The move is designed to bolster the fintech firm’s blockchain operation underpinning its cross-border payment and treasury management services, the people said. Ant processed more than US$1 trillion ($1.28 trillion) of global transactions last year, a third of which were handled by its blockchain-based Whale platform, they said.
Jack Ma-backed Ant Group Co.’s international unit is planning to apply for stablecoin licenses in Singapore and Hong Kong, according to people familiar with the matter.
Singapore-based Ant International will apply for the stablecoin issuer’s license in Hong Kong as soon as the city’s Stablecoins Ordinance goes into effect in August, the people said, asking not to be identified because the matter is private. The company is also planning to seek a related permit in Luxembourg, they added.
