Standard Chartered Completes Testing of Asset Tokenization

Standard Chartered successfully tested settlements of tokenized assets through the Mastercard platform within the regulatory sandbox of the Hong Kong Monetary Authority (HKMA).

Standard Chartered Bank (SCBHK) reported the successful completion of pilot testing to explore the use of tokenized bank deposits for settlements of tokenized assets.

The pilot tests were conducted in the HKMA regulatory sandbox via the innovative Multi-Token Network (MTN) platform, developed by Mastercard last year to test tokenized assets in cross-border transfers. The virtual bank Mox Bank Limited (Mox) and asset tokenization platform Libeara also participated in the pilot project.

During live tests, a Mox client deposited funds and requested the purchase of a carbon credit. The client’s deposit was tokenized on the MTN network. Subsequently, SCBHK tokenized the carbon credit through the Libeara platform. An atomic swap was executed between the tokenized bank deposit and the carbon credit using the MTN network.

According to Mary Huen, CEO of Standard Chartered in Hong Kong, the testing resulted in a transparent and instantaneous transaction between SCBHK and Mox, providing the client access to a tokenized carbon credit for use or storage in a digital wallet. She also emphasized that testing various forms of tokenized currency is crucial for the future of the financial industry, and SCBHK will continue conducting pilot tests of different tokenization options.

Helena Chen, Managing Director of Mastercard in Hong Kong and Macau, stated that the pilot tests in collaboration with SCBHK allowed for testing the reliability and practicality of the MTN network. She believes that such pilot projects can bring real value to businesses and ensure compatibility across the industry.

It’s worth noting that Standard Chartered is actively involved in the development and testing of various blockchain solutions. Earlier this year, the bank participated in testing the decentralized Canton infrastructure and developing standards for the tokenization market in Hong Kong.

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