Circle Partners with Hong Kong Telecom to Develop Blockchain-Backed Customer Loyalty Solution

Circle is collaborating with Hong Kong Telecom (HKT) to develop blockchain-backed customer loyalty solutions for Hong Kong merchants.

The proposed loyalty services aim to encourage consumer experience and engagement with merchants.These services are expected to help merchants in Hong Kong develop deeper connections with their customers.

Circle and HKT Champion Blockchain-based Customer Loyalty Service in Hong Kong

Stablecoin USD Coin (USDC) issuer Circle has signed a memorandum of understanding with Hong Kong's leading telecom service provider, HKT.

Their partnership aims to leverage blockchain technology to build customer loyalty solutions for merchants in Hong Kong.

Circle disclosed this development in a statement. It noted that blockchain-backed customer loyalty services aim to enhance consumers' engagement and discovery with merchants.

The fintech firm also revealed that its Web3 services, including programmable wallets, allow businesses to integrate smart contracts and digital assets into their enterprise and consumer applications.

HKT Digital Ventures CEO Monita Leung commented on the development.

She noted, Together, we aim to deliver unique loyalty solutions that empower merchants to build deeper connections with their customers in Hong Kong."

Circle CEO and co-founder Jeremy Allaire also commented on the developments. He noted that Circle's partnership with HKT puts Web3 services at the center of customer loyalty innovation.

In his statement, Allaire said the collaboration reflects the company's commitment to helping businesses harness the power of blockchain technology. Tapping blockchain tech will allow businesses to create value-driven customer experiences and redefine loyalty programs.

According to the Circle CEO, this will provide merchants with the tools needed to thrive in the evolving digital economy.

Circle's Asia Expansion Strides

The latest collaboration is part of Circle's broader efforts to expand its footprint in Hong Kong and the broader Asian market. In a June 2023 Bloomberg interview, Jeremy Allaire said the fintech company is monitoring Hong Kong's regulatory developments.

Allaire said, Hong Kong is clearly looking to establish itself as a very significant center for digital assets markers and stablecoins, and we are paying very close attention to that." The Circle boss described Asia as a huge area of focus."

In February this year, Circle collaborated with Coincheck, a leading Japanese cryptocurrency trading platform, to expand access to USDC in Japan. Circle aims to leverage Coincheck's user-friendly interface to foster USDC adoption in Japan.

Circle also obtained a Major Payment Institution (MPI) License in Singapore last year. The license from the Monetary Authority of Singapore allows Circle to offer digital assets payment services, domestic money transfer, and cross-border money transfer services in Singapore.

The company's CEO, Jeremy Allaire, said, Singapore is integral to Circle's global expansion and mission in raising global economic prosperity and through the frictionless exchange of value."

Circle's Head of Global Policy and Chief Strategy Officer, Dante Disparte, viewed the MPI license as a step forward for the future of digital currencies in the region.

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