ZA Global, the international business unit of Hong Kong-listed insurtech firm ZhongAn Online P&C Insurance, has led a $40-million Series A2 round in stablecoin infrastructure firm RD Technologies, days before Hong Kong’s regulatory regime for stablecoin issuers takes effect on Friday.
Besides ZA Global, the firm also roped in Hong Kong-based financial institution China Harbour, Shenzhen-based venture capital firm Bright Venture, and New York-based Web3 investment firm Hivemind Capital as the lead investors.
Other participating investors include the private equity unit under Chinese securities firm Guotai Junan International, Chinese venture capital firm HongShan, and family office CMSC Partners, among others, according to a company release on Wednesday.
As part of the funding round, Za bank, which is under ZA Global, has signed a strategic partnership with RD Technologies to explore compliant stablecoin applications in financial services, including collaboration on reserve asset custody and potential distribution roles for RD Technologies’ stablecoin to be issued subject to the approval of the regulatory authorities.
Founded in 2020, RD Technologies previously sealed its $7.8-million Series A1 round in September 2024 from the likes of HongShan, Hivemind Capital, Aptos Labs, Hash Global, SNZ Capital, and Solana Foundation.
The deal comes just days before the Stablecoin Ordinance, the licensing regime for fiat-referenced stablecoin issuers in Hong Kong, comes effect on August 1. The ordinance signifies how the special administrative region of China is marching ahead in its regulatory framework for digital asset activities.
