Alchemy Pay, a leading fiat-crypto payment gateway, has announced the addition of a new card BIN (Bank Identification Number) specifically for the Hong Kong market. This expansion aims to simplify and increase crypto spending options for users in the region, further positioning Alchemy Pay as a key player in Hong Kong’s growing crypto landscape, the company stated in a press statement.
The new BIN, “515783,” facilitates transactions with popular platforms like ChatGPT Plus, Aliexpress, Netflix, Twitter, Facebook, Apple Store, and Google Pay. This wider range of compatible merchants provides greater flexibility and convenience for Hong Kong users seeking to utilize their cryptocurrencies for everyday purchases.
This move comes amidst a burgeoning crypto scene in Hong Kong. In October 2022, the city’s government issued guidelines for cryptocurrencies, solidifying its ambitions to become a global financial hub for digital assets. Furthermore, the Securities and Futures Commission (SFC) began processing license requests from crypto trading platforms in June 2023, paving the way for retail investor participation under a regulated framework.
Alchemy Pay has proactively positioned itself to capitalize on these developments. The company was the first Web3 payment project to enter the Hong Kong market and has secured essential Type 1, 4, and 9 Financial Services Licenses through a strategic partnership with ZD Group. These licenses are mandatory for conducting financial investment activities in Hong Kong.
Beyond expanding spending options, Alchemy Pay also offers a comprehensive suite of solutions for Hong Kong users, including On & Off-Ramp, NFT Checkout, and Crypto Card.
“This newly introduced card BIN further enhances the ease of crypto spending in Hong Kong,” explained Alchemy Pay, highlighting their commitment to providing user-friendly methods for accessing crypto assets within the city’s regulatory framework.
By strategically aligning with Hong Kong’s evolving crypto policies and offering convenient spending solutions, Alchemy Pay is well-positioned to play a leading role in the region’s burgeoning Web3 ecosystem.
Founded in 2017, Alchemy Pay is a Singapore-based payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its diverse set of solutions, Alchemy Pay supports payments in 173 countries, empowering users to leverage the power of crypto in their everyday lives.
