HKMA Partners with France's Central Bank for Eurosystem Test on Tokenised Assets

Thursday, 27 June 2024, 11:00

The Hong Kong Monetary Authority (HKMA) is set to become the inaugural non-European entity to participate in the European Central Bank's Eurosystem tests. This collaboration marks a milestone in the exploration of cross-border transfer and settlement of tokenised assets, as HKMA aligns with France's central bank for this innovative initiative. The partnership signifies a significant step towards global harmonisation in leveraging blockchain technology for efficient cross-border financial transactions, showcasing a progressive approach towards modernising payment systems in a digital era.

South China Morning Post — HKMA Partners with France's Central Bank for Eurosystem Test on Tokenised Assets

Overview

Collaboration with France's Central Bank

Hong Kong Monetary Authority to participate in Eurosystem tests
Exploration of cross-border tokenised asset transfer

Significance

Strategic Partnership and Innovation

First non-European participant in ECB's Eurosystem tests
Global harmonisation in blockchain-based transfer

Implications

Progressive Modernisation and Efficiency

Advancing cross-border settlement technology
Digital era transformation in payment systems

This collaboration between HKMA and France's central bank highlights the pioneering efforts to revolutionise cross-border payment mechanisms on tokenised assets, setting the stage for enhanced global financial integration.

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.