29 October 2024, Hong Kong – IDA, a prominent stablecoin issuer based in Hong Kong, has entered into a strategic alliance with Zand Bank, the UAE’s first fully licensed all-digital bank, to enhance cross-border digital payment solutions across the Belt and Road regions and BRICS Plus. This collaboration leverages blockchain and AI to enable seamless, cost-effective, 24/7 digital transactions for corporate, institutional, and wealth management clients.
With this partnership, Zand Bank and IDA aim to empower businesses in the Middle East, North Africa, and Asia with streamlined cross-border payments, enhancing regional connectivity and supporting sustainable economic growth. Zand Bank is recognized for its innovative approach to banking, offering global clients an array of digital solutions to unlock new economic opportunities and drive positive change within the digital economy.
“We are excited to partner with IDA,” commented Michael Chan, CEO of Zand Bank. “This collaboration strengthens the connection between the Middle East and North Africa (MENA) region and China, fostering opportunities for greater economic integration. By leveraging blockchain and AI, we are transforming cross-border payments, making them more efficient, reliable, and accessible for everyone.”
Sean Lee, Co-founder and CSO of IDA, echoed this sentiment, saying, “Partnering with Zand Bank aligns with our mission of advancing financial innovation and digital transformation across the Middle East and Asia. The integration of stablecoins in cross-border payments promises unparalleled transparency and stability, allowing users to confidently transact with digital currencies tied to fiat. This collaboration provides an accessible, stable solution for businesses in the Belt and Road regions.”
Hong Kong and the UAE stand as pivotal financial centers, with deep-rooted cooperation in banking, insurance, and capital markets. Trade between the UAE and Hong Kong has seen significant growth, with The National reporting in September 2024 that the Emirates experienced one of the highest trade growth rates with Hong Kong among its key trading partners. Hong Kong, in turn, offers UAE companies a gateway to China and broader Asian markets, while the UAE’s involvement in China’s Belt and Road Initiative underscores its commitment to sustainable economic growth and international partnerships.
This partnership marks a significant milestone in cross-regional financial connectivity, aiming to make cross-border digital payments accessible, transparent, and secure for businesses across the MENA region and Asia.
