HONG KONG, Oct. 30, 2024 /PRNewswire/ — IDA, a leading Hong Kong-based stablecoin issuer, has announced a strategic partnership with Zand Bank, the UAE’s first fully licensed all-digital bank. Zand Bank empowers UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive positive impact in the digital economy. 

Through this partnership, IDA and Zand Bank aim to achieve cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus, providing businesses with streamlined 24/7 digital payments. 

Michael Chan, CEO at Zand Bank commented: “We are excited to partner with IDA. Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic collaboration and opportunities for growth. By leveraging blockchain technology and AI, we are making cross-border payments more efficient, reliable, and accessible for everyone.” 

Commenting on this partnership, Sean Lee, Co-founder and CSO at IDA said: “We are thrilled to partner with Zand Bank as this partnership aligns with the broader goals of financial innovation and digital transformation in the Middle East and Asia, positioning both companies at the forefront of the fintech revolution. The integration of stablecoins into cross-border payments promises to bring unprecedented transparency and stability, ensuring users can confidently transact with fiat-referenced digital currencies, and provides convenience for businesses which would like to access the Belt and Road countries.” 

The UAE and Hong Kong are two major financial centres, with significant cooperation in areas such as banking, insurance, and capital markets. The growth rate of trade growth between the Emirates and Hong Kong was one of the fastest among the UAE’s major trading partners, as reported by UAE newspaper “The National” in September 2024. Moreover, Hong Kong acts as a gateway for UAE companies to access the Chinese market and other parts of Asia. The UAE’s active involvement in the Belt and Road Initiative, supported by its strategic ties with China and Hong Kong, reflects its firm commitment to sustainable economic growth and international cooperation.

About IDA Finance Hong Kong Limited (IDA)

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.   

HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA. HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.   

To maximize the network effect of HKDA for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of HKDA as a payment and settlement digital currency. In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms. 

More information can be found at idafi.xyz / LinkedIn / X.

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For media inquiries, please email: [email protected].

About Zand Bank:
Zand Bank is a fully licensed bank by the Central Bank of UAE since July 2022. Our mission is to enable our UAE and global corporate, institutional, and wealth clients to unlock new opportunities, foster sustainable growth, and drive together positive impact in the evolving digital economy. Think beyond banking; think Zand, where infinite opportunities await.

For more information, please visit www.zand.ae.

For media inquiries, please email: [email protected] 

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HONG KONG, Oct. 30, 2024 /PRNewswire/ — Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) that it plans to open an office in Riyadh in 2025. The new office will strengthen HKEX’s Middle East presence as the Group looks to promote greater connectivity between China and the Gulf region, aiming to facilitate new opportunities for its customers and issuers around the world.

Situated in Saudi Arabia’s economic powerhouse and a leading financial hub in the region, the new Riyadh office will enable HKEX to better connect with investors and companies in one of the world’s most dynamic and innovative economic hubs, providing on-the-ground support to help them access Hong Kong’s broad and diverse financial products ecosystem, as well as to capture the opportunities arising from megatrends that define Asia’s growth story.

HKEX Chief Executive Officer Bonnie Y Chan said: “We are delighted to be opening a Middle East office in Riyadh, marking the first step in elevating our presence across this vibrant and fast-growing region. This underscores our strategic commitment to promoting greater capital market connections between China and the Middle East, whilst supporting the ambitions of our broad range of customers from the region and around the world. As investment ties between the Middle East and Asia grow stronger, Hong Kong and HKEX’s roles in connecting capital and opportunities between these regions have become more important than ever. Joining our offices in Beijing, London, New York, Shanghai, and Singapore, the new Riyadh office will enable us to foster greater global coverage and facilitate access for Middle East clients to Asia’s most international, diverse and liquid capital markets in Hong Kong.”

HKEX has made significant progress in its engagements in the Middle East, with meaningful collaboration and partnerships. These include signing a Memorandum of Understanding with the Saudi Tadawul Group, welcoming Asia first and the world’s biggest Saudi-focused Exchange-Traded Fund (ETF), and adding the Saudi Exchange, Abu Dhabi Securities Exchange, and Dubai Financial Market to HKEX’s list of Recognised Stock Exchanges. These initiatives demonstrate HKEX’s commitment to fostering collaboration and enhancing market accessibility between China and the Middle East.

