- Proof-of-Concept (PoC) Completion:
- Standard Chartered Bank in Hong Kong (SCBHK) completed a PoC in collaboration with Mastercard, Mox Bank, and government bond platform Libeara.
- The PoC explored operational and risk management benefits of tokenised deposits for settling tokenised carbon credits.
- Participants and Process:
- Conducted through the fintech supervisory sandbox by the Hong Kong Monetary Authority (HKMA).
- Mox clients tokenized carbon credits via Libeara’s platform, which was incubated by SC Ventures.
- Mastercard’s multi-token network (MTN) was used to tokenize the deposit from Mox, facilitating the transaction.
- Outcome and Benefits:
- The trial achieved a transparent, real-time transaction between SCBHK and Mox.
- Tokenized carbon credit was successfully delivered to the Mox client’s digital wallet.
- Statements from Leaders:
- Mary Huen, CEO of Standard Chartered Hong Kong, emphasized the importance of tokenization in financial assets for the future of the financial industry.
- Helena Chen, MD of Mastercard Hong Kong and Macau, highlighted the need for continuous collaboration and innovation in tokenisation.
- Related Initiatives and Industry Trends:
- Standard Chartered is involved in several digital asset technology pilots, including:
- Project mBridge: Developing a multi-CBDC platform for cross-border payments.
- Project Ensemble: Interbank settlement of tokenized money using wholesale CBDCs.
- HKMA’s e-HKD pilot programme: Exploring programmable payments, tokenized asset settlement, and offline payments.
- Growing interest in tokenization initiatives across the industry:
- Deutsche Bank supports MAS’s Project Guardian.
- BIS called for private sector participants for Project Agorá.
- Standard Chartered is involved in several digital asset technology pilots, including:
Standard Chartered pilots carbon credit tokenisation in Hong Kong with Mastercard, Mox Bank and Libeara
