Standard Chartered Hong Kong and others have completed the proof-of-concept test of tokenized deposits through the regulatory sandbox of the Hong Kong Monetary Authority

On May 14, Standard Chartered Hong Kong announced that it has completed a proof-of-concept test of tokenized deposits and tokenized carbon credits through the Hong Kong Monetary Authority regulatory sandbox with virtual banks Mox, Mastercard, and Libeara, primarily exploring the advantages of tokenized deposits as a tokenized asset settlement tool in terms of operational processes and risk management.
It is reported that this test is the first test scenario of the Mastercard Multi-Token Network. The Mastercard Multi-Token Network tokenizes Mox customers' bank deposits and swaps two tokenized assets atomically. This transaction process enables real-time and transparent settlement between Standard Chartered Hong Kong and Mox, while allowing customers to store tokenized carbon credits in e-wallets or offset their carbon footprints.