WeBank plans to establish a local anti-money laundering solution and is currently in talks with several stablecoin issuers

According to a report by the Hong Kong Economic Journal, Ma Zhitai, Vice President and Chief Information Officer of WeBank, and Director of WeBank Technology, stated that the group plans to develop Web 3 and artificial intelligence businesses in Hong Kong in the future. They intend to establish a blockchain system that complies more closely with local regulations, as well as build local anti-money laundering (AML) and know your transaction (KYT) solutions, along with virtual asset custody-related technologies, to facilitate the compliant participation of local financial institutions in the Web3 and tokenization ecosystem.

He pointed out that the blockchain infrastructure POTOS launched by the group is currently in the testing network phase and is still in the early stages of development. When local licensed stablecoin issuers consider issuing on the local blockchain in the future, the group will be able to leverage POTOS for support. The group is currently in discussions with several potential stablecoin issuers, but the launch timeline for related businesses will still depend on the licensing progress of the authorities.

The Hong Kong Monetary Authority has previously announced that it aims to publish the list of the first batch of stablecoin issuer licenses early next year