MasterCard and Standard Chartered Complete First Live Trial of Multi-Token Network
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MasterCard and Standard Chartered Bank Hong Kong (SBHK) have successfully completed the first MasterCard Multi Token Network (MTN) live test in the Hong Kong Monetary Authority's (HKMA) fintech regulatory sandbox.
The proof of concept includes a pilot carbon credit token and atomic exchange between tokenized deposits and carbon credits. Helena Chen, MasterCard's managing director for HK and Macau, said the project will “reshape how consumers and businesses connect, interact and communicate.”
The pilot project started when Mox Bank, a client of SBHK Virtual Bank, asked to use the savings to buy carbon credits. Mox then asked SCBHK to tokenize carbon credits through Libera, a tokenization service provider launched by Standard Chartered Ventures' arm, SC Ventures.
Mary Huyen, Chief Executive Officer of Standard Chartered Hong Kong, said: “Simulation of real-world assets and the use of different types of currencies are critical to the future of the financial industry.
Mastercard's MTN leveraged its deposit token, enabling real-time exchanges across multiple blockchains. Mastercard launched MTN on its private blockchain in June last year.
Prior to this live test, the network has partnered with the Reserve Bank of Australia to conduct test runs using a packaged central bank digital currency (CBDC) and the HKMA's e-HKD CBCC.
The HKMA is actively promoting Hong Kong as a leading hub for digital assets, which is said to be pushing local banks, including SCBHK, to improve their services for crypto exchanges. SCBHK participates in several HKMA initiatives, such as Project Collection, the e-HKD pilot program, and the multinational project mBridge.
In November, HSBC Bank and China's Ant Group tested token transactions using Ant Group's blockchain in the HKMA sandbox, with HSBC offering Bitcoin and Ethereum futures exchange-traded fund trading in Hong Kong.
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