Business
Hong Kong Central Bank Ventures into Second Phase of e-HKD Pilot, Exploring Efficiency and User Attraction Across 11 Use Cases
The central bank of Hong Kong is set to investigate 11 potential applications in the second phase of the e-HKD pilot. The Hong Kong Monetary Authority's digital currency plan will concentrate on its efficiency and its ability to draw in and engage users, according to Deputy CEO Howard Lee.
During the next stage, our aim is to concentrate on not only the functionality, but also the effectiveness," stated Howard Lee, the Deputy CEO of HKMA, on Monday. "Just because something is usable doesn't automatically make it a superior choice to existing digital payment methods, such as FPS (Faster Payment System), e-wallets, or mobile banking."
The HKMA is interested in determining whether the implementation of e-HKD or tokenized deposits would appeal to and lure in users, he further stated.
The companies chosen to move forward to the next stage encompass ANZ, Airstar Bank, Aptos Labs, BlackRock, Bank of Communications (Hong Kong), ChinaAMC, China Mobile, DBS, Fidelity International, Kasikornbank, and Sanfield (Management), an entirely owned branch of Sun Hung Kai Properties. Participants from the initial stage who are also involved in this new stage include HSBC, Hang Seng Bank, Boston Consulting Group, Standard Chartered, Mastercard, Visa, Bank of China (Hong Kong), China Construction Bank (Asia), and ICBC (Asia).
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