HONG KONG, July 18, 2024 - (ACN Newswire) – RD Technologies announced today that its subsidiary, RD InnoTech Limited, has been admitted to the stablecoin issuer sandbox of the Hong Kong Monetary Authority (HKMA). Among the first batch of entities to join the sandbox, RD Technologies will conduct testing for various use cases of its proprietary Hong Kong Dollar stablecoin, “HKDR”, such as digital asset trading and cross-border trade payments.
Today’s announcement represents a major milestone for RD Technologies mission to help develop the financial infrastructure for the Web3 ecosystem in Hong Kong through the issuance of reliable and trustworthy stablecoins compliant with high regulatory standards.
“We are honoured to be amongst the first batch of entities to participate in the HKMA sandbox,” said Norman Chan, Chairman of RD Technologies. "RD Technologies remains committed to the mission of offering innovative solutions to help enrich the financial infrastructure that is essential in building Hong Kong as the Web3 hub of the world.”
“We are excited to be participating in the HKMA’s sandbox arrangement. My team at RD Technologies is fully ready to communicate with the HKMA closely and demonstrate our superior technical capability, robust risk management and user friendly stablecoin solutions that are in compliance with high regulatory standards. RD Technologies will continue to contribute to the development of the Web3 ecosystem in Hong Kong." said Rita Liu, CEO of RD Technologies.
About RD Technologies:
RD Technologies Group (“RD Technologies”) deploys innovative Fintech solutions to connect the business world by trust. RD Technologies is a unique financial platform that connects the Web2 and Web3 world and market participants through the provision of an HKMA licensed B2B digital wallet for fiat money, which was launched in November 2023, and Hong Kong Dollar stablecoins to be tested shortly under the HKMA sandbox. Based in Hong Kong and facing the world, RD Technologies’ mission is to facilitate cross-border trade and financial transactions through the provision of efficient, safe, and innovative payment solutions for businesses, thereby contributing to the development of Hong Kong as a trade and financial hub in Asia.
The world of Web3 holds great promise for the future, and stablecoins play a crucial role in this evolving landscape. RD Technologies plans to engage regulated exchanges globally as well as payment partners to enable more cost and time-efficient cross-border payments and settlements. By leveraging our strong partnerships with licensed financial institutions, RD Technologies aims to drive the mainstream adoption of HKDR. Additionally, RD will develop innovative use cases that showcase the benefits of compliance, ensuring the safety and security of HKDR to all its users.
For details: https://rd.group
About HKD Stablecoin (HKDR):
HKDR is the Hong Kong dollar stablecoin that RD Technologies is exploring to launch. HKDR’s value will be 1:1 in Hong Kong dollars, and its backing reserves will be made up of high-quality, highly liquid assets safe-kept in a segregated custody account with licensed financial institutions. Details of the reserves will be available to the public through independent third-party attestation reports published on a regular basis.
For details: https://rd.group/hkdr
Media Enquiries:
RD Technologies
Arian WANG
Mobile: (852) 6221 7008
Email: pr@rd.group
Direct email: arian.wang@rd.group
Topic: Press release summary
Source: RD Technologies
Sectors: Crypto, Exchange, Blockchain Technology, ICOs & Tokens, FinTech, NFTs
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