IDA and Zand Bank Enter into Cooperation Agreement to Promote Blockchain Cross-Border Payments in the "Belt and Road" Region

Michael Chan, CEO of Zand Bank (pictured left), and Sean Lee, Co-Founder and Chief Strategy Officer of IDA, signed a Memorandum of Understanding (MOU) to initiate collaborative projects related to the Belt and Road Initiative.

(Hong Kong, October 30, 2024) IDA, a leading stable money issuer in Hong Kong, announced a strategic partnership with Zand Bank, the UAE's first fully-licensed and fully-digital bank, which will provide new opportunities for corporate, institutional and wealthy customers in the UAE and globally to foster sustainable growth and drive the digital economy.

Through this partnership, IDA and Zand Bank aim to realize cost-effective and efficient cross-border transactions in the "Belt and Road" and BRICS Plus regions by providing 24/7 digital payment services to businesses.

Michael Chan, Chief Executive Officer, Zand Bank We are excited about our partnership with IDA. Together, we are committed to strengthening connectivity between the Middle East and North Africa (MENA) region and China, fostering greater economic cooperation and opportunities for growth. By leveraging blockchain technology and artificial intelligence, we are making cross-border payments more efficient, reliable and accessible to everyone."

For this collaboration.Sean Lee, Co-Founder and Chief Strategy Officer of IDA We are delighted with our partnership with Zand Bank! We share the same vision for financial innovation and digital transformation in the Middle East and Asia, with an even greater vision, thus enabling both companies to be at the forefront of the FinTech revolution. By integrating stablecoins into cross-border payments, we promise to bring unprecedented transparency and stability, ensuring that users are able to confidently transact in a digital currency that is referenced to the fiat currency, and facilitating access for businesses ready to enter the Belt and Road region."

The UAE and Hong Kong are two major financial centers with significant cooperation in areas such as banking, insurance and capital markets. According to a September 2024 report in the UAE's National Newspaper, trade between the UAE and Hong Kong is growing at one of the fastest rates among the UAE's major trading partners. In addition, Hong Kong serves as a gateway for UAE businesses to access the Chinese market and the rest of Asia. The UAE's active participation in the Belt and Road Initiative and its strategic ties with China and Hong Kong reflect its strong commitment to sustainable economic growth and international cooperation.

About IDA Finance Hong Kong Limited (IDA)

IDA is a leading digital asset technology company dedicated to driving the adoption of blockchain finance and empowering organizations to seamlessly interface between the Web2 and Web3 worlds.

HKDA, a stablecoin denominated in French Francs based on a public chain agreement, will be the first product issued by IDA. HKDA aims to enhance digital connectivity and create a 24/7 smooth commerce and payment experience between Hong Kong and the global market. To ensure maximum security and stability, all HKDA in circulation will be collateralized by the reserve assets of a regulated and authorized institution in Hong Kong at a minimum collateralization rate of 100%.

To maximize the network effect of HKDA's domestic and cross-border adoption, IDA is currently working with key industry players to drive the full process of HKDA's development as a payment and settlement digital currency from minting to redeeming to mainstream adoption. In subsequent phases, IDA will also work with various regulated financial institutions and ecological partners such as the Web3 platform to launch other core products that anchor the US dollarThe

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About Zand Bank

Zand Bank is a fully licensed bank since July 2022 by the Central Bank of the UAE. Our mission is to open up new opportunities for our corporate, institutional and wealth management clients in the UAE and globally, to drive sustainable growth, and to promote a positive impact in the booming digital economy. Think beyond banking, think Zand, unlimited opportunities await.

For more information, please visit www.zand.aeThe