Jack Ma-Backed Fintech Giant Ant Group Eyes Stablecoin Licenses in Asia

Ant Group, the Jack Ma-backed fintech powerhouse, is ramping up its global ambitions by planning to apply for stablecoin licenses in key Asian markets. The group’s Singapore-based international unit will file for the necessary permits in Hong Kong as soon as the city’s new stablecoin regulations take effect in August, Bloomberg reported Thursday. It is also eyeing licenses in Singapore and Luxembourg, seeking to anchor its digital currency ambitions in key global financial hubs. The move reflects Ant’s growing focus on blockchain as a pillar of its international strategy. While the company is best known for its Alipay payments app, it has in recent years invested heavily in building infrastructure for cross-border payments. With IPO Plans On Hold, Ant Pivots To Global Growth And Enterprise Tech Last year, Ant’s global payments platform processed over $1 trillion in transactions, with roughly one-third routed through its proprietary blockchain network, Whale. Since Chinese regulators pulled the plug on Ant’s initial public offering in 2020 and clamped down on its online lending business, the company has shifted its focus toward international expansion and enterprise services. Its overseas arm, which reported close to $3b in revenue in 2024, has posted profits for two straight years and recently established an independent board to prepare for a potential spin-off and listing. With Stablecoin Plans, Ant Signals Long-Term Bet On Digital Currency Ant’s stablecoin initiative aims to support its cross-border payment and treasury services. It focuses especially on e-commerce platforms and external clients that need faster and more affordable international transactions. Meanwhile, regulators around the world are racing to introduce rules for stablecoins. This urgency stems from rising concerns about financial stability and compliance risks tied to the rapidly evolving asset class. At the same time, Hong Kong is emerging as a regulated hub for digital assets . Its upcoming stablecoin framework has already attracted interest from global players. Against this backdrop, Ant’s entry into the space reflects its confidence in Hong Kong’s regulatory clarity. It also highlights the city’s role as a bridge between China and international markets. If granted, the licenses would enhance Ant’s competitiveness in digital payments. They would also reinforce its shift away from consumer finance and toward enterprise-focused technology. The post Jack Ma-Backed Fintech Giant Ant Group Eyes Stablecoin Licenses in Asia appeared first on Cryptonews .

Source: cryptonews