Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live test of Mastercard’s Multi-Token Network (MTN). They ran a proof-of-concept pilot that tokenized carbon credits within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox.
In the project, a client of SCBHK’s virtual bank, Mox Bank, deposited funds into Mox and requested to buy a carbon credit. Mox requested that SCBHK tokenize the carbon credit through tokenization service provider Libeara, launched in Standard Chartered’s venture arm SC Ventures. MTN tokenized the deposit, and an atomic swap — a real-time swap that takes place across different blockchains — of the two tokens was performed.
Mastercard launched the MTN in June 2023. It was built on Mastercard’s private blockchain. It had previous trial runs in conjunction with the Reserve Bank of Australia using wrapped central bank digital currency (CBDC) and the HKMA using its e-HKD CBDC. Neither of those CBDCs is live. Mastercard managing director of Hong Kong and Macau Helena Chen said:
“As the […] HKMA further develops Hong Kong as a leading digital assets hub, Mastercard is fully committed to supporting its efforts to drive fintech innovation and the advancement of the tokenization market in Hong Kong.” lockquote>
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have completed the first live test of Mastercard’s Multi-Token Network (MTN). They ran a proof-of-concept pilot that tokenized carbon credits within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox.
In the project, a client of SCBHK’s virtual bank, Mox Bank, deposited funds into Mox and requested to buy a carbon credit. Mox requested that SCBHK tokenize the carbon credit through tokenization service provider Libeara, launched in Standard Chartered’s venture arm SC Ventures. MTN tokenized the deposit, and an atomic swap — a real-time swap that takes place across different blockchains — of the two tokens was performed.
Mastercard launched the MTN in June 2023. It was built on Mastercard’s private blockchain. It had previous trial runs in conjunction with the Reserve Bank of Australia using wrapped central bank digital currency (CBDC) and the HKMA using its e-HKD CBDC. Neither of those CBDCs is live. Mastercard managing director of Hong Kong and Macau Helena Chen said:
“As the […] HKMA further develops Hong Kong as a leading digital assets hub, Mastercard is fully committed to supporting its efforts to drive fintech innovation and the advancement of the tokenization market in Hong Kong.” lockquote>
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
