Ant International plans to launch stablecoin in Hong Kong and Singapore

Ant International, the overseas arm of Jack Ma-backed Ant Group, plans to launch a stablecoin in Hong Kong and Singapore, applying for licenses as soon as Hong Kong’s Stablecoin Ordinance takes effect in August.
The company aims to expand its blockchain and digital asset operations, leveraging its existing $1 trillion transaction processing capacity, with $333 billion already handled through its blockchain-based Whale platform.
The stablecoin initiative will enhance cross-border payment and fund management services, supported by partnerships with major global banks like HSBC, JPMorgan Chase, and Deutsche Bank.
Ant International’s move aligns with growing institutional adoption of stablecoins, a market valued at $243 billion as of May 2024, and reflects its shift toward new growth avenues amid regulatory constraints in China.
The company’s blockchain infrastructure includes advanced privacy technologies like homomorphic encryption, and its Whale platform already supports tokenized assets from global institutions.
This expansion follows Ant Group’s broader strategy to diversify beyond traditional fintech, with its international unit preparing for a potential spinoff and IPO, estimated to be worth $8–24 billion.
The regulatory frameworks in Hong Kong and Singapore provide a clear pathway for stablecoin operations, positioning Ant International competitively alongside other major players like PayPal and BlackRock in the digital asset space.

Jack Ma’s fintech unit will apply for a license as soon as Hong Kong’s Stablecoin Ordinance comes into effect in August.

Ant International, the overseas arm of Jack Ma-backed Ant Group, is preparing to launch a stablecoin in major Asian financial centers as the $1 trillion payments processor seeks new avenues of growth beyond its traditional fintech business.

According to a Bloomberg report on Tuesday, the Singapore-based subsidiary plans to apply for a stablecoin issuance license as soon as Hong Kong’s Stablecoin Ordinance takes effect in August, citing people familiar with the matter. The company also plans to apply for licenses in Singapore and Luxembourg as part of its broader blockchain expansion strategy.

The move marks an important step for Ant International to enter the cryptocurrency space. The company processed more than $1 trillion in global transactions last year. Notably, the report said that one-third of this (about $333 billion) has been processed through the company's blockchain-based Whale platform, indicating that the company already has a rich digital asset operation infrastructure.

Ant Financial's stablecoin plan aims to strengthen its cross-border payment and fund management services, using blockchain technology to improve the efficiency and transparency of fund transfers. Currently, the Whale platform supports a variety of tokenized assets from global banks and institutions, and uses advanced privacy computing technologies including homomorphic encryption and multi-party verification systems.

The timing is good for Ant International to seize the growing adoption of stablecoins by institutional investors, a market that has reached $243 billion as of May this year. The company's existing banking partnerships have laid a solid foundation for stablecoin operations, and it has reached cooperation agreements with more than 10 major global banks, including HSBC, BNP Paribas, JPMorgan Chase and Standard Chartered Bank. This week, Ant International also announced a strategic partnership with Deutsche Bank to jointly provide payment solutions and fund management services.

For Ant International, stablecoins represent a natural progression for its money management business, which has shown huge growth potential due to the massive volume of transactions it handles for affiliate Alibaba Group’s e-commerce platforms and external clients. The unit will have revenue of nearly $3 billion in 2024 and has achieved adjusted profitability for two consecutive years.

The expansion comes as Ant Group seeks new growth drivers after its lucrative online lending business in China was hit by regulatory curbs since 2020. The international unit has established a separate board structure in preparation for a potential spinoff and IPO, which Bloomberg Intelligence estimates could be valued at between $8 billion and $24 billion in Hong Kong.

Ant Financial’s move into stablecoins comes amid a broader trend of large financial and technology companies embracing digital assets. PayPal launched its own stablecoin in 2023, the first major move by a major financial services company, while asset managers such as BlackRock and Franklin Templeton have created tokenized money market fund products that function similarly to stablecoins.

Compared to other jurisdictions, the regulatory environments in Hong Kong and Singapore provide a clearer framework for stablecoin operations. Hong Kong’s upcoming Stablecoin Ordinance and Singapore’s advanced digital asset regulations provide institutional-grade compliance pathways for companies seeking to legally operate in this space.