Standard Chartered, Animoca, and HKT Form Joint Venture for HKD-Backed Stablecoin
Standard Chartered Bank’s Hong Kong division has announced a partnership with Animoca Brands and HKT to establish a joint venture aimed at issuing a stablecoin backed by the Hong Kong dollar. The consortium plans to apply for a licence from the Hong Kong Monetary Authority (HKMA) under the region’s forthcoming stablecoin regulatory framework. Standard Chartered […]
Guangzhou Unveils CBDC Action Plan to Boost Adoption and Innovation
The Office of the Financial Committee of the CPC Guangzhou Municipal Committee has issued a comprehensive action plan to further promote the use of the digital renminbi (RMB) in the city. The “Action Plan for Further Promoting Digital RMB Work in Guangzhou” aims to strengthen the digital currency’s role in enhancing the local economy and […]
HKMA Unveils Project Ensemble Sandbox to Propel Tokenisation Adoption
The Hong Kong Monetary Authority (HKMA) has officially launched the Project Ensemble Sandbox this week, marking a significant advancement in the application of tokenisation within the financial sector. The ceremony introduced four core themes of asset tokenisation use cases for the initial experimental phase, setting the stage for a transformative shift in the industry. The […]
Banque de France and HKMA to Collaborate on Wholesale CBDC and Tokenization Effort
Last week, the Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) unveiled a significant partnership focused on the development of wholesale central bank digital currency (CBDC). This collaboration represents the HKMA’s participation in the second phase of the European Central Bank (ECB)’s Eurosystem exploratory work. It marks a pivotal moment as the […]
Project mBridge Enters MVP Phase and Welcomes New Member: Central Bank of Saudi Arabia
The mBridge cross-border central bank digital currency (CBDC) project has advanced to the minimum viable product (MVP) stage, the initial production phase. This initiative, a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand, and the UAE, recently welcomed the Central Bank of Saudi Arabia […]
Hong Kong Introduces New Group to Expand Tokenization Market
The Hong Kong Monetary Authority (HKMA) has launched the Project Ensemble Architecture Community (PEAC) to collaborate with various industry stakeholders in advancing Hong Kong’s tokenization market. This initiative seeks to establish a framework of industry standards aimed at enhancing interoperability among different digital assets, including wholesale Central Bank Digital Currencies (wCBDC), tokenized money, and tokenized […]
From Pilot to Policy: The Accelerated Adoption of Digital Currencies in MENA
A significant focus has been placed on the development of Central Bank Digital Currencies (CBDCs) within the Middle East and North Africa (MENA) region, highlighting the UAE’s strides in digital currency integration. A recent EY report outlined the UAE Central Bank’s ongoing efforts to incorporate the digital Dirham, inviting commercial banks and payment processors to […]
Hong Kong Introduces Stablecoin Issuer Sandbox for Emerging Crypto Businesses
The Hong Kong Monetary Authority (HKMA) has introduced a new initiative for stablecoin issuers, termed the stablecoin issuer sandbox arrangement. This initiative is designed as a communicative bridge between the HKMA and entities interested in the stablecoin market. It aims to set clear regulatory expectations for those issuing fiat-backed stablecoins and offers a platform for […]
Hong Kong’s HKMA Launches Project Ensemble: A Significant Move Towards Tokenized Banking
The Hong Kong Monetary Authority (HKMA) has unveiled Project Ensemble, a new wholesale central bank digital currency (CBDC) initiative aimed at enhancing interbank settlements through the tokenization of commercial bank money, or tokenized deposits. This project is set to trial in a dedicated wCBDC Sandbox, focusing on the settlement of various tokenization scenarios, including the […]
Hong Kong Advances Digital Yuan and CBDC Initiatives
Hong Kong is actively expanding the reach of the digital yuan while simultaneously advancing its own central bank digital currency (CBDC) initiatives and finalising discussions on stablecoin regulations. The introduction of China’s digital yuan marked a significant milestone in the development of CBDCs globally, drawing considerable attention due to its success and prominence. Recently, it […]
