Leading IDA to unleash the power of stablecoins & propel Hong Kong as a global digital asset hub
HONG KONG, Oct. 18, 2024 /PRNewswire/ -- IDA, a Hong Kong-based fiat-referenced stablecoin issuer, officially announced the appointment of Dr. David Wong as its Board Chairman today. Dr. Wong will guide the strategic vision and corporate governance of IDA as it prepares for the launch of its fiat-referenced stablecoin, HKDA.
Dr. David Wong, former deputy CEO of Bank of China (Hong Kong) Limited, joins IDA as Board Chairman.
With over 30 years of distinguished experience in the banking industry, Dr. Wong is a formidable addition to IDA's leadership team. Previously serving as Deputy Group CEO of Bank of China (Hong Kong) Limited, he oversaw a diverse array of financial market operations, including global markets, global transaction banking, investment management, insurance, asset management and other capital market-related businesses. His extensive background, particularly in promoting the internationalization of the RMB, equips him with valuable insights into regulatory frameworks and strategies for market adoption. These are crucial for advancing the use of stablecoins in global finance.
"Having witnessed the evolution of Hong Kong's financial market over the past three decades — its challenges and opportunities — I am eager to contribute to the future of finance 2.0," Dr. Wong remarked. "IDA is at the forefront of innovation in Web3 financial services. Its mission to enhance cross-border trades and payments through blockchain technology perfectly aligns with my vision of driving a sustainable and responsible Web3 financial ecosystem. Together, we can unlock financial inclusion and drive mainstream adoption of stablecoins."
IDA is committed to positioning Hong Kong as a leading global digital asset hub. The HKSAR Government's strong support for establishing a comprehensive stablecoin regulatory regime will accelerate Web3 development in the region. By leveraging this support, IDA aims to attract a diverse range of businesses and investors, fostering a vibrant ecosystem that encourages growth and innovation. Dr. Wong underscored the importance of a supportive regulatory framework, stating, "By embracing blockchain technology and digital finance, we can propel Hong Kong's status as the preferred destination for digital asset investment and innovation."
Lawrence Chu, co-founder and CEO of IDA, expressed excitement about Dr. Wong's appointment: "Dr. Wong is a visionary leader with a proven track record of advancing Hong Kong's financial landscape. His insights will be invaluable as we navigate the complexities of corporate governance and chart a path for IDA's innovative growth."
IDA's stablecoin solutions will not only facilitate seamless transactions, but also enhance liquidity and transparency in the market. This will enable investors to engage with a wider array of asset classes, driving further interest and investment in Hong Kong's digital economy. "IDA is currently in discussions with prominent companies in cross -border payments, banks, exchanges, virtual asset exchanges, retail businesses and real-world assets (RWAs) to explore the use of HKDA for B2B payments and tokenization. By fostering partnerships, IDA aims to create an inclusive environment that benefits all stakeholders involved," Lawrence added.
Joining Dr. Wong on the board is a dynamic team, including Martin Baumann, managing partner and co-founder of CMCC Global, alongside IDA co-founders Lawrence Chu and Sean Lee. This collaborative board brings together a wealth of expertise, ensuring a robust governance framework as IDA embarks on its ambitious journey.
About IDA Finance Hong Kong Limited (IDA)
IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.
HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA. HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.
To maximize the network effect of HKDA for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of HKDA as a payment and settlement digital currency. In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms.
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