise of U.S. dollar-linked digital currencies, Reuters reported on Friday. They propose launching stablecoins in Hong Kong backed by the offshore yuan, aiming to boost the Chinese currency's global role. Both firms already plan to issue Hong Kong dollar-backed stablecoins once local legislation begins August 1. However, is advocating for offshore yuan stablecoins as a strategic move to support yuan internationalization. The push reflects China's broader ambitions to challenge U.S. dominance in digital finance and expand the reach of its currency globally. China has a long-standing ban on cryptocurrency transactions, which extends to most private stablecoins. This ban, particularly intensified in 2021, was motivated by concerns over financial crime, capital flight, and potential threats to financial stability. As a counter, China poured resources into developing and piloting its own digital yuan (e-CNY). This central bank digital currency (CBDC) is seen as a way to modernize its payment system and exert greater control over its financial landscape.
Zawya
2 days ago
- Business
- Zawya
Abu Dhabi Airports and JINGDONG Property announce strategic joint venture to establish E-Commerce Logistics Hub
Marks JINGDONG Property's first development project in the UAE and boosts the region's remarkable expansion in the e-commerce sector JV enhances regional distribution capabilities and delivery times Abu Dhabi, UAE: Abu Dhabi Airports announced a strategic joint venture with JINGDONG Property (JDP), the infrastructure arm of global e-commerce leader to develop and operate advanced logistics facilities within Abu Dhabi Airports Free Zone (ADAFZ). The strategic partnership will see the construction of two state-of-the-art warehouses, bonded and non-bonded, spanning a total gross floor area of over 70,000 sqm at the ADAFZ Logistics Park, marking JDP's first development project in the UAE. The infrastructure investment is set to enhance cross-border e-commerce capabilities and strengthen e-commerce and specialised cargo logistics throughout the GCC and broader MENA region. Elena Sorlini, Managing Director and Chief Executive Officer at Abu Dhabi Airports said: 'This joint venture aligns seamlessly with Abu Dhabi's vision of becoming a global trade and logistics hub. By combining JDP's expertise in cutting-edge logistics infrastructure with our strategic location and capabilities, we are creating a dynamic ecosystem that will attract investment, create growth opportunities, and reinforce Abu Dhabi's role in global supply chains.' Inc ranked 47th on the Fortune Global 500 and listed on NASDAQ, has rapidly become a major player in global e-commerce. JD Property, established in 2012, is dedicated infrastructure arm, with a portfolio of over 50 infrastructure projects across nine countries outside of China. "We are delighted to enter into this strategic partnership with Abu Dhabi Airports to jointly develop high-standard warehouse projects at the ADAFZ Logistics Park." said Cao Dong, Chief Executive Officer of JDP"This signing marks an important milestone for both sides, and we highly value the trust and support from our partner. We have great respect for the UAE market and are committed to bringing our expertise and resources to support the country's logistics infrastructure development and e-commerce capabilities. Looking ahead, we are eager to deepen our collaboration, increase our investment, and work together towards long-term, mutually beneficial growth." The new facility will leverage the strategic proximity to airport facilities and transport infrastructure to support multimodal logistics, boosting the region's remarkable expansion in the e-commerce industry. As a muti-sector free zone, ADAFZ offers a tailored-made commercial environment that attracts diversified private-sector investments. The joint venture is expected to drive significant mutual benefits, advancing Abu Dhabi's logistics sector and the Emirate's broader economic diversification ambitions. About Abu Dhabi Airports: Abu Dhabi Airports operates five commercial airports in the emirate, including Zayed International Airport, Al Ain International Airport, Al Bateen Executive Airport, Delma Island Airport and Sir Bani Yas Island Airport. Having welcomed over 29 million passengers through its airports in 2024, Abu Dhabi Airports is a gateway to the Emirates for travellers worldwide. It works towards its vision of positioning Abu Dhabi as a leading global aviation hub. Since November 2023, passengers travelling through Zayed International Airport have had the privilege of experiencing the new state-of-the-art terminal, which has significantly increased the airport's operational capacity and features world-class facilities for passengers and aviation operators while strengthening Abu Dhabi's reputation as a destination of choice.
