Circle has signed a Memorandum of Understanding with HKT, a major telecommunications service provider in Hong Kong, to explore potential collaborations using blockchain technology to develop a customer loyalty solution for merchants in the region.

In a statement released Tuesday, Circle said the two companies aim to develop customer loyalty services backed by blockchain technology to enhance consumers' discovery and engagement with merchants.

Circle noted that its Web3 products, including its programmable wallets, are designed to help businesses “harness the power of digital assets and smart contracts in their existing consumer and enterprise applications.”

“Together, we aim to deliver unique loyalty solutions that empower merchants to build deeper connections with their customers in Hong Kong,” ‍Monita Leung, CEO of HKT Digital Ventures, said in the statement.

Jeremy Allaire, co-founder and CEO of Circle, noted that the collaboration with HKT brings its “Web3 Services” to the forefront of customer loyalty innovation. “This collaboration is a testament to our commitment to helping businesses unlock the potential of blockchain technology to create value-driven customer experiences, redefining loyalty programs and providing merchants with the tools they need to thrive in the digital economy,” said Allaire.

Circle appears to have set its sights on business opportunities in Asia. As Allaire said last year, the firm was paying close attention to regulatory developments in Hong Kong. In February, Circle partnered with Coincheck to expand USDC access in Japan.

Source : The Block Crypto News - Oct 29, 2024