HSBC will promote digital currency and CBDC pilots in Hong Kong
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HSBC Hong Kong Branch will continue to cooperate with the authorities on cross-border payment digital currency and other initiatives.
HSBC Hong Kong is accelerating its cooperation with local authorities to implement digital currencies for cross-border payments.
in a interview Luanne Lim, chief executive of HSBC Hong Kong, told the South China Morning Post that the bank also plans to tokenize financial instruments and pilot a central bank digital currency in Hong Kong to “bring efficiency, transparency and lower costs to traditional finance,” but Specific details were not disclosed.
HSBC has been at the forefront of Hong Kong’s financial experimentation. In June 2023, the bank allowed customers to trade Bitcoin (BTC) and Ethereum (ETH) futures through its investment platform, a pioneering move in the city. Then, in November 2023, HSBC launched a blockchain initiative in partnership with a Ripple-owned company to cater to institutional clients interested in real-world assets (RWA) hosted on-chain.
Meanwhile, regulators such as the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have expressed their readiness to accept applications for authorized funds to invest in cryptocurrencies.
In early December, PitchBook analysts revealed that more than 11% of global venture capital funding in the blockchain and cryptocurrency space went to companies in Hong Kong and Singapore, which represents a significant increase from the meager 2% allocation in 2021.
