PANews reported on June 12 that the international business unit of Ant Group Co., backed by Jack Ma, is planning to apply for stablecoin licenses in Singapore and Hong Kong, according to Bloomberg. People familiar with the matter said that Ant International, headquartered in Singapore, will apply for a stablecoin issuer license in Hong Kong as soon as Hong Kong's Stablecoins Ordinance takes effect in August. In addition to Singapore, the company also plans to seek a license in Luxembourg.

The move is aimed at strengthening the company’s blockchain business to underpin its cross-border payments and money management services, people familiar with the matter said. Ant Financial processed more than $1 trillion in global transactions last year, a third of which was handled by its blockchain-based Whale platform, they said.