Hong Kong fintech firm RD Technologies raises $40 million ahead of stablecoin licensing rollout
Quick Take
- RD Technologies announced today that it has completed its $40 million series A2 funding round.
- The company has participated in a stablecoin sandbox launched by the Hong Kong Monetary Authority.
RD Technologies, a Hong Kong-based fintech firm specializing in stablecoin infrastructure, has raised $40 million in its series A2 financing ahead of the stablecoin licensing regime set to take effect on Aug. 1 in the region.
The company said today in a statement that the latest funding was jointly led by a consortium of existing and new investors, including ZA Global, China Harbour, Bright Venture, and Hivemind Capital. Additional participants included HSG, Eternal Digital, CMSC Partners, and Guotai Junan International Private Equity Fund.
Founded in 2020, RD has participated in a stablecoin sandbox launched by the Hong Kong Monetary Authority, the region's de facto central bank. The company is developing HKDR, its stablecoin designed to be backed 1:1 by the Hong Kong dollar, according to its statement.
RD's latest financing comes as Hong Kong’s new licensing regime for stablecoin issuers is set to take effect on Aug. 1. The upcoming framework mandates licensing from the HKMA for issuers of fiat-referenced stablecoins.
Meanwhile, a key highlight of the funding round is a newly signed partnership between RD Technologies and Hong Kong-based virtual bank ZA Bank. The partnership outlines plans to jointly explore regulated stablecoin use cases in financial services, including asset custody and potential distribution channels for RD's upcoming stablecoin — pending regulatory approval.
Major crypto players in Hong Kong have been actively raising new capital. OSL Group, for example, announced last week that it secured $300 million in equity financing to support its global expansion.
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