Cryptocurrencies

Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed their first live test

Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live test of the Mastercard Multi-Token Network (MTN). They have launched a proof-of-concept pilot program that tokens carbon credits within the Hong Kong Monetary Authority’s (HKMA) FinTech regulatory sandbox.

In the design, a customer of SCBHK’s virtual bank, Mox Bank, invests money in Mox and orders a carbon credit purchase. Mox asked SCBHK to tokenize the carbon credit through Tokenization service provider Libeara, launched at SC Ventures, the investment arm of Standard Chartered. MTN tokenized the deposit and an atomic exchange took place – a real-time exchange in different pools – between the two tokens.

Related: Hong Kong regulator issues investment requirements amid demand

Mastercard launched the MTN network in June 2023. It was built on Mastercard’s blockchain. Previous trials were conducted with the Reserve Bank of Australia using Cabbage Central Bank digital currency (CBDC) and the Hong Kong Stock Exchange using HKD CBDC. None of these CBDCs are operational. Helena Chen, Managing Director of Mastercard in Hong Kong and Macau, said:

“With the HKMA developing Hong Kong as a leading hub for digital assets, Mastercard is fully committed to supporting its efforts to drive fintech innovation and advance the tokenization market in Hong Kong.”

The Hong Kong Monetary Authority has reportedly pressured Hong Kong banks, including SCBHK, to provide better service to cryptocurrency exchanges. SCBHK is involved in HKMA’s Ensemble project, which is currently under development, its e-HKD pilot program, as well as the multinational mBridge project. The e-HKD pilot project announced the launch of its second phase in March.

Source: MetasgameOfficial

In addition, Standard Chartered has also been involved in projects with SWIFT through the CBDC and UK Finance through the Regulatory Responsibility Network. In November, SC Ventures launched a cryptocurrency fund in the UAE.

HSBC Bank and China’s Ant Group tested token deposit transactions in the HKMA sandbox in November using Ant Group’s blockchain. HSBC also offers ETF trading for Bitcoin and Ethereum futures in Hong Kong.

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