Mastercard and Standard Chartered pilot tokenised deposits

finextra.com:

The two FS giants worked with Standard Chartered-owned Hong Kong digital bank Mox and asset tokenisation tech firm Libeara on the PoC, which took place on the Hong Kong Monetary Authority's Fintech Supervisory Sandbox.

It saw the first live test of the Mastercard Multi-Token Network (MTN) used for a test scenario where a Mox client wants to buy a carbon credit to offset personal carbon usage and deposit the funds for this in their bank account.

In the pilot, Mox requests Standard Chartered tokenise the desired carbon credit using Libeara. Then, through the Mastercard MTN, the client’s deposit is also tokenised and an atomic swap is initiated between the two instruments.

The result is a transparent, real-time transaction between Standard Chartered and Mox, with the end client receiving access to a tokenised version of their carbon credit. This can be held in a digital wallet, or used to offset their carbon footprint.

Mary Huen, CEO, Hong Kong, Standard Chartered, says: "The tokenisation of real-world assets and the potential use of different forms of tokenized currency is integral to the future of the financial industry."