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[HONG KONG – September 30, 2024] – RD Technologies, a leading Hong Kong-based fintech company, today announced the successful closure of a US$7.8 million Series A1 funding round. This significant investment will fuel the company's mission to build a robust financial platform bridging the gap between traditional Web2 and decentralized Web3 services, further solidifying Hong Kong's position as a global Web3 hub.
The funding round saw participation from a diverse and influential group of investors, including prominent venture capital firms and key players in the blockchain space:
- HongShan (formerly Sequoia China): A leading technology-focused venture capital firm with a strong track record of successful investments.
- Hivemind Capital Partners: A crypto-focused investment firm known for its strategic investments in blockchain and Web3 technologies.
- Aptos Labs: A blockchain startup founded by former Meta employees with expertise in stablecoin development.
- Hash Global: A prominent blockchain investment firm specializing in early-stage investments.
- SNZ Capital: A venture capital firm focused on investing in innovative technology companies.
- Solana Foundation: A non-profit organization dedicated to supporting the development and growth of the Solana blockchain ecosystem.
- Anagram: A venture capital firm.
- Upward Capital: A venture capital firm.
- ZhongAn Digital Asset: A subsidiary of ZhongAn Online P&C Insurance, focusing on digital asset investments.
- HashKey Group: A Hong Kong-based digital asset financial services group.
- Dragonfly Capital: A crypto-focused venture capital firm.
- Bright Venture: A venture capital firm.
Eminent Vision: A venture capital firm.
This latest funding round builds upon RD Technologies' seed round completed in 2020, demonstrating continued confidence from both new and existing investors in the company's vision and execution.
RD Technologies is developing a comprehensive financial platform that empowers businesses with seamless access to a suite of financial services, enhancing trade efficiency and promoting Hong Kong's role as a leading trade and financial center in Asia. The company operates two key subsidiaries:
- RD Wallet Technologies Limited (RD Wallet): A licensed Stored Value Facility (SVF) in Hong Kong (license number: SVF0016), enabling businesses worldwide to open multi-currency fiat accounts on their mobile devices anytime, anywhere. RD Wallet is committed to streamlining cross-border trade and payments through innovative solutions.
- HKDR Stablecoin (HKDR): A fully backed Hong Kong Dollar stablecoin pegged 1:1 to the HKD, ensuring stability and transparency. HKDR is backed by high-quality liquid assets held in segregated custody accounts with licensed financial institutions. Regular independent attestation reports will provide public transparency regarding the reserves. In July 2024, RD InnoTech Limited, the issuer of HKDR, was admitted to the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox.
The company's participation in the HKMA sandbox program, along with other prominent players like Jingdong Coinlink Technology and a joint venture between HKT, Animoca Brands, and Standard Chartered Bank, underscores RD Technologies' commitment to regulatory compliance and its pioneering role in shaping the future of stablecoins in Hong Kong.
"The legacy payment industry is ripe for disruption," said Rita Liu, CEO of RD Technologies. "Blockchain technology and stablecoins offer a powerful solution for creating more efficient and cost-effective cross-border payment networks. Hong Kong's progressive regulatory approach to virtual assets creates a fertile ground for innovation. We believe that compliant and transparent stablecoins like HKDR will play a vital role in addressing the challenges of traditional finance, attracting institutional adoption, and propelling Hong Kong's emergence as a global Web3 hub."
About RD Technologies:
Founded in 2020 by Norman Chan, the former chief executive of the Hong Kong Monetary Authority and former Asia vice chairman of Standard Chartered Bank, RD Technologies is a fintech company revolutionizing payments and commerce with enhanced trust, stability, and efficiency. The company is building a financial platform that bridges the Web2 and Web3 worlds, offering innovative solutions for businesses and contributing to the development of the Web3 ecosystem in Hong Kong and Asia.
Compiled by CMO Intern team
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