Ant International, the overseas arm of Jack Ma’s Ant Group, plans to apply for stablecoin licenses in Hong Kong and Singapore, Bloomberg reported Thursday, citing sources familiar with the matter.

The move comes ahead of new regulations in Hong Kong, where a stablecoin framework is set to take effect in August. Ant also intends to pursue a similar license in Luxembourg, showing broader ambitions in regulated digital assets across multiple jurisdictions.

Hong Kong’s Stablecoin Regime Nears Launch

Authorities in Hong Kong have been working on a regulatory framework for fiat-backed stablecoins since early 2023. The legislation, led by the Hong Kong Monetary Authority, is expected to come into force later this summer.

Under the new rules, stablecoin issuers will need to meet requirements on asset reserves, governance, and risk controls. The objective is to formalize the issuance of tokens pegged to fiat currencies, reducing market risk and promoting transparency.

Important Reads: Hong Kong Passes Landmark Stablecoin Law to Strengthen Crypto Oversight

Ant International plans to file its application once the framework becomes law. It would join a small but growing list of companies seeking to issue regulated digital tokens tied to national currencies.

Singapore and Luxembourg Also in Focus

Ant’s licensing plans extend beyond Hong Kong. The company is reportedly preparing similar filings in Singapore and Luxembourg, two jurisdictions with established regulatory structures for digital assets.

Singapore regulates stablecoins under the Payment Services Act and has proposed updates to strengthen oversight. In Luxembourg, firms can operate under the country’s financial regulator, the CSSF, provided they meet compliance obligations tied to AML and consumer protection.

While Ant Group has faced regulatory scrutiny in mainland China, where cryptocurrency trading and issuance remain banned, its international unit appears focused on jurisdictions where stablecoin rules are being clarified and enforced.

Alipay’s Reach May Give Ant an Edge

Ant Group owns Alipay, China’s largest mobile payments platform, with over a billion users and a 55 percent share of the domestic third-party payments market. While the company’s footprint is concentrated in China, its infrastructure and scale could support stablecoin operations abroad, particularly in Asia.

A licensed stablecoin product would give Ant International a direct entry point into blockchain-based payments, remittances, or settlement systems. Regulatory approval in Hong Kong and Singapore could also strengthen its credibility with institutional partners and central banks.

Ant has not disclosed which fiat currency or blockchain it plans to use for its stablecoins. The firm has also not commented publicly on the Bloomberg report.

Competition and Timing

The global stablecoin market remains dominated by U.S.-based issuers, including Tether and Circle, which collectively control over $130 billion in circulation. While these firms operate under varying degrees of regulatory oversight, few non-Western players have entered the field at scale.

Also Read: Major U.S. Banks Explore Joint Crypto Stablecoin Amid Growing Demand

Hong Kong and Singapore are positioning themselves as regulated alternatives for such activity. Both jurisdictions have publicly stated their intention to allow fiat-backed stablecoin issuance under strict rules. Hong Kong’s framework is particularly significant, given its proximity to mainland China and role as a financial gateway for the region.

By signaling interest now, Ant International appears to be positioning itself ahead of competitors waiting for final legal clarity.

Strategic Pivot Post-Crackdown

Ant Group has scaled back its domestic fintech ambitions after Beijing’s regulatory crackdown in 2020 forced the company to cancel its record-setting IPO. Since then, the group has focused on compliance and international growth.

Entering the regulated stablecoin space offers a path back into financial innovation, this time within legal frameworks being shaped by global regulators.

The timing also aligns with a broader shift as global financial institutions are taking clearer positions on digital assets, and regulators are building guardrails around the parts of the crypto ecosystem they see as useful or manageable. Stablecoins, tied to fiat and easier to monitor, fall into that category. If approved, Ant’s entry would be a historical achievement, introducing a major Asian fintech player into a market so far led by U.S.-based firms.

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