Additionally, the listing of two ETFs tracking Hong Kong-listed equities this week on the Saudi Exchange marks a significant milestone in the capital market connectivity between Hong Kong and Saudi Arabia, and builds on the listing of the first Saudi-focused ETF in Hong Kong last November.

APPENDIX

HKEX has continued to deepen strategic partnerships with the Middle East:

• HKEX brought the first FII PRIORITY Asia and Capital Markets Forum (CMF) to Hong Kong to connect investors and corporates between the two regions
• Signed MOU with Saudi Tadawul Group (STG) in 2023 to explore collaboration in cross listings, exchange products and ESG
• Added Saudi Exchange (2023), Abu Dhabi Securities Exchange and Dubai Financial Market (2024), to the list of Recognised Stock Exchanges (RSE), opening the door for Middle Eastern companies to seek secondary listings in Hong Kong
• Welcomed Asia Pacific’s first and the world’s biggest Saudi-focused ETF listing in Hong Kong (2023)
• The London Metal Exchange, a subsidiary of HKEX, approved a warehouse delivery point for copper and zinc in the Red Sea port city of Jeddah

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.

As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.

HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

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Ravi Menon appointed as Chairman of the Board of Directors

SINGAPORE, Oct. 30, 2024 /PRNewswire/ — The Monetary Authority of Singapore (MAS) announced the establishment of the Global Finance & Technology Network (GFTN) to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems.

Mr Ravi Menon has been appointed Chairman of the Board of Directors of GFTN. Mr Menon is also Singapore’s Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office.

Mr Leong Sing Chiong, Deputy Managing Director of MAS, and Mr Neil Parekh, Nominated Member of Parliament, Singapore & Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital, have been appointed as Deputy Chairmen.

Mr Sopnendu Mohanty, currently Chief FinTech Officer at the MAS, will be appointed Group Chief Executive Officer of GFTN, with effect from 1 February 2025 when he will relinquish his role in MAS.

GFTN will aim to enhance global connectivity for impactful innovation in financial services internationally and strengthen Singapore’s position as a global FinTech hub. It will build on the success of Elevandi, a not-for-profit company set up by MAS in 2021 to organise and globalise the Singapore FinTech Festival (SFF), which has grown to become the largest FinTech event of its kind in the world attracting some 65,000 participants from 150 countries.

GFTN will have four strategic businesses:

• GFTN Forums – a global conference convenor dedicated to finance and technology.
• GFTN Advisory – a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems.
• GFTN Platforms – a digital platform service provider for businesses, especially small and medium enterprises.
• GFTN Capital – an investment fund for technology start-ups that have the potential for sustained growth and positive social impact.

GFTN’s Board of Directors (BoD) will be guided by an International Advisory Board (IAB) comprising distinguished, globally recognised leaders with a demonstrated commitment to the public interest. Details of the BoD and IAB will be announced at the SFF on 6 November 2024.

“GFTN will drive greater synergies within the global finance and technology communities for innovations in financial services that create positive economic value and social impact. We aim to unlock sustainable and inclusive pathways that serve communities around the world while strengthening Singapore’s global connectivity and role as a FinTech hub,” said Mr Menon.

“The global financial technology (FinTech) and innovation ecosystem has witnessed significant growth over the past decade, with the MAS playing a pivotal role in this development. This expansion has established a robust foundation for a reimagined global platform. GFTN is aimed at addressing the evolving requirements of the global FinTech ecosystem, and is strategically positioned to realise our mission through the integration of convening forums, advisory, digital platforms, and capital,” shared Mr Mohanty.

About the Global Finance & Technology Network (GFTN)
The Global Finance & Technology Network (GFTN) is a not-for-profit organisation established by the Monetary Authority of Singapore (MAS) in 2024 to harness technology and foster innovation for more efficient, resilient, and inclusive financial ecosystems through global partnerships. GFTN convenes forums, offers advisory services on innovation ecosystems, provides access to transformative digital platforms, and invests in technology startups with the potential for growth and positive social impact through its venture fund.

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