Hong Kong-based stablecoin issuer IDA has entered into a strategic partnership with Zand Bank, the UAE’s first fully licensed digital bank, to enable efficient, cost-effective cross-border transactions across Belt and Road regions and BRICS Plus countries.
According to a recent press release, this partnership will provide businesses with streamlined, 24/7 digital payment solutions and enhance their cross-border financial connectivity.
Zand Bank, known for serving corporate, institutional, and wealth clients within the UAE and internationally, aims to drive sustainable growth in the digital economy through this collaboration.
“We are excited to partner with IDA,” said Michael Chan, CEO of Zand Bank. “Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic collaboration and opportunities for growth. By leveraging blockchain technology and AI, we are making cross-border payments more efficient, reliable, and accessible for everyone.”
Sean Lee, co-founder and chief strategy officer of IDA, emphasized the shared vision with Zand Bank to drive financial innovation and digital transformation in the Middle East and Asia.
“We are thrilled to partner with Zand Bank, positioning both companies at the forefront of the fintech revolution,”
Lee noted.
He highlighted the role of stablecoins in enhancing transparency and stability in cross-border transactions, allowing businesses to transact with fiat-backed digital currencies confidently.
The announcement follows IDA Finance’s plan to incorporate Chainlink’s Proof-of-Reserves (PoR) technology into its forthcoming HKDA stablecoin, pegged to the Hong Kong dollar. The stablecoin insurer announced that this move is aimed at ensuring transparency and security by enabling users to verify the assets backing HKDA.
IDA also stated that it would implement Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to improve HKDA’s operational capabilities further. The CCIP integration will enable the stablecoin’s use across DeFi platforms, exchanges, and payment systems, expanding its market reach while ensuring “enhanced assurances regarding the stability and backing of HKDA.”
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