Coin Geek
2 days ago
- Business
- Coin Geek
JD.com forays into stablecoins as South Korea voices concern
Getting your Trinity Audio player ready... (NASDAQ: JD), China's largest retailer by revenue, is venturing into the stablecoin arena, and it has international ambition. In a recent media briefing, chairman and founder Richard Liu Qiangdong stated that he believes stablecoins will dominate the cross-border transfer market, and his company wants a piece of the pie. ' intends to secure stablecoin licenses across key currency markets globally…to reduce cross-border transaction costs by 90 per cent and improve the efficiency to within ten seconds,' he stated, as reported by the South China Morning Post. Liu pointed out that today's cross-border payments, which rely on SWIFT, remain slow and expensive, owing to the inefficiency of the banking system and the high number of intermediaries. A SWIFT transfer can take anywhere from a day to five, depending on the corridor and currencies. In contrast, a stablecoin transaction takes seconds and costs a fraction of the legacy fees. 'We hope that JD stablecoin will become a universal payment method worldwide,' Liu says. Liu's endorsement comes after months of stablecoin efforts by Hong Kong-based subsidiary, JINGDONG Coinlink Technology. The firm is part of the city's stablecoin sandbox, which the Hong Kong Monetary Authority (HKMA) launched earlier this year. In a recent interview, Coinlink CEO Liu Peng revealed that the company completed the second phase of its stablecoin pilot in Hong Kong a month ago. While the pilot targeted cross-border settlements, it also experimented with retail payments and investments. Peng added that the company expects to acquire a license in Hong Kong under the city's new stablecoin regime later this year and launch its new HKD-backed stablecoin over the next six months. joins dozens of other global firms targeting stablecoin launches over the next few years as the industry becomes one of the most lucrative in the sector. Circle's recent initial public offering (IPO) (and the subsequent 750% spike in stock value) proved that the market is ready for a stablecoin implosion, and other companies are scrambling for a share of the spoils. In Asia, Alibaba (NASDAQ: BABAF), which owns biggest rival, Tmall, has announced similar plans and is also pursuing a Hong Kong license. Beyond Asia, giants like Walmart (NASDAQ: WMT), Amazon (NASDAQ: AMZN), and JPMorgan (NASDAQ: JPM) are also working on their own stablecoins. Stablecoins have been on the radar of these giants for years. However, according to market experts, they had refrained from the sector as it was largely unregulated. 'The infrastructure has been ready, but it lacked application scenarios. The reason institutions were previously hesitant to use stablecoins was that these were not compliant,' says OKG Research's senior analyst Jason Jiang. Not anymore. The United States is edging closer to welcoming the GENIUS Act; Singapore has finalized its stablecoin framework; and Hong Kong's Stablecoin Ordinance takes effect in August. Bo Tang, a director at Hong Kong's University of Science and Technology, adds that these regulations are laying the foundation for a new financial order. 'A brand-new payment ecosystem built on stablecoins will emerge.' Bank of Korea: Stablecoins could threaten financial stability Elsewhere, the Bank of Korea (BOK) says it's not against won-backed stablecoins, but it's concerned about their impact on financial stability and foreign exchange. Governor Rhee Chang-yong said that won-backed stablecoins could solve the rise of USD alternatives, which dominate the market. According to the Atlantic Council, USD stablecoins account for 98% of daily transacted value. However, the central bank is concerned that Koreans could use the won stablecoins to acquire dollar alternatives, which 'in turn could increase demand for dollar stablecoin and make it difficult for us to manage forex,' he stated. The governor's concerns come as the government, led by the new president, Lee Jae-myung, pushes for stablecoin adoption. Lee campaigned on a pro-digital asset stance, pledging to make South Korea a Bitcoin hub, and stablecoins are central to this agenda. In a separate media briefing, Deputy Governor Ryoo Sangdai proposed a gradual rollout that only allows regulated financial institutions to issue stablecoins initially. 'It would be desirable to initially allow stablecoin issuance primarily through banks, which are subject to higher levels of financial regulation, and gradually expand it to the non-banking sector,' he stated, as reported by Yonhap News. This proposal would favor local banks, and some are already bracing to venture into the sector. The country's largest lender, KB Kookmin, filed 17 trademark applications this week, all related to stablecoins. KakaoPay, which operates the leading mobile payments service, has also filed similar trademark applications. Watch: Richard Baker on engineering a smarter financial world with blockchain title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
South China Morning Post
2 days ago
- Business
- South China Morning Post
Hong Kong stocks slide as traders shun risks before July 9 deadline on US tariff deals
Hong Kong stocks fell for the second day as investors shun risks amid concerns about global trade tensions before a deadline next week to tackle higher US export tariffs. The Hang Seng Index declined 1 per cent to 23,822.03 at 9.35am local time on Friday, adding to a 0.6 per cent loss on Thursday. The Hang Seng Tech Index slipped 0.9 per cent. The Shanghai Composite Index and the CSI 300 Index of onshore stocks both slipped 0.1 per cent. E-commerce leader Alibaba Group declined 2.1 per cent to HK$104 while peer retreated 1.1 per cent to HK$123.80. Nike supplier and apparel maker Shenzhou fell 0.7 per cent to HK$56.35, while Zijing Mining weakened 2.6 per cent to HK$20.70. US President Donald Trump said on Thursday that his administration could start sending letters to major trading partners to set high unilateral tariff rates ahead of a July 9 deadline. The warning added to market caution as Japan, South Korea and the EU scrambled to finalise agreements with the US. Elsewhere, Anjoy Foods Group dropped 0.1 per cent to HK$59.95 on the company's trading debut. Major Asian markets were mixed. Japan's Nikkei 225 added 0.3 per cent and Australia's S&P/ASX 200 rose 0.2 per cent, while South Korea's Kospi fell 0.8 per cent.
