According to Odaily, Visa, HSBC, and Hang Seng Bank have initiated a pilot program in Hong Kong to test tokenized deposits. The trial encompasses two major use cases: real estate transaction settlements and Visa card payments. Visa has indicated that tokenized deposits can not only enhance settlement efficiency but also innovate new business applications. A report on the trial was released by Visa last week.
HSBC's Global Head of Digital Currency for Global Payment Solutions, Vincent Lau, stated that the benefits of implementing tokenized deposits require further development of interoperability between different banks. The trial demonstrated that tokenized deposits can improve business efficiency and transparency through simplified processes, reduced manual verification, and near-real-time settlement times. Blockchain technology also enhanced data transparency.
Despite challenges in regulatory evolution and infrastructure construction, Visa and HSBC maintain an optimistic view of the practical effects of tokenized deposits.