IDA Finance Hong Kong Limited, Progmat Inc., Datachain, Inc., and TOKI FZCO have announced a strategic partnership to deploy a PoC aiming to implement cross-border payments between Hong Kong and Japan using stablecoins.
Objectives and Goals of the Partnership
The main goal of the partnership is to create an efficient and secure system for conducting import-export operations between Japan and Hong Kong using blockchain technology. Regulatory transparency in both countries will simplify the process of developing and implementing stablecoins.
Impact on Regional Trade
According to the Hong Kong Trade Development Council, Japan ranked as Hong Kong's fifth-largest trading partner in 2023. The development of stablecoin technologies will help simplify and reduce the cost of current remittance methods between the two regions.
Roles and Responsibilities of Participants
IDA is responsible for financial management and regulatory compliance under Hong Kong’s regime. Progmat provides the stablecoin issuance and management platform. Datachain supports the exchange of stablecoins between countries, and TOKI enables cross-chain infrastructure integration for seamless transactions.
The collaboration of these companies marks an important step toward the development of stablecoin-based cross-border payments, potentially improving and accelerating import-export operations between Hong Kong and Japan.
