Standard Chartered becomes first bank to distribute HKDAP

Standard Chartered Bank (Hong Kong), known as SCBHK, became the first bank authorized to distribute HKDAP. Anchorpoint Financial issues the regulated Hong Kong dollar-backed stablecoin. SCBHK is engaging eligible institutional clients and partners on tokenized fund settlements. It is also discussing treasury operations and cross-border payments. The engagement forms part of a phased rollout. The rollout entered conventional banking nearly two weeks after beta access began through HashKey Group and OSL. SCBHK expects to introduce new commercial applications over the coming months. The bank plans HKDAP-based subscriptions and settlements for tokenized money market funds with international and local asset managers in the fourth quarter. SCBHK intends to use HKDAP for intragroup settlements across its banking network in the near term. CEO Mary Huen said clients showed strong interest in using HKDAP for their business needs. Huen said the distribution could support payments, settlement and treasury management. She said eligible clients could access HKDAP through a regulated banking channel. Anchorpoint is a joint venture between Standard Chartered's Hong Kong arm, HKT and Animoca Brands. Standard Chartered is Anchorpoint's largest shareholder. Anchorpoint Financial operates as a subsidiary of the bank. The partners announced plans for an HKD-backed stablecoin in February 2025. The partners had participated in the Hong Kong Monetary Authority's stablecoin issuer sandbox since July 2024. They formally established Anchorpoint Financial in August 2025 and began pursuing an issuer license. Hong Kong's Stablecoins Ordinance took effect on Aug. 1, 2025. The Hong Kong Monetary Authority issued supervisory guidelines before the ordinance took effect. The authority also opened a public register of licensed issuers. On April 10, the authority granted its first stablecoin issuer licenses to Anchorpoint and HSBC's Hong Kong banking arm. The licensing rules require standards for reserve backing, redemption, governance and Anti-Money Laundering controls.