Wellcell Holdings Co., Limited (HK:02477) announced on July 21, 2025 the market launch of its global stablecoin payment platform “Fopay”, officially entering the crypto payments sector. The development and introduction of Fopay aims to capitalize on the global growth opportunities in crypto payments, providing both individual and corporate users with secure, efficient, and low-cost digital payment solutions.
Regulatory Tailwinds Driving Adoption
2024 witnessed the implementation of key stablecoin regulatory frameworks worldwide – the EU’s MiCA establishing issuance standards, the U.S. Stablecoin Act strengthening compliance requirements, and Hong Kong’s Stablecoin Ordinance passed in May marking a watershed moment for Asia’s market. Against this backdrop, Wellcell’s timely launch of Fopay demonstrates strategic acumen and execution capability. As one of the few Hong Kong-listed companies positioned to benefit from the trillion-dollar global stablecoin opportunity, Wellcell’s strategic upgrade could emerge as a benchmark case under Hong Kong’s new virtual asset policies.
- JPMorgan research projects the compliant stablecoin payment market to exceed $5 trillion by 2027, growing at a 68% CAGR
- HKMA forecasts compliant stablecoin payments will account for over 25% of local cross-border settlements by 2025
Regulation-Friendly Architecture
Fopay’s “compliant prepaid card” model partners with licensed institutions for stablecoin custody while integrating with the VISA network. This innovative approach mitigates asset custody risks while achieving interoperability with traditional finance – giving it significant compliance cost advantages over international competitors in Hong Kong.
Solving Cross-Border Payment Pain Points
Fopay’s value proposition directly addresses three critical challenges in traditional cross-border payments:
- Fee Disruption : Zero-fee peer-to-peer transfers and remittances, dramatically reducing costs compared to SWIFT
- Speed Advantage : Crypto cross-border settlements in minutes versus 1-3 business days for traditional banks
- Global Accessibility : Instant stablecoin-to-fiat conversion through VISA’s 60-million merchant network
- Merchant Solutions : Crypto payment APIs enabling stablecoin settlements for e-commerce and trading companies to enhance capital efficiency
Technical Edge
Notably, Fopay supports leading high-performance blockchains including Solana, Arbitrum, Ethereum, and BSC, delivering transaction throughput (TPS) orders of magnitude higher than traditional banking systems. This technical superiority creates a moat in high-frequency, low-value payment scenarios like cross-border e-commerce and game top-ups.
Shareholder Synergy: Hangfeng International’s Strategic Value
As Wellcell’s largest single shareholder, Hangfeng International is demonstrating remarkable Web3 ecosystem synergies through its “payments + asset management” dual-engine strategy:
- Fopay’s user growth and capital accumulation will drive sustainable AUM expansion for Hangfeng’s planned U.S.-listed asset management subsidiary
- Public filings indicate Hangfeng’s asset management platform is preparing to launch regulated digital asset custody and management services, offering institutional-grade solutions to ecosystem partners
Strategic Investor Backing
Hangfeng International’s shareholder base brings together strategic investors from fintech, cross-border trade, and industrial internet sectors. These quality industry partners will collectively develop practical payment application scenarios, creating lasting ecosystem value and business momentum.
Market Underappreciation
Institutional research suggests this ecosystem synergy remains undervalued by the market. Beyond being a payment instrument, Fopay is transforming into a “super-interface” bridging traditional finance and Web3 – potentially the Web3 infrastructure benchmark that Hong Kong’s capital markets have been awaiting.
The strategic positioning of Fopay under Wellcell’s ecosystem, backed by Hangfeng International’s resources, presents a compelling case for being Hong Kong’s first truly institutional-grade Web3 payment infrastructure play.
