Bank of East Asia (0023) said it has signed a memorandum of understanding with Anchorpoint Financial, the stablecoin issuer led by Standard Chartered, to jointly explore digital asset solutions backed by the regulated Hong Kong dollar stablecoin HKDAP.

The bank said it is among the first batch of banks to cooperate with Anchorpoint Financial after Standard Chartered, and details of the HKDAP collaboration and specific arrangements will be announced later, according to Ming Pao.