Key Insights:
- MetaComp partnered with Alibaba to raise $35 million to grow its StableX payments network.
- Hong Kong regulators may grant the first stablecoin licenses to HSBC and Standard Chartered.
- The Hong Kong Stablecoin Ordinance gave regulators 36 applications to license stablecoins.
The stablecoin infrastructure sector in Asia is drawing renewed attention as financial technology firms and established banks pursue regulated digital payment frameworks. Singapore-based financial services company MetaComp announced Friday that it completed a new funding round backed by Alibaba, while regulators in Hong Kong are preparing to issue the city’s first stablecoin licenses to major banking institutions.
Stablecoin Infrastructure Funding: MetaComp Secures Backing From Alibaba
MetaComp disclosed that it closed a Pre-A+ funding round supported by Alibaba, bringing the company’s cumulative funding to $35 million across two rounds completed within a three-month period.
According to the company’s announcement, the latest investment round also included participation from European early-stage venture capital investor Spark Venture. Beijing-based 100Summit Partners acted as the exclusive financial adviser for the transaction.
Source: prnewswire
The Pre-A+ funding follows MetaComp’s earlier $22 million Pre-A round completed in December 2025. Investors in that earlier round included Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund, and Beingboom Capital. The new financing adds to a series of investments targeting regulated stablecoin infrastructure as financial technology firms develop platforms that integrate traditional financial systems with blockchain-based settlement mechanisms.
MetaComp was founded in 2018 and provides financial services to global institutions and high-net-worth individuals. The company offers hybrid payment systems that combine traditional fiat rails with stablecoin transactions while also providing access to both traditional wealth management services and tokenized investment products.
Moreover, company representatives said the newly raised capital will be used to expand the firm’s StableX Network. The platform connects regulated financial institutions, stablecoin issuers, and other financial partners through blockchain infrastructure designed to support digital asset settlement and payments.
MetaComp stated that the StableX Network is expected to expand into additional markets across Asia, the Middle East, Africa, and Latin America. According to the company, those regions are experiencing growing demand for compliant cross-border payment systems that can settle transactions in real time.
MetaComp co-president Tin Pei Ling said the company developed its payment architecture around a combined approach that integrates traditional financial systems with blockchain networks. She described the model as a Web2.5 structure in which conventional banking rails and stablecoin systems operate together rather than as separate financial channels.
Alibaba’s involvement in the funding round is notable because the company has previously explored digital payment technologies linked to tokenized deposits. Reports earlier indicated that Alibaba had studied deposit-token technology as a potential tool to facilitate overseas transactions, even as mainland China maintains strict restrictions on the issuance of stablecoins pegged to the Chinese yuan.
Chinese authorities reiterated their position in February, stating that both foreign and domestic companies cannot issue stablecoins linked to the national currency without government approval.
Hong Kong Stablecoin Licenses: HSBC and Standard Chartered Expected in First Batch
Alongside private-sector investment in stablecoin infrastructure, regulatory developments in Hong Kong are advancing the region’s oversight of fiat-referenced digital tokens. According to a South China Morning Post report citing people familiar with the matter, the Hong Kong Monetary Authority (HKMA) is preparing to grant the first stablecoin issuer licenses to the two banks. Regulators are expected to prioritize institutions that already hold authorization to issue banknotes in the territory.
The Hong Kong government permits three commercial banks to issue banknotes in the city: local branches of HSBC, Standard Chartered, and the Bank of China. The HKMA has not confirmed the names of the institutions expected to receive licenses, nor has it publicly released a final list of successful applicants.
Sources cited by the South China Morning Post said the number of licenses to be issued and the final timeline remain subject to change. However, individuals familiar with the process indicated that the first approvals could be announced around March 24. The licensing program forms part of Hong Kong’s broader strategy to develop a regulated digital asset market.
HKMA Chief Executive Eddie Yue said in February that the first batch of stablecoin licenses is expected to include only a “very small number” of approved issuers. Earlier regulatory disclosures indicated a strong interest in the licensing program. In September, the HKMA reported receiving applications from 36 institutions seeking authorization to issue stablecoins.
Furthermore, HSBC and Standard Chartered were among the financial institutions reported to be preparing license applications, alongside the Industrial and Commercial Bank of China.
