StanChart HK completes e-HKD pilot program offline cost trials

Normal Chartered Financial institution (Hong Kong) Restricted was chosen to take part within the Hong Kong Financial Authority (HKMA)’s e-HKD Pilot Programme in Could of this 12 months.

Trials had been carried out to discover how a hypothetical e-HKD may assist cost use instances, specializing in its inclusiveness, safety and reliability, particularly for funds in areas with out an web connection or a secure energy provide.

Over the previous few months, Normal Chartered Hong Kong accomplished two rounds of trials and demonstrations with the participation of some 200 people and greater than 10 retailers and organisations from varied sectors, together with public transport, campus, eating places and an workplace flea market.

Stephen Man, Head of Client, Non-public and Enterprise Banking, Normal Chartered Hong Kong stated:

“Normal Chartered has been exploring digital belongings since 2018 and we imagine that this is a vital a part of the way forward for monetary providers. As a note-issuing financial institution with over 160 years of historical past in Hong Kong, we’re dedicated to supporting the FinTech initiatives of the HKMA and have been actively taking part in tasks and research to discover the potential of CBDCs in retail funds and cross-border commerce transactions.

The learnings and expertise that we gained from the e-HKD Pilot Programme will supply significant insights to additional construct the digital financial system in Hong Kong and convey larger comfort to the general public.”