UPDATE: Wellcell Holdings Co., Limited has officially launched its global stablecoin payment platform, Fopay, in a strategic move that positions it as a leader in Hong Kong’s rapidly evolving crypto payments sector. This launch, announced on July 21, 2025, comes at a time when the global market for compliant stablecoin payments is projected to exceed $5 trillion by 2027, growing at an astonishing 68% CAGR.
This timely entry into the crypto payments arena capitalizes on regulatory advancements, making Fopay a critical player in transforming how individuals and businesses conduct digital transactions. The platform promises secure, efficient, and low-cost payment solutions, addressing significant pain points in traditional cross-border payments.
Fopay’s innovative approach includes a compliant prepaid card model that collaborates with licensed institutions for stablecoin custody, integrating seamlessly with the VISA network. This design not only mitigates asset custody risks but also grants significant compliance cost advantages over international competitors.
As the market adapts to new regulations, Fopay is positioned to address three major challenges in cross-border payments:
- Fee Disruption: Offering zero-fee peer-to-peer transfers and remittances.
- Speed Advantage: Facilitating crypto cross-border settlements in mere minutes compared to the typical 1-3 business days of traditional banking.
- Global Accessibility: Enabling instant stablecoin-to-fiat conversions through VISA’s extensive network of 60 million merchants.
Fopay’s technical edge is evident in its support for high-performance blockchains such as Solana, Ethereum, and others, allowing for transaction throughput that far exceeds that of traditional banking systems. This capability is particularly beneficial for high-frequency, low-value payment scenarios, including e-commerce and gaming.
Furthermore, Hangfeng International, Wellcell’s largest shareholder, is enhancing Fopay’s impact through its strategic dual-engine strategy that combines payments with asset management. Their initiatives aim to drive user growth and establish sustainable assets under management (AUM), particularly with plans to launch regulated digital asset custody services.
Despite its potential, market analysts suggest that Fopay’s value may be underappreciated. Beyond simply being a payment platform, Fopay is evolving into a “super-interface” that bridges traditional finance and the Web3 landscape, making it a cornerstone for Hong Kong’s capital markets.
As Fopay begins its operations, all eyes will be on its ability to deliver on its promises and reshape the financial landscape in Hong Kong and beyond. The implications for businesses and consumers alike are profound, as this technology holds the potential to significantly streamline transactions and reduce costs.
Stay tuned for further updates on Fopay’s rollout and the impact it will have on the global crypto payments ecosystem.
