Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have successfully conducted the first live test of Mastercard’s Multi-Token Network (MTN). They conducted a proof-of-concept pilot within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox, where carbon credits were tokenized.
During the project, a client of SCBHK’s virtual bank, Mox Bank, deposited funds into Mox and expressed interest in purchasing a carbon credit. Mox requested SCBHK to tokenize the carbon credit using Libeara, a tokenization service provider launched by Standard Chartered’s venture arm, SC Ventures. The MTN was used to tokenize the deposit, and an atomic swap, which is a real-time swap across different blockchains, occurred between the two tokens.
Previously, in collaboration with the Reserve Bank of Australia and the HKMA, Mastercard conducted trial runs on the MTN using wrapped central bank digital currency (CBDC) and the HKMA’s e-HKD CBDC. However, neither of these CBDCs are currently in use. Helena Chen, the Managing Director of Hong Kong and Macau at Mastercard, stated that the Hong Kong Monetary Authority has exerted pressure on local banks, including SCBHK, to improve their service to cryptocurrency exchanges.
SCBHK is actively involved in the development of the HKMA’s Project Ensemble, its e-HKD pilot program, and the multinational Project mBridge. The e-HKD pilot project entered its second phase in March. Furthermore, Standard Chartered has also participated in projects with SWIFT using CBDC and U.K. Finance using the Regulated Liability Network. In addition, SC Ventures established a crypto fund in the United Arab Emirates.
In November, HSBC bank and China’s Ant Group tested tokenized deposit transactions in an HKMA sandbox using Ant Group’s blockchain. HSBC also offers futures trading for Bitcoin and Ethereum exchange-traded funds in Hong Kong.
Source: MetasgameOfficial