The Asia Pacific (APAC) region is gaining prominence in the global digital asset landscape, with regulatory changes drawing interest from diverse stakeholders. Hong Kong, renowned as a key financial center, is capitalizing on its status to attract companies looking to provide digital asset services, particularly with its favorable crypto regulations gaining traction.
In addition, the uptake of local payment systems further underscores the region’s willingness to embrace innovative financial technologies. It is against this backdrop that Transak, a prominent provider of Web3 payment solutions, is making its entry into Hong Kong to contribute to the growth of the APAC digital asset ecosystem.
Today, Transak announced it is expanding into the APAC region by establishing a formal presence in Hong Kong. As part of this expansion, Transak has joined the Web3 Harbour initiative, aimed at advancing decentralized internet development and virtual asset economies in the region.
Following a successful Series-A funding round in mid-2023, spearheaded by notable investors such as Animoca Brands, Transak aims to capitalize on Hong Kong’s role as a global financial hub and gateway to the APAC market.
This expansion is designed to improve access to alternative financial markets throughout the region, supported by Hong Kong’s progressive regulatory framework for cryptocurrencies and digital assets. Transak intends to enhance local engagement by incorporating commonly used payment methods and integrating with Hong Kong’s Faster Payment Network, aligning with its mission to simplify Web3 accessibility.
With a commitment to reducing barriers to entry for Web3 applications, Transak’s Hong Kong entity aims to significantly increase Web3 service adoption across APAC by simplifying crypto transactions, public key cryptography, and smart contracts. The company pledges full compliance with Hong Kong’s regulatory standards, ensuring a seamless and compliant operation.
Transak, recognized for its commitment to regulatory excellence, operates in over 150 countries and secured an FCA license in the UK in early 2022. By mid-2023, it achieved FIU compliance in India and is registered as a Virtual Asset Service Provider (VASP) in Poland, EU. In the US, Transak is registered as a Money Services Business (MSB) with FinCEN, demonstrating its global compliance and operational standards.
Acknowledging the complexities of local regulatory compliance, Transak plans to hire a team of local directors and experts in Hong Kong to ensure adherence to all regulations and facilitate active engagement with policymakers and regulatory authorities.
Maximilian von Hulewicz, Transak’s General Manager of APAC, stated, “Transak sees Hong Kong as an ideal base to launch its operations and propel growth in the APAC region’s dynamic and innovative Web3 economy. By establishing our base here, Transak is ideally poised to help drive the expansion and adoption of its compliant and user-friendly crypto onboarding services and help usher in the next generation of Web3 enthusiasts.”
Transak’s strategic efforts in Hong Kong include collaborations with local fintech companies and institutions, exemplified by its recent membership in Web3 Harbour, one of Hong Kong’s leading Web3 communities, to accelerate the development and adoption of blockchain technologies and the decentralized internet.
Gary Liu, Chairman of Web3 Harbour, expressed excitement about Transak’s expansion into Hong Kong, calling it a positive milestone for the digital asset ecosystem in the APAC region. Animoca Brands, a supporter of Transak through the Series-A funding, also voiced its delight in Transak’s strategic move, emphasizing the potential to facilitate seamless user onboarding for over a billion users in Asia.
Transak operates globally as a leading provider of Web3 payment and onboarding infrastructure, facilitating seamless transitions between conventional finance and cryptocurrency assets. Their platform streamlines the onboarding process for Web3 platforms, catering to users from over 150 countries while handling complexities such as user KYC, risk monitoring, compliance, payment methods, and customer support.
The company offers a comprehensive suite of products, encompassing fiat-to-crypto services, a fiat-to-smart-contract solution known as Transak One, and a fiat-to-NFT checkout solution. Operating as a regulated, non-custodial payments layer, Transak supports onboarding to more than 160 crypto assets across over 75 blockchains. With a clientele that includes trusted applications like MetaMask and Coinbase Wallet, Transak serves as a pivotal player in enhancing accessibility to Web3 applications.
