IDA and AUDC Pty Ltd have announced a joint initiative aimed at implementing stablecoins for transactions between Hong Kong and Australia. This initiative could significantly impact trade structure between the two regions.
Strategic Collaboration Between IDA and AUDC Pty Ltd
Hong Kong-based fintech company IDA and AUDC Pty Ltd have announced a strategic collaboration aiming to launch a stablecoin initiative to facilitate trade between Hong Kong and Australia. This cooperation focuses on introducing faster and more transparent payment systems.
Impact of A-HKFTA on Trade
The collaboration is based on the strong trade relationships established under the Australia-Hong Kong Free Trade Agreement (A-HKFTA), which provides a solid foundation for new trade initiatives. In 2023, the total trade value between Australia and Hong Kong reached US$5.3 billion.
Founders' Views on the Future of Trade Technologies
Sean Lee, Co-Founder of IDA, emphasized that this partnership is an important step in modernizing trade systems, stating: "This collaboration builds on the progress made in bilateral trade relationships. The potential for stablecoin technology to enhance efficiency is enormous."
Effie Dimitropoulos, CEO of AUDC Pty Ltd, highlighted, "Our mission is to deliver secure and compliant digital payment solutions to support global trade."
The collaboration between IDA and AUDC Pty Ltd opens new opportunities for trade transactions, which is significant for both Hong Kong and Australia. This partnership is expected to bring substantial changes to client service needs and enhance the efficiency of trade operations.
