RD Technologies, a Hong Kong-based company providing a financial platform for Web2 and Web3 services, raised US$7.8M in Series A1.
Backers included from HongShan, Hivemind Capital, Aptos Labs, Hash Global, SNZ Capital, Solana Foundation, Anagram, Upward Capital, ZhongAn Digital Asset, HashKey Group, Dragonfly, Bright Venture, and Eminent Vision.
The company intends to use the funds to continue building its financial platform.
Led by CEO Rita Liu, RD Technologies provides a financial platform that bridges the Web2 and Web3 worlds, enabling businesses to gain access to financial services, enhance trade efficiency, and promote the development of Hong Kong as a trade hub in Asia and an international financial centre. It operates:
- RD Wallet Technologies Limited (RD Wallet), a licensed Stored Value Facility in Hong Kong (licence number: SVF0016). It enables global businesses to open multi-currency fiat accounts on mobile anytime, anywhere. RD Wallet is committed to facilitating cross-border trade and payments through efficient and innovative payment solutions for businesses, and contributing to the development of Hong Kong as a trade and financial hub in Asia.
- HKDR Stablecoin (HKDR), a trusted Hong Kong Dollar stablecoin 1:1 backed by the Hong Kong dollar, with high-quality and highly liquid assets safekept in segregated custody accounts with licensed financial institutions. Details of the reserves will be available to the public through regular independent attestation reports. In July 2024, RD InnoTech Limited, the issuer of HKDR, was among the first batch of entities to be admitted to the stablecoin issuer sandbox by the Hong Kong Monetary Authority.
Commenting on the news, Rita Liu said: “The legacy payment industry is ripe to be disrupted using blockchain technology and stablecoins to provide more efficient and cheaper cross-border payment networks. Hong Kong is leading the world in virtual asset regulation. We are confident that compliant and transparent stablecoins will invigorate the market and address the pain points of traditional payments and finance to bring in institutions and help Hong Kong become a global Web3 hub.”
RD Technologies announced on 18th July 2024 that its subsidiary, RD InnoTech Limited, has been admitted to the stablecoin issuer sandbox of the Hong Kong Monetary Authority (HKMA). Among the first batch of entities to join the sandbox, RD Technologies is set to test its operational plan for its Hong Kong Dollar stablecoin within the HKMA sandbox. RD Technologies’ other subsidiary, RD Wallet Technologies Limited, has been granted a Stored Value Facility (SVF) license issued by the HKMA and has officially commenced operations at the end of 2023.
FinSMEs
30/09/2024