RD Technologies, a Hong Kong-based fintech firm, has successfully raised $40 million in a Series A2 financing round, a move that comes just days before the city’s new stablecoin licensing regime is set to take effect on August 1.
The funding round, announced today in a company statement, was co-led by a group of existing and new investors, including ZA Global, China Harbour, Bright Venture, and Hivemind Capital. Additional investors included HSG, Eternal Digital, CMSC Partners, and Guotai Junan International Private Equity Fund.
RD Technologies, founded in 2020, has been a key participant in a stablecoin sandbox launched by the Hong Kong Monetary Authority (HKMA). The company is currently developing HKDR, a stablecoin intended to be pegged 1:1 with the Hong Kong dollar.
The capital injection coincides with the implementation of a new regulatory framework that will require stablecoin issuers in Hong Kong to obtain a license from the HKMA. This legislation marks a significant step in the region’s efforts to regulate the digital asset space.
In a related development, RD Technologies has also signed a new partnership with ZA Bank, a Hong Kong-based virtual bank. The collaboration will explore the use of regulated stablecoins in financial services, with a focus on asset custody and the potential distribution of RD’s forthcoming stablecoin, pending regulatory approval.
This latest funding round for RD Technologies highlights a trend of major crypto players in Hong Kong actively securing new capital. For instance, OSL Group recently announced a $300 million equity financing to support its global expansion plans.
