RD Wallet releases weighting plan

Finance | Staff reporter 27 Jul 2021

RD Wallet Technologies, founded by former Hong Kong Monetary Authority chief executive Norman Chan Tak-lam, revealed its preliminary currency weighting plan yesterday.

RD Wallet Technologies is an e-wallet company that helps trading companies manage forex risks and facilitate cross-border payments. The e-wallet will support commonly traded currencies.

The company will launch a composite currency unit, the "round dollar," which is a combination of 47 percent yuan, 32 percent yen, and 21 percent Hong Kong dollar, based on the previous week's market price, according to the plan.

RD Wallet Technologies has seven directors, according to the Companies Registry, including mainland online insurer ZhongAn Online P&C Insurance (6060)'s chairman Ou Yaping and Wayne Xu Wei, president of ZA International.

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