## IDA and Zand Bank Join Forces to Revolutionize Cross-Border Payments in the Belt and Road Regions
Hong Kong, October 30, 2024 – In a significant move towards seamless global commerce, IDA, a leading Hong Kong-based stablecoin issuer, has announced a strategic partnership with Zand Bank, the UAE’s first fully licensed all-digital bank. This collaboration aims to enhance cross-border transactions within the Belt and Road regions and BRICS Plus, leveraging blockchain technology to provide businesses with cost-effective and efficient 24/7 digital payments.
Zand Bank, known for empowering UAE and global corporate, institutional, and wealth clients, sees this partnership as a key step in unlocking new opportunities for growth and positive impact in the digital economy. “We are excited to partner with IDA,” commented Michael Chan, CEO at Zand Bank. “Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic collaboration and opportunities for growth. By leveraging blockchain technology and AI, we are making cross-border payments more efficient, reliable, and accessible for everyone.”
Sean Lee, Co-founder and CSO at IDA, echoed this sentiment, highlighting the alignment with the broader goals of financial innovation and digital transformation in the Middle East and Asia. “This partnership positions both companies at the forefront of the fintech revolution,” he stated. “The integration of stablecoins into cross-border payments promises to bring unprecedented transparency and stability, ensuring users can confidently transact with fiat-referenced digital currencies, and provides convenience for businesses looking to access the Belt and Road countries.”
The strategic alliance between IDA and Zand Bank holds immense potential, given the existing strong financial ties between the UAE and Hong Kong. Both regions are major financial hubs, actively collaborating in banking, insurance, and capital markets. The rapid growth rate of trade between the Emirates and Hong Kong, as reported by UAE newspaper “The National” in September 2024, demonstrates the significance of this partnership. Hong Kong acts as a vital gateway for UAE companies seeking to expand into the Chinese market and other parts of Asia.
Furthermore, the UAE’s active involvement in the Belt and Road Initiative, further strengthened by its strategic ties with China and Hong Kong, underscores its commitment to sustainable economic growth and international cooperation. This partnership between IDA and Zand Bank aligns perfectly with these broader goals, offering a powerful platform for fostering economic collaboration and driving positive impact across the globe.
About IDA Finance Hong Kong Limited (IDA)
IDA stands as a leading digital asset technology company spearheading the widespread adoption of blockchain finance. Their mission is to empower businesses seamlessly integrate between Web2 and Web3. HKDA, a fiat-referenced stablecoin built on public blockchain protocols, is their flagship product, designed to enhance digital connectivity for frictionless commerce and payments between Hong Kong and global markets. To ensure the highest levels of security and stability, all circulating HKDA is fully backed by at least 100% reserve assets held in regulated Hong Kong-based authorized institutions. IDA is actively partnering with key industry players to facilitate the minting, redemption, and widespread acceptance of HKDA as a payment and settlement digital currency.
About Zand Bank
Zand Bank, fully licensed by the Central Bank of UAE since July 2022, is dedicated to enabling its UAE and global corporate, institutional, and wealth clients to unlock new opportunities for growth and positive impact in the evolving digital economy. Think beyond banking; think Zand, where infinite opportunities await.
