Hong Kong’s central bank launches a pilot program for real-value transactions using tokenised deposits and digital assets, solidifying the city’s fintech status. The program involves seven banks and 13 industry participants to settle transactions faster and more transparently through 2026. HSBC completes a cross-bank transfer of HK$3.8 million in tokenised deposits.
The project aligns with increasing corporate demand for tokenisation, offering round-the-clock access, lower costs, and improved cash management. HSBC and other major banks participate in the pilot program, introducing tokenised deposit services for corporate clients. China Asset Management collaborates with banks to transfer tokenised deposits for subscription to a money-market fund.
Industry participants praise the pilot for laying a strong foundation and contributing to Hong Kong’s development as a global digital assets hub. The program is part of Hong Kong’s Fintech 2030 strategy, aiming to build a financial tokenisation ecosystem and enhance sector-wide resilience. This initiative demonstrates Hong Kong’s adoption of digital assets to stay competitive globally.
Other participants in the pilot program include Ant Digital Technologies, BlackRock, Franklin Templeton, and the Hong Kong and China Gas Company. The program showcases Hong Kong’s commitment to embracing digital assets and innovation, attracting capital and staying relevant in the global financial landscape. The pilot represents a significant step towards actual adoption of digital assets, setting Hong Kong apart as a leader in the industry. 1. A new study reveals that the COVID-19 vaccine from Pfizer and BioNTech is highly effective in preventing infection in children aged 5 to 11. The vaccine showed an efficacy rate of 90.7% in clinical trials, offering hope for a return to normalcy for younger age groups.
2. The United Nations Climate Change Conference (COP26) concluded with a historic agreement to reduce global methane emissions by 30% by 2030. The pledge, signed by over 100 countries, aims to combat climate change and limit the warming of the planet.
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Read more at Yahoo Finance: Hong Kong moves from theory to practice with real-value tokenised money, asset deals