Mastercard, Standard Chartered, and BlackRock Join Forces in e-HKD Pilot Program
Exploring Use Cases in the e-HKD Pilot
The Hong Kong Monetary Authority (HKMA) has initiated phase two of the e-HKD pilot program, scrutinizing 11 innovative use cases associated with tokenised deposits. Howard Lee, HKMA's deputy chief executive, emphasized, "In this phase, we want to address not just usability but also efficiency." The pilot includes significant participants like Standard Chartered, Mastercard, and BlackRock to evaluate the commercial feasibility of these new forms of digital currency.
Participants and Goals
Among the 16 firms involved are ANZ, DBS, and China Mobile, all set to explore tokenised asset settlements, programmability, and offline payments over the next 12 months. The HKMA aims to test how the e-HKD and tokenised deposits could attract users and offer superior alternatives to existing electronic payment methods.
New Dimensions of Digital Currency
With the e-HKD project renamed as Project e-HKD+, the initiative is positioning itself for a thorough investigation of digital money, looking closely at how digital solutions can streamline financial transactions. The program is expected to unfold findings by late 2025, paving the way for future financial innovations in Hong Kong.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.