HSBC and Ant International have completed a cross-bank blockchain-based test transaction denominated in Hong Kong dollars under the Hong Kong Monetary Authority’s Ensemble Sandbox.
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Launched in March this year, Project Ensemble is the HKMA’s wholesale central bank digital currency (wCBDC) project aimed at fostering the development of tokenization in Hong Kong.
Project Ensemble Sandbox allows companies to explore and test tokenization use cases, such as tokenized money and tokenized real-world asset settlement.
Ant International and HSBC’s use case integrates HSBC and Hang Seng Bank’s networks with Ant International’s blockchain-based treasury management Whale platform to support real-time tokenized deposit transfers available 24/7. Masu.
The initiative is part of an effort to develop a global liquidity management network that will allow banks to connect and exchange tokens, enabling cross-border payments to take place in real-time, 24 hours a day.
Vincent Lau, Global Head of Digital Money, Global Payment Solutions, HSBC said: “Our latest test case demonstrates the potential of tokenized deposits to facilitate real-time corporate financial management between banks through Ensemble’s interoperability platform. We look forward to exploring additional use cases and better serving our clients’ needs in payments and financial management.”
HSBC is launching three PoC use cases within Ensemble Sandbox with the aim of demonstrating the feasibility of exchanging tokenized deposits and digital assets and transferring deposit tokens between blockchains of different financial institutions. Completed.
