Foreign media quoted sources as reporting that Ant Group's international division is planning to apply for stablecoin licenses in Singapore and Hong Kong.

Sources pointed out that Ant International will apply for a stablecoin issuer license in Hong Kong as soon as Hong Kong's "Stablecoin Ordinance" comes into effect in August. In addition to Singapore, the company also plans to apply for a license in Luxembourg.

The report cited sources as saying that the move is aimed at strengthening the fintech company's blockchain business and providing support for its cross-border payment and fund management services. Ant Group processed more than $1 trillion in global transactions last year, a third of which was processed by the blockchain-based Whale platform. The company has signed cooperation agreements with more than 10 banks around the world, including HSBC, BNP Paribas, JPMorgan Chase & Co. and Standard Chartered Bank. This week, Ant also entered into a strategic partnership with Deutsche Bank to jointly develop payment solutions and money management.