Standard Chartered Hong Kong and others have completed the tokenized deposit proof-of-concept test through the Hong Kong Monetary Authority's regulatory sandbox

Odaily News Standard Chartered Hong Kong announced that it has completed proof-of-concept testing of tokenized deposits and tokenized carbon credits with virtual banks Mox, Mastercard and Libeara through the Hong Kong Monetary Authority's regulatory sandbox, mainly exploring the advantages of using tokenized deposits as a tokenized asset settlement tool in terms of operational processes and risk management. It is reported that this test is the first test scenario of Mastercard's Multi-Token Network, which tokenizes Mox customers' bank deposits and atomically swaps the two tokenized assets. This transaction process enables real-time and transparent settlement between Standard Chartered Hong Kong and Mox, while allowing customers to store tokenized carbon credits in e-wallets or offset their carbon footprint.