Alchemy Pay Adds New Card BIN for Hong Kong and Expands Virtual Card Reach

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Jan 09, 2024, 03:10 ET

SINGAPORE, Jan. 9, 2024 /PRNewswire/ -- Alchemy Pay, the leading fiat-crypto payment gateway, has added additional card BINs for its Crypto Virtual Card, enhancing spending options in the Hong Kong area. Users can enjoy this benefit and apply this card through using Alchemy Pay's mini app Crypto Card on Binance Marketplace.

Bank Identification Numbers (BINs) comprise the initial 6 to 8 digits of a card number. Analogous to a key that opens a particular lock, the BIN provides details about the card's network (like Visa or Mastercard), its type (be it debit or credit), and the bank or financial entity that issued it. Such numbers enable merchants to accept various payment methods and facilitate quicker transaction processing. Adding new card BINs would enhance the capabilities of crypto cards, enabling support for a broader range of payment situations and improving transaction success rates.

On December 22, the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority, the city's de facto central bank, collaboratively declared a review of policies for intermediaries engaged in virtual asset activities. Additionally, the SFC provided criteria for funds to invest in identical spot Virtual Asset (VA) tokens, signaling Hong Kong's preparation to embrace spot crypto ETFs. Once the virtual asset spot ETF receives approval, we can anticipate a more profound merging of traditional finance funds into the crypto realm, offering a fertile ground for fiat-crypto payment gateway like Alchemy Pay to flourish.

In line with these current trends, Alchemy Pay is actively in the process of applying for a Money Service Operator (MSO) license and Virtual Asset Service Provider (VASP) in Hong Kong as part of its established plan.

Alchemy Pay has established its presence by being the first Web3 payment project to enter the Hong Kong market and has taken a series of actions in advance. By forming a strategic partnership with ZD Group, Alchemy Pay has shared the essential Type 1, 4, and 9 Financial Services Licenses granted by the SFC, which are mandatory for conducting financial investment activities in Hong Kong. Earlier this year, Alchemy Pay ran a month-long cryptocurrency public service announcement advertising campaign in Hong Kong during the Web3 Blockchain Week, to showcase appreciation to Hong Kong's openness and acceptance of the Web3 industry.

Following a series of new policies of the Hong Kong government, Alchemy Pay persists in offering a simple, fast and user-friendly method for local users to access their crypto assets within the regulatory framework. This already includes supporting the onramping of HKD through popular payment options such as Visa, Mastercard, Apple Pay, and Google Pay, while enabling the offramping of HKD via bank transfers. Additionally, Alchemy Pay has seamlessly integrated with major exchanges like OKX and Bitget, allowing Hong Kong users to trade securely and compliantly utilizing Alchemy Pay's ramp services. This newly introduced card BIN for the Hong Kong area further enhances the ease of crypto spending.

In October 2022, Hong Kong officials issued a set of guidelines on cryptocurrencies, aiming to solidify its status as a leading financial hub globally. By June, Hong Kong's SFC began processing license requests from crypto trading platforms, allowing retail investors to participate under the fresh regulatory framework. These policy updates reflect Hong Kong's positive stance toward establishing itself as a significant crypto center. By seizing this opportunity, Alchemy Pay remains a keen focus on global policy advancements, enhances its services and further expands its leading position in the crypto payment industry through continuous growth.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its On & Off-Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay