Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have successfully conducted the initial live trial of Mastercard’s Multi-Token Network (MTN). The test involved tokenizing carbon credits within the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox. SCBHK's virtual bank, Mox Bank, facilitated a client's request to purchase a carbon credit by depositing funds and tokenizing the credit through Libeara, a tokenization service provider under SC Ventures. The MTN executed an atomic swap of the tokens in real-time. Mastercard introduced the MTN in June 2023, operating on its private blockchain. SCBHK, engaged in various initiatives with the HKMA, including Project Ensemble and the e-HKD pilot program, is under pressure to enhance services for cryptocurrency exchanges. Standard Chartered has also collaborated on CBDC projects with SWIFT and U.K. Finance, while SC Ventures established a crypto fund in the UAE. HSBC and Ant Group tested tokenized deposit transactions in an HKMA sandbox, with HSBC offering Bitcoin and Ethereum futures trading in Hong Kong. Read more AI-generated news on: https://app.chaingpt.org/news