Hong Kong’s Stablecoins Ordinance marks a significant milestone, as cross-border payments using the cryptocurrency can facilitate trade-finance flows between Hong Kong, mainland China and global markets such as the Middle East, according to the CEO of Zand, an AI-powered fintech and financial-services group in the United Arab Emirates (UAE).
Future development under the ordinance could help Hong Kong rebuild its role in expediting trade and exports between mainland China and global markets, said Michael Chan.
“The city’s traditional re-export role for mainland China has been diminishing as direct trade through mainland ports grows,” said the Hong Kong-born graduate of City University of Hong Kong. “But its role as the middleman in the digital trade-finance segment could be revitalised.”
“A stablecoin is more time and cost effective [than traditional currency], as a reliable corridor with greater transparency, plus…
