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Visa Inc. revealed its digital Hong Kong dollar pilot with two major local banks has ended. The test run was successful, and will now proceed to enter Phase 2.
The e-HKD CBDC pilot program was carried out with flying colors as it was able to demonstrate the potential of tokenized deposits in banks. It was reported that the monetary authority of the city also applauded the test and its results.
Digital HKD Test for Tokenization of Deposits
According to CoinTelegraph, Visa's e-HKD program involves the depositing of money with a bank. The deposit is then minted on the company's own blockchain ledger with its balance sheet.
The American credit card company recently completed the Hong Kong Monetary Authority's (HAKMA) central bank digital currency (CBDC) pilot program with Hang Seng Bank and HSBC. The regulator approved the fruitful testing for the tokenization of deposits in the country.
Moreover, Visa also stated that during the pilot, its platform was functioning 24/7, which means it was able to offer the best service compared to the conventional payment systems that do not operate on weekends and after work hours.
Visa's Tokenization Plans
Visa said it will continue to explore more helpful and realistic tokenized deposit services. It will focus on some key aspects, such as asset market tokenization, cross-border payments, programmable finance, and expanded retail solutions.
"The HKMA's pilot program provides Visa with a good opportunity to continue to leverage our strengths and work with our partners to drive payment innovation and test new forms of money movement," Visa Hong Kong and Macau's managing director, Liang Puning, said in a press release. "This time the research fully demonstrates that Visa's payment solutions can be widely used and enable safe money movement, benefiting more citizens, businesses and markets."
He added, "We are very grateful to work with the Hong Kong Monetary Authority, HSBC and Hang Seng Bank, and look forward to continuing to promote The development of digital payments in Hong Kong."
Nischint Sanghavi, Visa Asia Pacific's head of digital currency business, also added, "Visa's pilot test highlights the multiple potential benefits of implementing a central bank digital currency, such as faster settlements, a more seamless payment experience for large-value transactions, greater transaction transparency."
