Wednesday, June 12, 2024
21.9 C
New York

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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

U.S. Bank taps Greenlight for family-focused money management tools

U.S. Bank Partners with Greenlight to Enhance Financial Literacy...

Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

Summary of Finseta's Sale of Capital Currencies:Transaction Overview:...

Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:Partnership Overview:...

Beobank selects Viva to power new corporate payment solutions for SMEs in Belgium

Beobank and Viva Partnership - Key Points:Partnership Objective:...

Siri and Google Assistant look to generative AI for a new lease on life

There’s a lot riding on next week’s WWDC 2024...

Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

Centenary Bank Technology Transformation - Key Points:Bank Overview:...

Related Articles

Popular Categories

spot_imgspot_img