TechFlow reports on July 28 that Airstar Bank Limited, a Hong Kong virtual bank jointly backed by Xiaomi Group and Futu Holdings, has announced a collaboration with JINGDONG Coinlink, a subsidiary of JD.com, to jointly explore enterprise cross-border payment solutions based on stablecoins. This partnership operates within the framework of the Hong Kong Monetary Authority's (HKMA) stablecoin issuer "sandbox" program.
As one of the participating institutions in the "sandbox," JINGDONG Coinlink plans to leverage the sandbox environment for innovation, testing, and refinement, aiming to develop blockchain-based cross-border payment solutions that help enterprises overcome challenges and enhance payment experiences. Previous report: On July 24, JD.com announced its plan to issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar (HKD) in Hong Kong.
Notably, Airstar Bank received its banking license from the Hong Kong Monetary Authority in 2019. On June 7, 2024, Futu Holdings (FUTU.US) announced the completion of its HK$440 million investment into Gravitation Fintech HK Limited, the parent company of the licensed virtual bank Airstar Bank. Following this transaction, Xiaomi Group holds 50.30% of shares, while Futu holds 44.11%.
