Yuanbao Wallet Launches Services for Hong Kong, Overseas, and Offshore Businesses

According to Foresight News, former Hong Kong Monetary Authority (HKMA) president and Yuanbao Wallet Chairman, Chen Delin, announced that Yuanbao Wallet will officially launch its services tomorrow. The platform will provide mobile remote account opening and multi-currency payment services for Hong Kong, overseas, and offshore businesses. Companies can open accounts using their mobile phones, with the process taking as little as one hour to complete. Chen Delin revealed that between March and mid-April, Yuanbao Wallet had launched a trial run, attracting over 150 corporate clients. Some individual customers have already started using the wallet for payments, with the largest transaction amount exceeding one million yuan. Chen Delin expressed his intention to pilot a Hong Kong dollar stablecoin before legislation, stating that the group is technically ready and only awaiting regulatory approval. He hopes to become one of the first institutions to issue stablecoins on a trial basis, emphasizing that the Hong Kong dollar stablecoins issued will comply with the regulatory framework.