Ripple & Fubon Bank Partner for Hong Kong CBDC Pilot Program

Exploring Retail CBDC Use Cases: Ripple Collaborates with Fubon Bank for Tokenized Real Estate Assets in Hong Kong.
Ripple & Fubon Bank Partner for Hong Kong CBDC Pilot Program

In a recent press release, Ripple revealed that it will collaborate with Fubon Bank in Hong Kong to explore real estate asset tokenization using the e-HKD as a potential use case within the CBDC pilot program initiated by the Hong Kong Monetary Authority (HKMA).

The HKMA’s recent announcement stated that the pilot program will focus on exploring various use cases for the e-HKD in six categories: full-fledged payments, programmable payments, offline payments, tokenized deposits, settlement of Web3 transactions, and settlement of tokenized assets.

The pilot aims to investigate the practical applications and benefits of the e-HKD in these specific areas, allowing the HKMA to gather valuable insights and data for future developments and implementations.

By exploring these categories, the HKMA intends to assess the potential of the e-HKD across different payment scenarios, digital asset transactions, and decentralized applications, fostering innovation in the digital currency landscape.

The pilot project will utilize Ripple’s CBDC platform, incorporating a new private ledger and leveraging XRP Ledger technology. This advanced platform offers enhanced features such as offline transactions and support for non-smartphone usage.
Sixteen banks, payment firms, and blockchain companies, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China, HSBC, Standard Chartered Bank, Visa, Mastercard, and Ant Group’s Alipay, will participate in the pilot program to test the use cases.

Also Read: Hong Kong to Unveil Crypto License Guidelines in May

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