Alchemy Pay adds new BINs for Hong Kong virtual crypto cards

Wednesday 10 January 2024 08:20 CET | News

Singapore-based crypto payment gateway Alchemy Pay has added additional card BINs for its Hong Kong Crypto Virtual Card, expanding spending options.


Bank Identification Numbers (BINs) comprise the initial 6 to 8 digits of a card number. Similar 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 increase the capabilities of crypto cards, enabling support for a broader range of payment situations and improving transaction success rates.

Alchemy Pay has added additional card BINs for its Hong Kong Crypto Virtual Card, expanding spending options.

Users can enjoy this benefit and apply this card through using Alchemy Pay's mini app Crypto Card on Binance Marketplace. The new BIN number, '515783,' facilitates transactions with platforms like ChatGPT Plus, Aliexpress, Netflix, Twitter, Facebook, Apple Store, and Google Pay, etc.

Paving the way for crypto ETFs

On 22 December 2023, 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, signalling Hong Kong's preparation to embrace spot crypto ETFs. Once the virtual asset spot ETF receives approval, one 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.

Fostering growth with strategic partnerships and regulatory compliance

Alchemy Pay has been one of the first Web3 payment projects 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 in 2023, 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.

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Keywords: cryptocurrency, web3, Visa, MasterCard, payment methods
Categories: DeFi & Crypto & Web3
Companies: Alchemy Pay
Countries: Hong Kong
This article is part of category

DeFi & Crypto & Web3

Alchemy Pay

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