, Hong Kong
Hong Kong Monetary Authority (Photo by Alan May via Wikimedia Commons)

Hang Seng Bank, Visa to test CBDC use cases in Hong Kong

The three will collaborate to explore the feasibility of tokenised deposits.

Visa, alongside HSBC and Hang Seng Bank, has been selected as participants for the research and testing of central bank digital currency or CBDC use cases in Hong Kong.

Visa will collaborate with the two banks to explore the feasibility of tokenised deposits, including the digital settlement of such tokenized deposits, the payments company said in a press statement.

The CBDC research and test is part of the Hong Kong Monetary Authority’s (HKMA) e-HKD Pilot Programme, launched in November 2022 as part of the HKMA’s three-rail approach for the implementation of e-HKD in its financial system.

ALSO READ: Value of CBDC payments to reach $213b annually by 2030: study
“The future of money is digital. We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As a leading payment network, we will continue to help shape and build the ecosystem,” says Shirley Yu, senior Vice President and Group General Manager of Greater China, Visa.

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