Bank of East Asia plans to explore Hong Kong Stable Coin payment use cases as a reserve bank and authorized coin minting merchant

Odaily Planet Daily News According to reports, Bank of East Asia has announced a collaboration with the Hong Kong fintech company IDA to explore the feasibility of widespread adoption of digital finance using a 1:1 Hong Kong dollar pegged Stablecoin. It is reported that the two parties will work together with a local Payment Network to explore an application case that can simplify the payment process and enhance user experience. Bank of East Asia will serve as a reserve bank and authorized coin issuer to ensure compliance with regulatory frameworks while promoting fintech innovation. The collaboration aims to explore the integration of Stablecoin into payment and Settlement infrastructure to drive the local economy and improve commercial cash flow. Through this experiment, the introduction of Stablecoin will enable instant transactions, enhance merchant cash flow, and provide 24/7 service at the lowest transaction cost. (Hong Kong 01)