RedotPay has obtained its first two lending licences at state level in the US, securing a regulated lender licence in Idaho and an installment loan company licence in Nebraska.
With the approvals for Red Dot Lending (US), the business
will be able to provide certain lending products in the two states when it launches in the US market.
As part of preparations for a future US launch, RedotPay has submitted more than 20 further licence applications across other states.
The latest approvals follow other regulatory steps in the US, including a recently obtained state-level US money transmitter licence.
Separately, the company said an independent assessment of the AML/CFT controls at RedotPay’s licensed Hong Kong subsidiaries was carried out by a “Big Four firm,” and found those controls to be strong.
RedotPay holds a number of security and compliance certifications, including ISO/IEC 27001, PCI DSS, and SOC 2 Type II.
The licensing progress comes as stablecoin-based payments are becoming more closely linked with payments, card networks, and financial services infrastructure.
The company expects stablecoin-powered cards to reach $50bn in annualised spending by 2028.
RedotPay co-founder and partnerships head Jonathan Chan said: “Obtaining these US lending licences is an important step in our regulatory strategy.
“We are focused on building a compliant foundation to make digital finance more accessible, secure, and efficient around the world.”
