- Ant International, the Singapore based arm of Jack Ma’s Ant Group, is set to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg.
- Hong Kong passed its first fiat backed stablecoin regulatory framework on May 21, 2025.
- Ant Group, an Alibaba affiliate, aims to leverage stablecoins for cross border transactions and treasury management.
The Singapore based arm of Jack Ma owned Ant Group, Ant International is reportedly preparing to apply for stablecoin licenses in Hong Kong and Singapore.
Indicating increased interest from traditional fintech firms in regulated digital payment systems, the company will file its license application in Hong Kong once the city’s much awaited stablecoin regulatory framework takes effect on August 1.
This will follow applications in Singapore and Luxembourg.
Stablecoin Regulation in Hong Kong
Hong Kong passed the Stablecoin Ordinance bill on May 21, 2025, its first fiat backed stablecoins regulatory framework.
Under the new rules, stablecoin issuers must obtain a license from the Hong Kong Monetary Authority (HKMA), with noncompliance punishable by fines of up to HK$5 million (US$640,000).
Alibaba Group’s increasing interest in crypto
Ant Group is an affiliate of Alibaba Group and the operator of Alipay, the world’s largest digital payment platform.
The Alibaba group seemingly aims to leverage stablecoins for cross border transactions and treasury management through Ant International. Stablecoins are increasingly used for international payments and digital asset settlement.
In 2024, roughly one third of Alibaba’s $1 trillion in global transaction volume was processed through its proprietary blockchain platform, Whale.
Ant International has previously demonstrated interest in blockchain and tokenization. In December 2024, its affiliate Ant Digital partnered with the Sui layer-1 blockchain to tokenize real world assets tied to environmental, social, and governance (ESG) initiatives.
The licensing move is set to position Ant International among its peers as a fintech player actively embracing blockchain based financial infrastructure, especially in the wake of global regulation and acceptance of crypto.
Meanwhile in neighbouring Japan, Tokyo-based investment firm Metaplanet Inc. acquired 1,088 Bitcoin expanding to 8,888 BTC and Remixpoint, another Japanese software development company added more Bitcoin to its bag last week.
