RD Technologies has completed a $40 million Series A2 funding round as the Hong Kong fintech startup prepares to apply for a local stablecoin issuer license ahead of new regulatory requirements taking effect this August.
The financing was spearheaded by ZA Global, the parent company of Hong Kong’s ZA Bank digital lender and part of mainland Chinese insurer ZhongAn Online P&C Insurance. Additional lead investors included China Harbour International Finance, Bright Venture Capital, and US digital asset fund Hivemind Capital Partners.
Strategic Investor Backing
The funding round attracted participation from HSG (HongShan Capital Group) and the private equity arm of state-backed Chinese brokerage Guotai Junan International. This diverse investor base reflects growing institutional interest in Hong Kong’s emerging stablecoin sector.
The startup stated the capital will “drive the next phase of digital currency transactions and asset tokenisation through secure, enterprise-grade infrastructure“ As part of the agreement, RD Technologies will collaborate with ZA Bank to explore stablecoin applications across financial services, including reserve asset custody solutions.
Leadership and Background
Founded in 2020, RD Technologies was established by Norman Chan, who previously served as chief executive of the Hong Kong Monetary Authority from 2009 to 2019. The company is now headed by Rita Liu, formerly chief executive of Alipay‘s United Kingdom operations.
The startup currently operates an enterprise mobile wallet platform that facilitates domestic and cross-border payments alongside foreign exchange services for multiple fiat currencies. This existing infrastructure provides a foundation for its stablecoin ambitions.
Previous Funding and Growth
The latest capital injection follows a $7.8 million Series A1 round completed in September 2024. That earlier funding came from investors including HSG, Hivemind Capital, and Aptos Labs, a US blockchain company founded by former Meta employees who previously worked on the social media giant’s unsuccessful Diem stablecoin initiative.
Regulatory Landscape
RD Technologies’ fundraising coincides with Hong Kong’s introduction of comprehensive stablecoin regulation beginning 1 August. The new framework requires issuers of fiat-pegged cryptocurrencies to obtain licenses from the Hong Kong Monetary Authority.
More than 50 companies have reportedly expressed interest in applying for such licenses, including Ant International, backed by Chinese billionaire Jack Ma, and e-commerce giant JD.com. To enhance its prospects, RD Technologies joined the HKMA’s stablecoin regulatory sandbox programme last year to test cryptocurrency applications in cross-border payments and settlements.
Market Momentum
Hong Kong’s stablecoin regulatory framework, combined with Bitcoin reaching a record high of $123,000 in July, has renewed investor enthusiasm for the cryptocurrency sector. Several digital asset-related stocks listed in Hong Kong have experienced significant gains in recent months.
Guotai Junan International shares surged more than 400% after the brokerage received regulatory approval to offer crypto trading services in Hong Kong in June. Similarly, ZhongAn Online P&C Insurance shares rose nearly 70% since May, when Hong Kong announced passage of the stablecoin bill, as investors sought exposure to its RD Technologies investment.
The convergence of regulatory clarity and market optimism has created favourable conditions for fintech companies like RD Technologies to secure funding and advance their digital currency initiatives. With substantial backing and regulatory alignment, the startup appears well-prepared to compete for Hong Kong’s emerging stablecoin market.