Standard Chartered, Mastercard, Mox, and Libeara Complete Tokenisation Proof-of-Concept Pilot

Standard Chartered, Mastercard, Mox, and Libeara Complete Tokenisation Proof-of-Concept Pilot

by May 15, 2024

Standard Chartered Bank (Hong Kong) Limited (SCBHK) has collaborated with Mox Bank, Mastercard, and Libeara to complete a proof-of-concept (POC) pilot under the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority (HKMA).

The pilot focused on the tokenisation of deposits and carbon credits, aiming to enhance the settlement process of tokenised assets and contribute to developing the tokenisation market in Hong Kong.

This pilot, the first live test of the Mastercard Multi-Token Network (MTN), facilitated a transaction in which a Mox client purchased a tokenised carbon credit to offset personal carbon usage.

SCBHK used Libeara’s platform to tokenise the carbon credit and the client’s deposit, followed by an atomic swap between the two tokenised instruments.

Mary Huen, Chief Executive Officer at Standard Chartered Hong Kong

Mary Huen

“Tokenising real-world assets and various forms of tokenised currency is essential for the future of the financial industry. We are pleased to lead this project, which supports sustainable finance and fosters the growth of the digital economy in Hong Kong,”

said Mary Huen, Chief Executive Officer at Standard Chartered Hong Kong.

“Using the Mastercard MTN, Mastercard is energised 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

Helena Chen, Managing Director for Hong Kong & Macau at Mastercard

Helena Chen

Monetary Authority (HKMA) further develops Hong Kong as a leading digital assets hub, Mastercard is fully committed to supporting its efforts to drive fintech innovation and the advancement of the tokenisation market in Hong Kong.”

said Helena Chen, Managing Director for Hong Kong & Macau at Mastercard, emphasising the importance of collaboration to unlock blockchain technology’s full potential.

The success of this pilot highlights the collaborative efforts of Standard Chartered Bank (Hong Kong), Mox Bank, Mastercard, and Libeara, leveraging their combined expertise and extensive global networks to drive innovative digital finance solutions.

SCBHK continues to engage in key projects such as Project mBridge, Project Ensemble, and HKMA’s e-HKD Pilot Programme, enhancing the development of digital assets in Hong Kong. Libeara’s recent expansion to Hong Kong further supports local tokenisation projects.

Mastercard continues to facilitate the understanding and use of blockchain technology, collaborating with partners worldwide to implement technologies that enable safe and efficient value exchanges.

Featured image credit: Edited from Freepik