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

According to news on May 14, Standard Chartered Hong Kong announced that it has completed the concept proof-of-concept test of tokenized deposits and tokenized carbon credits through the regulatory sandbox of the Hong Kong Monetary Authority with virtual banks Mox, Mastercard and Libeara, mainly exploring the use of tokenized deposits as a proxy. The advantages of monetized asset settlement tools 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 conducts atomic exchanges of two tokenized assets. 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 an e-wallet or offset their carbon footprint.