According to Foresight News, Standard Chartered Hong Kong has announced the successful completion of a tokenization deposit and tokenization carbon credit concept verification test. The test was conducted in collaboration with virtual bank Mox, Mastercard, and Libeara, under the supervision of the Hong Kong Monetary Authority's regulatory sandbox. The primary aim of the test was to explore the operational and risk management advantages of using tokenized deposits as a settlement tool for tokenized assets.
This test marks the first trial scenario for Mastercard's Multi-Token Network. The network tokenizes Mox customer's bank deposits and performs atomic swaps of two types of tokenized assets. This transaction process allows for real-time and transparent settlements between Standard Chartered Hong Kong and Mox. It also enables customers to store tokenized carbon credits in their digital wallets or offset their carbon footprint.