Mastercard, standard chartered test token deposit transaction
MasterCard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live trial of the MasterCard MultiToken Network (MTN). They ran a proof-of-concept pilot of carbon credits in the Hong Kong Monetary Authority (HKMA) fintech regulatory sandbox.
In the project, a client of SCBHK's virtual bank, Mox Bank, deposits money into Mox and requests to purchase carbon credits. Mox asked SCBHK to issue carbon credits through tokenization service provider Libera, which was launched under Standard Chartered's venture arm SC Ventures. MTN simulated the deposit, and an atomic swap – a real-time exchange across different blockchains – was performed from the two tokens.
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MasterCard MTN launched in June 2023. It is built on MasterCard's private blockchain. A blockchain-based central bank digital currency (CBDC) and HMA E-HKD have previously experimented with CBCC in conjunction with the Reserve Bank of Australia. None of those CBDCs are live. Helena Chen, Managing Director of MasterCard Hong Kong and Macau said:
“as a […] While HMA will develop Hong Kong as a leading digital assets hub, MasterCard is fully committed to driving fintech innovation and supporting the development of the tokenization market in Hong Kong.
HMA is reportedly pushing Hong Kong banks, including SCBHK, to provide better services to cryptocurrency exchanges. SCBHK is currently involved in the HKMA project portfolio and the e-HKD pilot program, as well as the international project mBridge. The e-HKD pilot project announced the launch of its second phase in March.
Farther away, Standard Chartered has been involved in projects with SWIFT using CBDC and UK Finance using a structured accountability network. In November, SC Ventures established a crypto fund in the United Arab Emirates.
HSBC Bank and China's Ant Group tested a deposit exchange using Ant Group's blockchain in the HKMA's sandbox in November. HSBC Announces Bitcoin Ethereum Futures Exchange in Hong Kong
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