HSBC Gold Token to Democratise Gold Investment for Retail Customers in Hong Kong
by Fintech News Hong Kong March 28, 2024HSBC has unveiled the HSBC Gold Token for its retail customers in Hong Kong. This development introduces tokenised gold to the retail market, accessible through the bank’s online and mobile platforms.
The HSBC Gold Token, which represents physical gold ownership digitally via blockchain, responds to the increasing customer demand for digital assets and an interest in gold investments.
HSBC states that this service is the inaugural venture into the retail sector by a banking institution offering tokenised gold, utilising the distributed ledger technology of HSBC Orion, the bank’s platform for digital assets.
Maggie Ng
“We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology,”
said Maggie Ng, General Manager and Head of Wealth and Personal Banking for HSBC in Hong Kong.
Bojan Obradović
During the Milken Institute Global Investors’ Symposium, Bojan Obradović, HSBC Hong Kong’s Chief Digital Officer, emphasised Hong Kong’s unique opportunity to lead in the digital asset domain, citing the government’s proactive approach to developing the sector.
According to Bohan, HSBC is concentrating its efforts on advancing distributed ledger technology, determining which assets to transform into digital offerings, including funds, bonds, tokens that represent tangible assets, or digital money.
The release of the HSBC Gold Token comes as Hong Kong is positioning itself as a global hub for digital assets. This follows the Hong Kong Monetary Authority’s issuance of the world’s first multicurrency digital bond on HSBC Orion’s platform.
HSBC’s foray into tokenisation began with institutional investors, including the tokenisation of physical gold in London and the launch of digital green bonds in Hong Kong.
Featured image credit: Edited from Freepik
