Add as a preferred source on GoogleHSBC Starts RedCoin Rollout in Hong Kong With Payment Features
The first stage will offer user-to-user transfers and merchant payments through PayMe and HSBC's Hong Kong mobile banking app. Wallet activation requires no minimum balance or additional account.
HSBC is beginning a phased rollout of its Hong Kong dollar stablecoin, HSBC RedCoin, on Oct. 23, bringing a major bank into Hong Kong's digital payments market. The first stage will allow users to transfer RedCoin to one another and make payments to merchants.
Wallet access will be offered through PayMe and HSBC's mobile banking app in Hong Kong. Users can activate a RedCoin wallet without maintaining a minimum balance or opening another account.
HSBC expects RedCoin to reach all PayMe users before the weekend. It plans to complete integration of the stablecoin into its mobile banking app by year-end. The planned integration will let users subscribe instantly to tokenized asset products through the app. Those products will have a minimum investment of HK$100.
The sequence gives RedCoin a payments role first, with tokenized asset subscriptions planned for the bank's later full mobile banking integration by the end of the year.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.