Obita, a Hong Kong-based cross-border payment and digital finance network, has raised over US$10 million in an angel round co-led by Vision Plus Capital and Mirana Ventures.

Other investors include Legend Capital, HashKey Capital, and Web3.com Ventures.

The company said the funds will be used for system development, compliance infrastructure, and global expansion, with a focus on stablecoin-based cross-border payments.

The management team includes executives with backgrounds in fintech, digital assets, and payments, such as co-founder Dayong Zhang, formerly at HashKey Group and Ant Group.

Obita aims to provide enterprise-level payments using stablecoins, addressing the need for cheaper, faster, and more transparent settlements in global trade.

🔗 Source: Obita

🧠 Food for thought

1️⃣ Traditional cross-border payment inefficiencies create massive opportunity for stablecoin solutions

The scale of Obita’s target market is enormous, with cross-border payments reaching approximately $179 trillion last year 1.

Traditional payment systems like SWIFT can take up to five business days for transactions due to multiple intermediaries and regulatory checks, creating significant friction for businesses 1.

These delays are particularly costly for the regions Obita is targeting, such as Southeast Asia, Central Asia, Africa, and Latin America, where traditional banking infrastructure is often more expensive and less efficient than in developed markets.

Stablecoins offer 24/7 real-time settlements, enhanced security, and reduced costs, making them especially attractive for businesses operating across multiple countries where time zone differences compound traditional banking delays 1.

Early adopters in sectors like e-commerce and payroll are already moving quickly to implement stablecoin solutions, suggesting strong demand for alternatives to legacy payment systems 1.

2️⃣ Fintech veterans leverage emerging market expertise to bridge Web2 and Web3 payments

Obita’s leadership team brings particularly relevant experience from major fintech companies that have already tackled cross-border payment challenges in emerging markets.

CEO Dayong Zhang previously led Ant Group’s regional operations in South Asia and Southeast Asia, where he created multiple market-leading digital wallet products and expanded Ant’s global payment network.