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By Anndy Lian
The Hong Kong Financial Authority (HKMA) has made an remarkable announcement concerning the start of the e-HKD Pilot Programme. This initiative includes the participation of 16 carefully picked companies from the economical, payment, and engineering sectors. The key objective of the software is to discover and establish possible use situations for the e-HKD throughout different categories, which include payments, programmable payments, offline payments, tokenised deposits, settlement of Web3 transactions, and settlement of tokenised belongings.
Checklist of chosen firms and their proposed use conditions
- Alipay Financial Solutions (HK) Minimal: Programmable payments – Merchant reward programme
- ARTA-Emali HK Confined: Programmable payments – Expenditure
- Financial institution of China (Hong Kong) Restricted: Programmable payments – Govt grant disbursement Programmable payments – Prepaid solutions
- China Development Lender (Asia) Company: Programmable payments – Pay as you go expert services
- Fubon Bank (Hong Kong) Minimal: Settlement of tokenised assets
- Ripple Labs Inc.: Settlement of tokenised assets
- Giesecke+Devrient: Offline payments
- Standard Chartered Financial institution (Hong Kong) Minimal: Offline payments
- Cling Seng Lender Confined: Programmable payments – Governing administration grant disbursement Programmable payments – Service provider reward programme
- Dangle Seng Lender Confined: Tokenised deposits
- The Hongkong and Shanghai Banking Company Confined: Tokenised deposits
- Visa Inc. : Tokenised deposits
- Industrial and Professional Lender of China (Asia) Ltd:. Offline payments
- Mastercard Asia/Pacific Pte. Ltd.: Settlement of Website3 transactions
- The Boston Consulting Group: Settlement of tokenised assets
- HKT Payment Restricted: Settlement of tokenised assets
- ZA Bank Constrained: Settlement of tokenised assets
- The Hongkong and Shanghai Banking Corporation: Restricted Complete-fledged payments
Main Executive of the HKMA, Eddie Yue has expressed his enthusiasm for the e-HKD Pilot Programme and its probable to check out impressive use conditions whilst laying the groundwork for the attainable implementation of the e-HKD. He has also acknowledged and appreciated the active participation of marketplace stakeholders in the pilot projects, and prolonged gratitude to the academic professionals who are contributing their information and practical experience to this essential CBDC initiative. The greatest target is to foster collaboration amid all stakeholders and guarantee that the exploration and improvement initiatives align with useful business possibilities.
The e-HKD Pilot Programme signifies a significant step forward in the HKMA’s method to the growth of a potential retail central lender electronic currency (CBDC). By doing work closely with stakeholders, the HKMA will perform a sequence of pilot jobs aimed at inspecting use cases and addressing implementation and design worries involved with the e-HKD. The useful insights received from these pilots will tell and improve the HKMA’s total tactic and choice-making process in relation to the possible implementation of the e-HKD. It is significant to note that a ultimate selection to introduce the e-HKD has not been arrived at at this phase.
At the commencement celebration, senior executives from the selected firms had the option to existing the vital highlights of their proposed use scenarios. In the coming months, the HKMA will preserve near collaboration with these corporations, closely monitoring the development of the pilot tasks. When the precise outcomes may possibly evolve and build above time, the HKMA strategies to share the essential learnings and insights with the public through Hong Kong FinTech Week 2023. Moreover, the HKMA has expressed its intention to proceed conducting further more rounds of pilots in collaboration with field stakeholders in the foreseeable future.
In purchase to facilitate powerful collaboration between the govt, sector, and academia in the realm of CBDC analysis, the HKMA will set up a dedicated CBDC Qualified Group. Comprised of top teachers from community universities, this team will provide invaluable insights and expertise on coverage and technical concerns appropriate to CBDC, including privateness safety, cybersecurity, and interoperability.
The creator is inter-governmental Blockchain adviser, Investor
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