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Standard Chartered pilots carbon credit tokenisation in Hong Kong with Mastercard, Mox Bank and Libeara

  • 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.

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