As a researcher with a background in fintech and blockchain technology, I’m excited to share my perspective on the recent collaboration between Mastercard and Standard Chartered Bank Hong Kong (SCBHK) to test Mastercard’s Multi-Token Network (MTN). This project represents an important step forward in the tokenization of carbon credits and the broader implementation of digital assets within the financial sector.
As a researcher, I’m excited to share that I recently had the opportunity to be part of the team overseeing the first live test of Mastercard’s Multi-Token Network (MTN) in collaboration with Standard Chartered Bank Hong Kong (SCBHK). In this project, we conducted a proof-of-concept pilot within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox. Our goal was to tokenize carbon credits using Mastercard’s MTN technology. This innovative approach could potentially revolutionize the way we trade and manage carbon credits in the future, making transactions more secure, efficient, and accessible.
In the collaborative undertaking, a client utilizing Mox Bank, which is managed by SCBHK’s virtual banking arm, deposited funds into their account and sought to purchase a carbon credit. Mox Bank subsequently asked SCBHK to tokenize this carbon credit via Libeara, a tokenization service provider that was incubated within Standard Chartered’s venture capital division, SC Ventures. Once tokenized, the deposit and carbon credit tokens were instantaneously exchanged in a process called atomic swap, occurring concurrently across distinct blockchain networks.
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.”
According to reports, the Hong Kong Monetary Authority (HKMA) is reportedly putting pressure on local banks, including SCBHK, to enhance their services towards cryptocurrency exchanges. SCBHK is engaged in several projects with HKMA, such as Project Ensemble and its e-HKD pilot program, as well as the multinational Project mBridge. The second phase of the e-HKD pilot project was initiated in March.
Beyond the immediate scope, Standard Chartered has collaborated on initiatives with SWIFT involving Central Bank Digital Currencies (CBDC) and U.K. Finance utilizing the Regulated Liability Network. In November, SC Ventures established a cryptocurrency fund in the United Arab Emirates.
In November, HSBC Bank and China’s Ant Group conducted trials for tokenized deposit transactions in the Hong Kong Monetary Authority (HKMA) sandbox, utilizing Ant Group’s blockchain technology. Additionally, HSBC provides trading services for Bitcoin and Ethereum futures exchange-traded funds (ETFs) in Hong Kong.
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2024-05-15 23:17