Hong Kong RD Technologies Raises $40M Ahead Stablecoin Licensing

RD Technologies, a Hong Kong-based fintech startup specializing in stablecoin infrastructure, has raised $40 million in a Series A2 funding round led by ZA Global ahead of Hong Kong's stablecoin licensing regime taking effect on August 1. The startup is developing HKDR, a stablecoin fully backed 1:1 by the Hong Kong dollar, aiming to create a compliant and robust digital currency ecosystem bridging traditional finance and digital assets. Investors in the round include China Harbour, Bright Venture, Hivemind Capital Partners, HongShan Capital Group, and Guotai Junan International's private equity fund. As part of the financing, RD Technologies partnered with ZA Bank, ZA Global’s virtual banking subsidiary, to explore regulated stablecoin applications including reserve asset custody and potential distribution channels for HKDR pending regulatory approval. Founded by former Hong Kong Monetary Authority chief executive Norman Chan and currently led by Rita Liu, RD Technologies operates an enterprise mobile wallet facilitating multi-currency payments and foreign exchange. The funding and partnerships underscore Hong Kong’s ambition to establish itself as a leading hub for virtual assets and regulated stablecoin initiatives in Asia.