BUSINESS

Hong Kong Needs to Catch Up With Singapore in Web3, Animoca CEO Says

Published: Mar. 7, 2025 4:54 p.m. GMT+8

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Robby Yung, CEO of Animoca Brands, speaks at Web Summit Qatar on Feb. 25. Photo: Web Summit

(Doha, Qatar) — Animoca Brands Corp. is working with the Hong Kong government to help the financial hub advance its Web3 ecosystem and catch up to Singapore, said Robby Yung, CEO of the blockchain game developer.

“In the post-Covid period, Singapore made a tremendous amount of headway in attracting a lot of companies in the Web3 community to set up there,” Yung told Caixin on Feb. 25 on the sidelines of Web Summit Qatar.

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Animoca Brands is collaborating with the Hong Kong government to develop its Web3 ecosystem, aiming to compete with Singapore and issue a Hong Kong dollar-backed stablecoin.
The stablecoin project involves a joint venture with Standard Chartered Bank and HKT to obtain licensing from the Hong Kong Monetary Authority.
Animoca is heavily investing in Web3 companies, with around 30% of its portfolio focused on gaming firms, as Hong Kong aims to become a global digital asset hub.

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Who’s Who

Animoca Brands Corporation: Animoca Brands Corp. is a Hong Kong-headquartered blockchain game developer collaborating with the Hong Kong government to enhance its Web3 ecosystem. The company focuses on digital assets, the metaverse, and investing in Web3 firms, with gaming companies comprising about 30% of its investments. Animoca is also working on a stablecoin project with Standard Chartered Bank and Hong Kong Telecommunications to issue a Hong Kong dollar-backed stablecoin, emphasizing Hong Kong's role in the digital asset space.

Standard Chartered Bank (Hong Kong): Standard Chartered Bank (Hong Kong) Ltd. is involved in a joint venture with Animoca Brands Corp. and Hong Kong Telecommunications (HKT) Ltd. to obtain a license from the Hong Kong Monetary Authority for issuing a Hong Kong dollar-backed stablecoin. This initiative is part of efforts to establish Hong Kong as a prominent hub for digital assets and Web3 technology.

Hong Kong Telecommunications (HKT): Hong Kong Telecommunications (HKT) is involved in a joint venture with Animoca Brands Corp. and Standard Chartered Bank (Hong Kong) Ltd. to issue a Hong Kong dollar-backed stablecoin. The initiative aims to showcase Hong Kong's capability in developing a global institutional product and becoming a significant player in the digital asset space. This aligns with the city's efforts to enhance its appeal as a digital asset hub.

Tether: Tether is a type of stablecoin designed to maintain a stable value relative to a reference asset, such as the U.S. dollar. It provides price stability, making it useful for cross-border payments, remittances, and savings. Stablecoins like Tether enable traders to buy and sell cryptocurrencies on centralized exchanges.

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What Happened When

2024：: Animoca's investment portfolio included more than 540 firms, with gaming firms making up around 30%

2025：: The stablecoin project was announced, involving a joint venture with Standard Chartered Bank (Hong Kong) Ltd. and Hong Kong Telecommunications (HKT) Ltd.