Ant International, the global fintech arm of Jack Ma’s Ant Group, is reportedly seeking regulatory approval to issue fiat-backed stablecoins in Asia’s major financial hubs Singapore and Hong Kong. Following Hong Kong’s stablecoin licensing regime activation in August, the initiative aligns with the region’s ambition to foster a secure, regulated digital currency market.
Ant International confirmed plans to apply for a fiat-referenced stablecoin (FRS) license upon regulatory openings. The firm is preparing parallel applications in Hong Kong and Singapore, leveraging its fintech pedigree and existing digital payments pedigree via Alipay. The move underscores Ant’s ambitions to expand blockchain services beyond China’s domestic market.
Hong Kong’s new stablecoin ordinance emphasizes investor protection and reserve accountability, with custodial frameworks overseen by the Monetary Authority. Ant’s entry symbolizes market readiness to combine fintech giants’ user-scale reach with secure digital money infrastructure. Singapore’s similarly robust sandbox environment enhances regional ambitions .
Issuing a stablecoin through licensed channels could enable Ant to support Alipay’s overseas remittances, merchant settlements, and e-commerce expansion in SEA and beyond. It may also streamline cross-border payments offering faster, lower-cost settlement compared to correspondent banking channels.
If approved, Ant International would compete with regional incumbents while offering digital fiat options trusted by regulators and global users. The move will likely accelerate fintech innovation, encouraging collaborations between licensed stablecoin issuers, exchanges, and financial intermediaries.
As financial inclusion becomes central to economic growth, regulated stablecoins may form critical rails for digital infrastructure. Ant’s planned licenses could mark a major transition for Asia’s crypto economy where private digital currency meets public oversight.
