Mastercard and SCBHK Complete Successful Live Test of Multi-Token Network
Summary:
Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have successfully performed a live test of Mastercard's Multi-Token Network (MTN), tokenizing carbon credits within the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox. The trial involved a virtual bank, Mox, and a tokenization service, Libeara. Mastercard's MTN, launched in June 2023, played a key role in the pilot test. Helena Chen, Mastercard's managing director for Hong Kong and Macau, reiterated the company's commitment to promote Hong Kong as a digital assets hub. Other significant collaborators in varied projects include SWIFT, U.K. Finance, and the UAE's SC Ventures.
A successful live trial of Mastercard’s Multi-Token Network (MTN) has been carried out by Mastercard and Standard Chartered Bank Hong Kong (SCBHK). The tested concept, involving the tokenization of carbon credits, was performed inside the Hong Kong Monetary Authority's (HKMA) Fintech Supervisory Sandbox. During this process, funds were deposited into Mox, SCBHK’s virtual bank, by a customer who then purchased a carbon credit. This led to SCBHK initiating the process of tokenizing the carbon credit through Libeara, a tokenization service birthed from SC Ventures, the venture arm of Standard Chartered. The MTN then tokenized the deposit and executed an atomic swap of the two tokens.
Unveiled in June 2023, the MTN was created on Mastercard’s proprietary blockchain, and had already seen test runs with Australia's Central Bank, and the HKMA, although neither digital currencies are operational yet. Helena Chen, Mastercard's managing director for Hong Kong and Macau, pledged the company's unwavering support for HKMA's push to establish Hong Kong as a notable center for digital assets.
Reportedly, The HKMA has been prodding banks like SCBHK to deliver better services to cryptocurrency exchanges. SCBHK is a known participant in HKMA's Project Ensemble and the e-HKD pilot program, both of which are still under development, as well as the multinational Project mBridge. The e-HKD project entered its second stage back in March.
Beyond Hong Kong, Standard Chartered has also been involved in numerous projects with SWIFT involving CBDC, and with U.K. Finance involving the Regulated Liability Network. Last November, a cryptocurrency fund was launched by SC Ventures in the United Arab Emirates.
HSBC Bank and China's Ant Group executed a test of tokenized deposit transactions within an HKMA sandbox using Ant Group’s blockchain. Furthermore, HSBC also facilitates the trading of Bitcoin and Ethereum futures exchange-traded fund in Hong Kong.
Published At
5/15/2024 10:57:16 PM
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