HongShan-Backed Hong Kong Fintech Startup Raises $40 Million To Advance Stablecoin Plan

Key Points

1. RD Technologies' Series A2 round was led by ZA Global, China Harbour International Finance, Bright Venture Capital, and Hivemind Capital Partners, with participation from HSG and Guotai Junan.

2. The startup, founded by former HKMA CEO Norman Chan, is currently led by Rita Liu, former CEO of Alipay’s U.K. unit.

3. RD Technologies plans to apply for a stablecoin issuer license in Hong Kong, where over 50 companies, including Ant International and JD.com, have shown interest in obtaining such licenses.

4. The startup joined the HKMA’s stablecoin regulatory sandbox scheme to enhance its chances of success.

5. Hong Kong’s stablecoin regulations and Bitcoin’s record high of $123,000 in July have renewed investor interest in crypto, with companies like Guotai Junan International and ZhongAn Online P&C Insurance seeing significant stock price increases.