Zawya
3 days ago
- Business
- Zawya
China's tech giants lobby for offshore yuan stablecoin, sources say
China's tech giants and Alibaba affiliate Ant Group are urging the central bank to authorise yuan-based stablecoins to counter the growing sway of U.S. dollar-linked cryptocurrencies, people with direct knowledge of the discussions said. The two firms propose China allow the launch of stablecoins in Hong Kong pegged to its offshore yuan to help promote global use of the Chinese currency and fend off the dollar's growing digital influence, the two sources said. The moves come as Hong Kong races the United States in setting up a regulatory framework for stablecoins, competing for a greater reach in global digital finance and trade. Their lobbying efforts, if successful, would mark a major shift in the way Beijing views cryptocurrencies, which it banned in 2021, and could reshape China's strategy in promoting international use of the yuan. Stablecoins are digital tokens, in the form of cryptocurrencies pegged to liquid assets, so far mostly the U.S. dollar but also in some cases gold or other currencies. Their underlying blockchain technology enables instant, borderless and round-the-clock transfer of funds at low cost, giving them the potential to disrupt traditional cross-border payment systems. Both and Ant already plan to issue stablecoins backed by the Hong Kong dollar, after the island's new legislation takes effect on August 1. But in closed-door discussions with the People's Bank of China, has argued that offshore yuan stablecoins are urgently needed as a tool to promote yuan internationalisation, the sources told Reuters. Such a view has also been expressed by other industry players. "The global expansion of U.S. dollar stablecoins is posing fresh challenges to yuan internationalisation," Wang Yongli, co-chairman of Digital China Information Service Group said in an article posted on his social media account last month. "It would be a strategic risk if cross-border yuan payment is not as efficient as dollar stablecoins," said Wang, former vice head of Bank of China. The PBOC, and Ant did not immediately respond to Reuters requests for comment. DOLLAR DOMINATES The global stablecoin market is currently small at about $247 billion, according to crypto data provider CoinGecko. However, Standard Chartered Bank estimates it could grow to $2 trillion by 2028. Over 99% of stablecoins are U.S. dollar-denominated, according to the Bank for International Settlements. China has long harboured ambitions for the yuan to be a global currency, similar to the euro or dollar and reflecting its weight as the world's second-biggest economy. One roadblock to this aim, however, is its reluctance to remove tight capital controls. The yuan's share as a global payment currency fell to 2.89% in May, the lowest in almost two years, according to payment platform SWIFT. The dollar commands a 48.46% market share. "China has reached a point where it can no longer avoid taking action," said Xiao Feng, chairman of Hong Kong-based crypto exchange operator HashKey. Many Chinese exporters now use dollar stablecoins as "more and more overseas merchants are sending payments in USDT", he said, referring to the world's more popular stablecoin Tether. Several exporters told Reuters capital controls at home, geopolitical tensions and the risks of currency volatility in smaller emerging markets have spurred the shift into stablecoins. Crypto HK, Hong Kong's biggest crypto OTC exchange, said the monthly volume of trading in the USDT token by its Chinese clients for trade settlement purposes has jumped five-fold since 2021. INEVITABLE? Marking a major U.S. shift, President Donald Trump backed stablecoins days after his inauguration in January and is establishing a regulatory framework that helps legitimise dollar-pegged cryptocurrencies. Even in China, where cryptocurrencies remain banned, policymakers are becoming increasingly interested in stablecoins. PBOC governor Pan Gongsheng said last month the boom in digital currencies and stablecoins poses huge challenges to financial regulation. PBOC advisor Huang Yiping told local media in a recent interview that an offshore yuan stablecoin in Hong Kong is "a possibility". Ant is preparing to apply for stablecoin licences in both Hong Kong and Singapore, one of the sources said. Ant is also preparing for offshore yuan stablecoins, he said. chairman Richard Liu has also disclosed plans to apply for such licenses in major currency countries globally, in a bid to facilitate foreign exchange and cross-border payment. In discussions with the PBOC, argued a yuan-pegged stablecoin was needed because the Hong Kong dollar is pegged to the U.S. dollar, which does not help promote the yuan's use in trade, one of the sources said. has proposed China allow yuan stablecoin issuance in Hong Kong, before expanding the pilot scheme to offshore markets within China's free trade zones, said a company source, adding the suggestion had been well received by regulators.
