Leading digital financial technology firm, Circle has partnered with HKT to develop blockchain-powered customer loyalty solutions for merchants in Hong Kong. The firm made the disclosure on Tuesday through an official blog post. 

In the post, Circle revealed that it had signed a Memorandum of Understanding (MOU) with its new partner. More so, in the post, the firm described its new partner as a technology, media, and telecommunication leader in Hong Kong. 

Additionally, to actualize the development of the loyalty platform, the partners will leverage the expertise of Circle in web3 services and the extensive ecosystem of HKT including its customer engagement capabilities. By that, the partners intend to design a customer loyalty solution powered by web3 technology to enhance how consumers discover and interact with merchants. 

With the innovation, Circle and HKT aim to foster more social and dynamic engagement experiences. Meanwhile, as part of its support to the project, Circle through its wide range of web3 services will provide industry-leading tools that will help fast-track the development of the innovation. 

Aside from being time efficient, the tools also assist established projects and startups in the pathway to harnessing the core strengths of virtual assets and smart contracts. The partnership with HKT surfaced shortly after Circle extended support for its USDC ($1.00) stablecoin to the SUI ($1.55) network.

According to a Binbits report, the expansion to SUI emanated in an attempt to extend the support for USDC on more than 15 blockchain networks. Thus, strengthening the position of USDC as the second-largest stablecoin by trading volume. 

Reactions to the Partnership Between Circle and HKT

It is worth mentioning that the co-founder and CEO of Circle, Jeremy Allaire has reacted to the partnership. The CEO described the collaboration as an opportunity for Circle to bring its web3 services to the forefront of customer loyalty innovation. 

Additionally, he added that the partnership is a testament to the commitment of the company to helping businesses explore the potential of blockchain technology. That said, Allaire stated that Circle through the partnership will help provide value-driven customer experiences to further redefine loyalty programs and provide projects with the tools they need to mature in the digital assets ecosystem. 

Similarly, the CEO of HKT Digital Ventures, ‍Monita Leung explained that the firm is committed to inspiring innovations in the fintech and virtual assets landscape. Leung regarded Circle as a company with expertise in web3 technology which further complements the strengths of HKT relating to customer engagement and merchant services. 

Lastly, the executive added that the partners are aiming to deliver unique loyalty solutions to support merchants and build strong relationships with their users in Hong Kong. 

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