Saturday, 20 April 2024

Hang Seng joins HKMA's new wholesale central bank digital currency project

5 min read

Hang Seng Bank (Hang Seng) is participating in the new wholesale central bank digital currency project (wCBDC Project) initiated by the Hong Kong Monetary Authority (HKMA) to contribute to the development of tokenised money in Hong Kong.

Diana Cesar, executive director and chief executive of Hang Seng Bank, said: “We are delighted to work with HKMA on the wCBDC project, laying the groundwork for a robust digital asset ecosystem in Hong Kong. Leveraging our extensive experience in CBDC projects, we are driving the creation of tokenisation standards to position Hong Kong as a top global digital asset hub.”

As part of its ongoing commitment to digital money innovation, Hang Seng has been proactive in exploring the applications of CBDC in Hong Kong and beyond. In Hong Kong, the bank has three use cases selected by the HKMA for its e-HKD pilot programme and has completed the pilot for tokenised deposits and programmable payments. The bank was also among the first to conduct technical tests for e-CNY wallet top-ups via the faster payment system (FPS). This included the provision of value-added pilot services for Hong Kong athlete’s e-CNY wallets during the 19th Asian Games in Hangzhou.

Additionally, the bank has signed a memorandum of understanding (MoU) with China Construction Bank as part of a broader strategy to explore cross-boundary digital currency applications.

Re-disseminated by The Asian Banker

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