Ida partners Hong Kong with Japanese companies for the construction of Stablecoin cross-border remittance services

Hong Kong Digital Property Companies, Ida Finance Ida teamed up with Japanese banking groups Progmat and other companies for the development of Stablecoin remittance services between the two regions.

According to a recent Press releases, Ida and Progmat Inc will also work together with Japanese hi Solid thrames and infrastructure provider in cross chain Toki built proof of concept or poop, which allows Stablecoin Cross-border transactions between Hong Kong and Japan.

POC is conceived to provide traders with alternative means for export transactions between two regions using blockchain technology. It will also identify potential improvements and benefits that can be performed by current trade routes as well as solving regulatory and compliance.

Using stableCoin for Cross-border paymentsEspecially in the commodity trade, long believe that they have significant benefits. StartCoin transaction usually takes less time processing compared to regular credit transfers and can provide confirmation of payment in seconds.

Ida, Progmat, Datachain and Toky plan for the user to examine the service by performing a cross-border payment request using Stablecoins called Japanese and dollar in Hong Kong through local partners outside the ramp.

Ida will be responsible for maintaining reserves 1: 1 for stableCOINS, while Pragmat will issue stablecoins and provide the platform, pragmat coin. On the other hand, Bazaarca will develop and implement technology needed for cross-border stable exchanges and Toki will borrow its professional expertise on the project.

SEAN LEE CITED SEAN LEE CITED data From the Cong Kong Development of the Development of Commerce 2023. year, which showed that Japan was the fifth largest trading partner in Hong Kong.

“With stabilies that appear as a sustainable alternative to traditional methods of remittances, together with the regulatory clarity of Stablecoin from both regions, the potential for growth in this area is huge,” Lee said in his statement.

In recent months and Hong Kong and Japan push more regulations in Stablecoin in the hope that increasing adoption will. Secretary for Hong Kong Financial Services, Christopher Hui said the region will be focusing on tokenization and stembles in their efforts to transform into the crypt center. Hui too introduced Law on Stablecoin to the Legislative Council in December 2024. years.

Meanwhile, Japan legislators continue to push Cripto Reform Account This would allow for stemlecones to support short-term government bonds and applied deposits will be the upper limit of 50%. The account is already head to the national nutrition after she received approval from Japan Cabinet.