- Standard Chartered Bank introduces a blockchain-based deposit solution for Ant International.
- Supports real-time transfers of major currencies.
- This initiative is part of Hong Kong’s Project Ensemble.
Standard Chartered Bank launches a blockchain-based tokenized deposit solution for Ant International, enhancing real-time transfers of HKD, offshore yuan, and USD on December 18 in Hong Kong..
This initiative marks a significant step in Project Ensemble, fostering distributed ledger technology adoption, potentially transforming treasury management and liquidity transfers globally.
Standard Chartered’s Blockchain Initiative Supports Real-Time Currency Transfers
The solution enables 24/7 fund management and liquidity transfers, a significant advancement in financial technology. This launch is part of Hong Kong Monetary Authority’s “Project Ensemble,” which aims to promote distributed ledger technology.
Market reactions have been positive, with no direct impact on cryptocurrencies like ETH or BTC reported. Mahesh Kini of Standard Chartered stated that blockchain is revolutionizing treasury management. No major cryptocurrency leaders have yet commented on the development.
Historical Adoption and Financial Innovation in Hong Kong
Did you know? This marks the first adoption of such a solution in Hong Kong, highlighting the region’s role as a leader in employing distributed ledger technology for financial innovation.
Previous blockchain collaborations between Standard Chartered and Ant International include successful test settlements in Hong Kong and plans to issue HKD stablecoins. These efforts underline Hong Kong’s strategic push in the digital asset sector.
The implementation of these blockchain solutions is likely to reduce treasury costs and improve the efficiency of currency conversions. While no public cryptocurrencies are involved, the project demonstrates growing interest in tokenization among traditional finance entities.
“Blockchain technology is revolutionising treasury management and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.” – Mahesh Kini, Global Head of Cash Management, Standard Chartered Bank
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Source: https://coincu.com/blockchain/standard-chartered-blockchain-tokenized-deposit/