Exploring 11 Use Cases in e-HKD Pilot with Mastercard, BlackRock, and Major Banks

Monday, 23 September 2024, 10:34

Mastercard and other major banks are collaborating in Hong Kong's e-HKD pilot to explore 11 innovative use cases, including tokenised deposits. The Hong Kong Monetary Authority aims to assess the digital currency's potential and efficiency in real-world scenarios. With key participants like Standard Chartered, BlackRock, and China Mobile, this phase promises significant advancements in digital money for both consumers and businesses.
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Exploring 11 Use Cases in e-HKD Pilot with Mastercard, BlackRock, and Major Banks

Mastercard and Major Banks Collaborate on e-HKD Pilot

The Hong Kong Monetary Authority (HKMA) has launched the second phase of the e-HKD pilot programme to examine the feasibility of 11 new use cases, specifically focusing on tokenised deposits from commercial banks.

Key Participants in the Pilot Phase

  • Mastercard
  • Standard Chartered
  • BlackRock
  • ANZ
  • China Mobile
  • DBS

In the second phase, we would like to focus not just on the usability, but also the efficiency,” said Howard Lee, HKMA’s deputy chief executive. This initiative aims to evaluate if e-HKD can provide preferable options compared to existing electronic payment methods.

Testing Innovative Use Cases

Among the use cases being tested are the settlement of tokenised assets and programmability, ensuring that users can engage in secure and efficient transactions.

  1. Settlement of tokenised assets
  2. Programmable payments through smart contracts
  3. Offline payments using mobile wallets

The findings from this extensive trial are expected by the end of 2025, showcasing HKMA's commitment to innovation in digital money.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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