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Standard Chartered has successfully conducted tests for the settlement of tokenized assets using the Mastercard platform within the regulatory sandbox established by the Hong Kong Monetary Authority (HKMA).
Standard Chartered Bank (SCBHK) announced the successful conclusion of pilot testing aimed at examining the application of tokenized bank deposits for the settlement of tokenized assets.
The pilot tests were carried out in the HKMA regulatory sandbox utilizing the innovative Multi-Token Network (MTN) platform, which was developed by Mastercard last year to evaluate tokenized assets in cross-border transactions. The virtual bank Mox Bank Limited (Mox) and the asset tokenization platform Libeara also took part in the pilot initiative.
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During the live testing phase, a client of Mox deposited funds and requested the acquisition of a carbon credit. The client’s deposit was tokenized on the MTN network. Following this, SCBHK tokenized the carbon credit via the Libeara platform. An atomic swap was performed between the tokenized bank deposit and the carbon credit using the MTN network.
Mary Huen, CEO of Standard Chartered in Hong Kong, stated that the testing resulted in a clear and immediate transaction between SCBHK and Mox, granting the client access to a tokenized carbon credit for either use or storage in a digital wallet. She also highlighted the importance of testing various forms of tokenized currency for the future of the financial sector, noting that SCBHK will persist in conducting pilot tests of different tokenization alternatives.
Helena Chen, Managing Director of Mastercard in Hong Kong and Macau, remarked that the pilot tests in partnership with SCBHK facilitated the evaluation of the reliability and practicality of the MTN network. She believes that such pilot initiatives can deliver genuine value to businesses and ensure industry-wide compatibility.
It is important to mention that Standard Chartered is actively engaged in the development and testing of various blockchain solutions. Earlier this year, the bank participated in testing the decentralized Canton infrastructure and in establishing standards for the tokenization market in Hong Kong.
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