Alchemy Pay Bolsters Hong Kong’s Crypto Infrastructure with Enhanced Virtual Card Services

Alchemy Pay, a leading fiat-to-crypto payment gateway, recently expanded its virtual card services in Hong Kong by adding new bank identification numbers (BINs) for its crypto virtual card, according to the official website. This strategic move, marked by the addition of BIN number ‘515783’, aims to significantly improve the utility and acceptance of the card across platforms such as ChatGPT Also Aliexpress, Netflix, Twitter, Facebook, Apple Store and Google Pay.

The introduction of new BINs is a critical development in the crypto payments sector, as these numbers, which make up the first 6 to 8 digits of a card number, play an important role in the financial ecosystem. They provide vital information about the card network, type (debit or credit) and issuing bank or financial entity, thus enabling a wider range of payment scenarios and aiming to improve transaction success rates.

Alchemy Pay’s initiative is in line with Hong Kong’s progressive stance on cryptocurrencies. Following the review of policies for intermediaries involved in virtual asset activities by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority on December 22, the region has shown readiness to integrate traditional financial funds into the crypto sector. Alchemy Pay is actively seeking a Money Service Operator (MSO) and Virtual Asset Service Provider (VASP) license in Hong Kong, demonstrating its commitment to regulatory compliance and adherence.

In partnership with ZD Group, Alchemy Pay has shared core financial services licenses required for financial investment activities in Hong Kong. The firm has been at the forefront of promoting cryptocurrency awareness in the region, notably through its public service outreach campaign during Web3 Blockchain Week.

Additionally, Alchemy Pay integrates with major exchanges such as OKX and Bitget, offering Hong Kong users secure and compliant trading options. The introduction of the new BIN card is a step towards simplifying crypto transactions and cementing Alchemy Pay’s position as a leader in the crypto payment gateway sector.

Hong Kong’s evolving regulatory landscape, with guidelines issued in October 2022 and the processing of license applications for crypto trading platforms, shows the region’s ambition to become a global crypto hub. Using these policy improvements, Alchemy Pay continues to innovate and adapt its services, catering to the growing demand for affordable and user-friendly crypto payment solutions.

Founded in Singapore in 2017, Alchemy Pay supports payments in 173 countries with solutions such as On & Off-Ramp, NFT Checkout and Crypto Card. The firm’s recent expansion into Hong Kong exemplifies its commitment to the global advancement of the crypto payments industry.

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