As a seasoned analyst with over two decades of experience in financial markets, I find this partnership between the Hong Kong Monetary Authority (HKMA), Bank of Thailand, and Banco Central do Brasil to be an exciting development that underscores the growing momentum towards cross-border tokenization. The collaboration is particularly intriguing given my personal interest in exploring the intersection of finance and technology, as well as my curiosity about emerging market trends.
The Hong Kong Monetary Authority is teaming up with the Bank of Thailand and Banco Central do Brasil on joint endeavors to progress cross-border digital asset projects.
The financial regulatory body in Hong Kong, known as the Hong Kong Monetary Authority, is collaborating with the central banks of Thailand and Brazil on researching cross-border blockchain projects involving tokens. This collaboration aims to create practical applications in sectors like trade financing and carbon trading.
On October 28th, as stated in two distinct announcements, the Hong Kong Monetary Authority (HKMA) revealed that their collaborative efforts would concentrate on creating applications for tokenized assets within existing initiatives. These endeavors aim to foster seamless financial technology integration across international boundaries.
Officials have shared that both organizations plan to construct a demonstration model, aimed at investigating the compatibility between emerging distributed ledger technologies and financial market infrastructure systems within an integrated network.
Deepening our collaboration to investigate potential applications of cross-border tokenization aligns with our mutual aspirations.
Howard Lee, deputy chief executive of the HKMA
According to the agreement between the HKMA (Hong Kong Monetary Authority) and the Bank of Thailand, they will connect their Ensemble Sandbox with Project San for testing. This connection aims to test both Payment against Payment and Delivery against Payment transactions. The projects will encompass various areas such as trade payments, carbon credits, and other scenarios involving tokenization, as stated in the press release.
In the meantime, the Hong Kong Monetary Authority (HKMA) is teaming up with Brazil’s Central Bank to link their Ensemble Sandbox with Brazil’s Drex trial platform. This partnership aims to run similar tests. The Drex trial, initiated in September, is one of Brazil’s initiatives to establish a tokenized financial market, and it includes more than 70 companies investigating areas like trade finance and green finance.
As stated in the news announcement, the Hong Kong Monetary Authority (HKMA) and the Bank of China (BCB) intend to perform cross-border trials connecting their central bank digital currency systems. The purpose is to improve peer-to-peer (PvP) and delivery versus payment (DvP) settlements.
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Broadway Box Office: Idina Menzel in ‘Redwood’ Sees Strong Start
- Buffy the Vampire Slayer Reboot: Sarah Michelle Gellar Returns to Save the Day!
- Deva: Shahid Kapoor and Pooja Hegde’s lip-lock scene gets trimmed by CBFC? Film’s runtime and rating revealed
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- New Era and BEAMS Reunite for Spring/Summer 2025 Collection
- Girls Frontline 2 Exilium tier list
- XLARGE Celebrates Lil Wayne With New Collection
- Denzel Washington’s Black Panther 3 Role Revealed
2024-10-28 12:47