IDA, a Hong Kong-based stablecoin issuer, has partnered with UAE Zand Bank, the first fully licensed all-digital bank to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide 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.”
IDA is a 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.
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.”
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.
The UAE Central Bank recently regulated stablecoins in the country, allowing for the issuance of AED stablecoins for payments for good and services in the country.
In addition AECoin recently received in principle approval from UAE Central Bank, while Tether works to launch its AED Stablecoin in Q1 of 2025.
Zand Bank is a leading digital bank in the UAE that is utilized by various crypto exchanges and VASPs.
