Jack Ma-Backed Ant Group Seeks Stablecoin Licenses in Hong Kong, Singapore, Luxembourg Ahead of August 1 Ordinance

Ant Group's international unit, backed by Jack Ma, is preparing to apply for stablecoin licenses in key financial hubs including Hong Kong, Singapore, and Luxembourg. This move aligns with Hong Kong's upcoming Stablecoins Ordinance, effective August 1, which aims to bolster the city’s position as a global digital asset hub through streamlined regulations and tokenization initiatives under its Policy Statement 2.0 and LEAP framework. Concurrently, Chinese tech giants including Ant Group and JD.com are lobbying the People's Bank of China to authorize yuan-based stablecoins issued offshore, particularly in Hong Kong, to enhance the yuan's global role and counter the dominance of U.S. dollar-linked cryptocurrencies in cross-border digital payments.

Ant Group is also accelerating investments in blockchain and AI technologies to support real-world applications within this expanding $1 trillion blockchain payment network. These developments reflect a broader strategic push by China to promote its digital currency ecosystem and challenge the prevailing influence of the U.S. dollar in the digital asset space.