HKT (SEHK: 6823) – HONG KONG, 2 November 2023 – HKT and Hex Trust signed a memorandum of understanding (MoU) to explore a trial on the issuance of an HKD-denominated stablecoin, examining the possibility of using the digital currency for payment in Hong Kong.
With this trial, HKT is exploring becoming one of the first listed companies in Hong Kong to issue a HKD stablecoin on a public permissionless blockchain. Leveraging HKT’s experience and expertise in fintech and Hex Trust’s capabilities as a digital asset custodian, the trial encompasses testing the processes of stablecoin issuance, payment and redemption, with a view to facilitating learning for future roadmaps in regard to digital currency.
Monita Leung, CEO, Digital Ventures, HKT, said, "HKT is a committed advocate of fintech and the digital economy. We believe digital currencies such as stablecoin have the potential to change consumer-facing financial services through the innovation brought on by blockchain and programmability. We are delighted to partner with Hex Trust on a stablecoin issuance pilot trial, contributing to Hong Kong's development as a regional Web3 hub."
Alessio Quaglini, CEO, Hex Trust, said, “Our partnership with HKT marks a significant milestone in the adoption of digital currencies in Hong Kong. By collaborating on the issuance of a HKD stablecoin, we are at the forefront of driving innovation and reshaping the financial landscape in Hong Kong. HKT's extensive fintech experience combined with Hex Trust's expertise as a trusted digital asset custodian and infrastructure provider creates a powerful synergy. Through this trial, we aim to pave the way for seamless and secure digital payments, contributing to the growth of Hong Kong as a thriving Web3 hub.”
HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city’s true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses; whereas our comprehensive mobile communication and smart living offerings enrich people‘s lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.
For more information, please visit www.hkt.com.
About Hex Trust
Hex Trust is a fully-licensed and insured digital asset custodian. Led by veteran banking technologists and award-winning financial services experts, Hex Trust has built Hex Safe, a proprietary institutional-grade platform that delivers solutions for digital asset protocols, foundations, financial institutions, and the Web3 ecosystem. Hex Trust has offices in Hong Kong, Singapore, Vietnam, Dubai and Italy,