HSBC Group CEO Georges Elhedery said at Hong Kong FinTech Week that the bank’s Hong Kong dollar stablecoin, RedCoin, has attracted 50,000 users in a little over a week since its official launch, according to the South China Morning Post. He said the long-term target is to reach millions of users. RedCoin was rolled out in October to more than 3.3 million users of the PayMe app and will later be opened in stages to customers of HSBC and Hang Seng Bank. The stablecoin already supports merchant payments and wallet top-ups. HSBC also plans to add related services through HSBC HK Mobile Banking and let customers buy tokenized money market funds and other asset products. Separately, the bank said it will set up a global AI and emerging technology research institute in Hong Kong’s Northern Metropolis, with operations expected to begin in early 2027.
HSBC Group CEO Georges Elhedery said at Hong Kong FinTech Week that the bank’s Hong Kong dollar stablecoin, RedCoin, has attracted 50,000 users in a little over a week since its official launch, according to the South China Morning Post. He said the long-term goal is to reach millions of users.
Rollout began with PayMe users
RedCoin was launched in October for more than 3.3 million users of the PayMe app. It will later be opened gradually to customers of HSBC and Hang Seng Bank.
Payments, wallet top-ups and tokenized fund access
At present, RedCoin supports merchant payments and wallet top-ups. HSBC also plans to offer related services through HSBC HK Mobile Banking and support customer purchases of tokenized money market funds and other asset products.
AI and emerging technology institute planned in Hong Kong
Separately, HSBC said it will establish a global AI and emerging technology research institute in Hong Kong’s Northern Metropolis. The facility is expected to begin operations in early 2027.
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