Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live testing of Mastercard's Multi-Token Network (MTN). They ran a proof-of-concept pilot tokenizing carbon credits in the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox.
In the project, a customer of Mox Bank, SCBHK's virtual bank, deposited money into Mox and requested to purchase a carbon credit. Mox requested that SCBHK tokenize the carbon credit through tokenization service provider Libeara. MTN tokenized the deposit and an atomic swap took place, which is a real-time exchange between two tokens.
Mastercard launched MTN in June 2023. It was created on Mastercard's private blockchain. Trials have previously been conducted with the Reserve Bank of Australia's wrapped central bank digital currency (CBDC) and the HKMA's e-HKD CBDC.
Helena Chen, Hong Kong and Macau Mastercard executive director, said: "As the HKMA further develops Hong Kong as a leading digital asset hub, Mastercard fully supports the advancement of the tokenization market in Hong Kong and its efforts to support fintech innovations."
The HKMA has reportedly been pressuring Hong Kong banks, including SCBHK, to provide better services to cryptocurrency exchanges. SCBHK is included in the HKMA's Project Ensemble and the e-HKD pilot program currently under development, as well as the multinational Project mBridge. The e-HKD pilot project announced the start of its second phase in March.
What are your thoughts? We are waiting your comments.#blockchain#Mastercard#SCBHK#tokenization
In the project, a customer of Mox Bank, SCBHK's virtual bank, deposited money into Mox and requested to purchase a carbon credit. Mox requested that SCBHK tokenize the carbon credit through tokenization service provider Libeara. MTN tokenized the deposit and an atomic swap took place, which is a real-time exchange between two tokens.
Mastercard launched MTN in June 2023. It was created on Mastercard's private blockchain. Trials have previously been conducted with the Reserve Bank of Australia's wrapped central bank digital currency (CBDC) and the HKMA's e-HKD CBDC.
Helena Chen, Hong Kong and Macau Mastercard executive director, said: "As the HKMA further develops Hong Kong as a leading digital asset hub, Mastercard fully supports the advancement of the tokenization market in Hong Kong and its efforts to support fintech innovations."
The HKMA has reportedly been pressuring Hong Kong banks, including SCBHK, to provide better services to cryptocurrency exchanges. SCBHK is included in the HKMA's Project Ensemble and the e-HKD pilot program currently under development, as well as the multinational Project mBridge. The e-HKD pilot project announced the start of its second phase in March.
What are your thoughts? We are waiting your comments.#blockchain#Mastercard#SCBHK#tokenization