According to Bloomberg, Hong Kong Deputy Chief Executive Sin said in an interview, "The use scenarios of stablecoins are very diverse, whether in wholesale or retail markets, tokenization, exchange settlement, or solving the pain points of overseas remittances, we are interested in exploring how to put them into practical use." Hong Kong is working hard to develop a digital asset center to restore its luster as a financial center. Last year, ZA Bank started a program that is one of the eight licensed virtual banks in Hong Kong. According to their annual reports, as of 2022, these virtual banks are all in a loss-making state. Sin said that ZA Bank plans to break even this year.
