Hong Kong’s stablecoin licensing regime opens with the first approvals

HKMA, based in Hong Kong, is the latest example of how fintech in China is maturing. The move puts the company in a strong position in its segment.

Applicants told ASN that the capital requirements will limit the market to a small number of well-funded issuers.

Why it matters

Investors across Asia have become more selective since 2023, backing companies that can show paying customers and a clear path to profit. Founders in China told ASN that the bar for a new round now includes at least a year of steady revenue growth.

We built for the customer who was already paying, not the one we hoped would show up.

The company said it will use the next year to deepen its existing markets before expanding further.

The numbers

• Market: China
• Headquarters: Hong Kong
• Sector: Fintech

What comes next

Competitors are watching closely, and at least two rivals are said to be in talks to raise fresh capital. ASN will keep tracking HKMA and the wider fintech market in China.

Have a tip on this story? Email the ASN desk at info@asianstartupnews.com.