Mastercard, Standard Chartered, Mox & Libeara to support tokenised assets

By Gloria Mathias

Standard Chartered Bank (Hong Kong) has partnered with Mox Bank (Mox), Mastercard and Libeara on a proof-of-concept (POC) pilot exploring the operational and risk management benefits of tokenized deposits to support the settlement of tokenized assets.

Completed under the Hong Kong Monetary Authority’s (HKMA) FinTech Supervisory Sandbox, the POC is the latest milestone in driving fintech innovation and developing the tokenization market in Hong Kong.

The result is a transparent, real-time transaction between SCBHK and Mox, with the end client receiving access to a tokenized version of their carbon credit. This can be held in a digital wallet or, in this scenario, used to offset his/her carbon footprint.

Mary Huen, Chief Executive Officer, Standard Chartered, Hong Kong, said, “The tokenization of real-world assets and the potential use of different forms of tokenized currency is integral to the future of the financial industry. Under the guidance of the HKMA, we are proud to pioneer this project with our virtual bank Mox, incubated venture Libeara, and longtime partner Mastercard, with the objective of catalyzing the adoption of tokenization in financial assets. This POC developed around tokenized carbon credits and tokenized deposits is a testament to how SCBHK supports sustainable finance innovation in Hong Kong’s digital economy.”

Helena Chen, Managing Director of Mastercard Hong Kong & Macau, said, “To unlock the full potential of blockchain technology, continuous collaboration, testing, exploration, and development of innovative use cases are needed to bring real value to businesses and interoperability across the industry. Using the Mastercard MTN, Mastercard is energized to partner with industry-leading players like SCBHK, Mox and Libeara to develop real-world applications that reshape how consumers and businesses connect, interact, and transact. As the Hong Kong Monetary Authority (HKMA) further develops Hong Kong as a digital asset hub, Mastercard is fully committed to supporting its efforts to drive FinTech innovation and the advancement of the tokenization market in Hong Kong.”

This POC utilizes Standard Chartered’s extensive global network and the strong collaboration between its various business arms. It demonstrates the bank’s strategic approach to pooling the collective expertise of its partners and driving digital finance solutions.