back Back

Mastercard, Standard Chartered, Mox & Libeara to support tokenised assets

By Gloria Mathias

May 17, 2024

  • APAC news
  • express remit
  • Fintech news
Share

Mox, Standard Chartered, Fintech News, Fintech solutions, Virtual Bank, Hong Kong, Hong Kong Fintech, APAC News, Wise, express remit, Global Money Transfers, Mastercard, Libeara, Tokenised assets Standard Chartered Bank (Hong Kong) has partnered with Mox Bank (Mox), Mastercard and Libeara on a proof-of-concept (POC) pilot exploring the operational and risk management benefits of tokenized deposits to support the settlement of tokenized assets.

Completed under the Hong Kong Monetary Authority’s (HKMA) FinTech Supervisory Sandbox, the POC is the latest milestone in driving fintech innovation and developing the tokenization market in Hong Kong.

The result is a transparent, real-time transaction between SCBHK and Mox, with the end client receiving access to a tokenized version of their carbon credit. This can be held in a digital wallet or, in this scenario, used to offset his/her carbon footprint.

Mary Huen, Chief Executive Officer, Standard Chartered, Hong Kong, said, “The tokenization of real-world assets and the potential use of different forms of tokenized currency is integral to the future of the financial industry. Under the guidance of the HKMA, we are proud to pioneer this project with our virtual bank Mox, incubated venture Libeara, and longtime partner Mastercard, with the objective of catalyzing the adoption of tokenization in financial assets. This POC developed around tokenized carbon credits and tokenized deposits is a testament to how SCBHK supports sustainable finance innovation in Hong Kong’s digital economy.”

Helena Chen, Managing Director of Mastercard Hong Kong & Macau, said, “To unlock the full potential of blockchain technology, continuous collaboration, testing, exploration, and development of innovative use cases are needed to bring real value to businesses and interoperability across the industry. Using the Mastercard MTN, Mastercard is energized to partner with industry-leading players like SCBHK, Mox and Libeara to develop real-world applications that reshape how consumers and businesses connect, interact, and transact. As the Hong Kong Monetary Authority (HKMA) further develops Hong Kong as a digital asset hub, Mastercard is fully committed to supporting its efforts to drive FinTech innovation and the advancement of the tokenization market in Hong Kong.”

This POC utilizes Standard Chartered’s extensive global network and the strong collaboration between its various business arms. It demonstrates the bank’s strategic approach to pooling the collective expertise of its partners and driving digital finance solutions.

Previous Article

May 17, 2024

INSTANDA & UnderwriteMe team to transform life insurance with no-code tech

Read More
Next Article

May 17, 2024

FinTech Aeropay raises $20m in Series B Financing

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

APAC news

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Sopra Banking Software partners with Finom

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Today

Paysys Labs & Raqami Islamic Digital Bank to fuel digital payments in Pakistan

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024