Altcoins have “tactical opportunities” but not the massive gains seen in previous cycles, says 10xResearch head of research Markus Thielen.
Standard Chartered Bank (Hong Kong) Limited (SCBHK), the international cross-border bank, is making strides in the world of blockchain as it explores the operational and risk management benefits of tokenised deposits to support the settlement of tokenised assets. This move has been made possible following partnerships signed with Mox Bank Limited, Mastercard and Libeara. Together, the companies have successfully completed a proof-of-concept (POC) pilot to drive fintech innovation and develop the tokenised assets market in Hong Kong. The pilot will be completed under the Hong Kong Monetary Authority (HKMA)’s Fintech Supervisory Sandbox. Mary Huen, chief executive of SCBHK Mary Huen, chief executive officer, Hong Kong, Standard Chartered, said: “The tokenisation of real-world assets and the potential use of different forms of tokenised currency is integral to the future of the financial industry. “SCBHK is keen to stay at the forefront of tokenisation and drive fintech development in Hong Kong. Together with our partners, we share the objective of catalysing the adoption of tokenisation in financial assets. “This POC developed around tokenised carbon credits and tokenised deposits is a testament to how SCBHK supports sustainable finance innovation in Hong Kong’s digital economy.” The POC pilot As the first live test of the Mastercard Multi-Token Network (“MTN”), the POC used the following test scenario to explore how this could work in the context of carbon credits: A Mox client wants to buy a carbon credit to offset his/her personal carbon usage. Therefore, they deposit the funds for this in his/her Mox bank account. Mox requests SCBHK tokenise the desired carbon credit using Libeara, a tokenisation platform incubated by SC Ventures. Through the Mastercard MTN, the client’s deposit is also tokenised and an atomic swap is initiated between the two tokenised instruments. The result is a transparent, real-time transaction between SCBHK and Mox. Consequently, the end client receives access to a tokenised version of their carbon credit. This can be held in a digital wallet, or in this scenario, used to offset his/her carbon footprint. Utilising Standard Chartered’s extensive global network and the strong collaboration between its various business arms, this POC demonstrates the Bank’s strategic approach to pool the collective expertise from its partners and drive innovative digital finance solutions. Building trust in tokenisation and blockchain SCBHK supports the development of digital assets in Hong Kong. It does so through a variety of key projects, including Project mBridge, Project Ensemble, and the HKMA’s e-HKD Pilot Program. Together with its partners, SCBHK continues to explore the possibilities of digital asset-related technologies and contribute to Hong Kong’s development as a digital asset hub. Most recently, Libeara has extended its footprint to Hong Kong to better support tokenization projects in the region. Helena Chen, managing director, Hong Kong and Macau, Mastercard Mastercard has a wider commitment to helping everyone understand and trust blockchain technology. Especially concerning how it can be used to address pain points and build more efficient systems. This includes working with a range of partners in Hong Kong and around the world. Working with others, Mastercard will deploy innovative technologies to benefit businesses that are looking to exchange value safely and securely. Helena Chen, managing director, Hong Kong and Macau, Mastercard 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 also interoperability across the industry. “Using the Mastercard MTN, Mastercard and its partners are developing real-world applications that reshape how consumers and businesses connect, interact, and transact.” The post Benefits of Tokenised Deposits Explored in Hong Kong as Proof-of-Concept Pilot Launched appeared first on The Fintech Times.
California-based Avidbank has tapped CorServ to help launch a new credit card program for the bank’s commercial customers.
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Pump.fun said its smart contracts are safe and impacted users will receive “100% of the liquidity” that it previously had within the next 24 hours.
Mastercard has welcomed five new firms to its Start Path startup programme specifically for firms in the cryptocurrency and blockchain space.
Spain's Iberpay and Santander have signed up as the first participants in the European Payment Council's new OCT Inst scheme for faster international account-to-account payments.
American open banking account-to-account payment fintech Aeropay has raised $20 million in a Series B funding round led by Group 11.