Visa collaborates with HSBC and Hang Seng Bank to conduct a tokenized deposit trial

2024-07-09 12:37:16

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ChainCatcher news, Visa is conducting a trial of tokenized deposits in the Hong Kong e-HKD pilot program in collaboration with HSBC and Hang Seng Bank. This trial covers two major use cases: real estate transaction settlement and Visa card payments.

Visa pointed out that tokenized deposits can not only enhance settlement efficiency but also innovate new business applications. Last week, Visa released a report on this trial.

Vincent Lau, Global Head of Digital Currency at HSBC Global Payments Solutions, stated that realizing the benefits of tokenized deposits requires further development of interoperability between different banks.

The trial showed that tokenized deposits can improve business efficiency and transparency through streamlined processes, reduced manual verification, and near real-time settlement times, while blockchain technology also enhances data transparency. Despite challenges related to regulatory evolution and infrastructure development, Visa and HSBC remain optimistic about the practical effects of tokenized deposits.

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Visa Hang Seng Bank HSBC

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