Modern Australian
Men's Weekly

.

Secured Lending Application Selected for HKMA's Inaugural e-HKD Pilot Programme for Retail Central Bank Digital Currency (CBDC) Assessment

  • The Hong Kong Monetary Authority (HKMA) has selected a secured lending application of e-HKD for the inaugural e-HKD pilot programme
  • The proposed solution is led by Boston Consulting Group (BCG), HKT Payment Limited and ZA Bank, who will partner with paywith.glass and Venture Smart Financial Holdings Limited (VSFG) as a consortium during the pilot
  • The e-HKD Pilot Programme is in line with HKMA's three-rail approach, announced in September 2022, aimed at preparing for potential e-HKD implementation

Hong Kong SAR - Media OutReach - 18 May 2023 - The Hong Kong Monetary Authority (HKMA) has shortlisted a financial solution in a secured lending product backed by tokenized real assets for participation in the inaugural e-HKD Pilot Programme. This proposed solution is led by Boston Consulting Group (BCG), HKT Payment Limited and ZA Bank. They will be joined by paywith.glass and Venture Smart Financial Holdings Limited (VSFG) as a consortium to collectively develop and evaluate this application, leveraging the potential programmability feature of e-HKD.

The consortium will bring together key players from various industry verticals to foster long-term e-HKD development, leveraging their collective cross-industry experience and ensuring a diverse range of perspectives. The initial focus will be on leveraging e-HKD's potential features to empower new applications in a secured lending product, as part of the e-HKD Pilot Programme.

The e-HKD Pilot Programme is part of HKMA's strategic three-rail approach to prepare for potential e-HKD implementation. Rail 1 focuses on establishing the necessary technological and legal foundations, while Rail 2, running concurrently with Rail 1, is aimed at conducting in-depth exploration of e-HKD use cases and addressing implementation and design issues. Rail 3 concerns the rollout of e-HKD.

Saurabh Tripathi, Managing Director & Senior Partner and Global Leader of Financial Institutions Practice at BCG remarked: "We are thrilled to support the impressive e-HKD development in Hong Kong. Retail Central Banking Digital Currency (CBDC) is a significant development in the financial system, and we're eager to share our expertise to support the exploration of e-HKD benefits for retail use cases."

Susanna Hui, Group Managing Director at HKT, stated: "As an advocate of FinTech and digital economy, HKT is delighted to be a partner of this project and leverage our experience from Tap & Go to facilitate Web3.0 development and explore potential e-HKD use cases in Hong Kong."

Paul Sisnett, CEO & Co-Founder at paywith.glass, commented: "We are dedicated to apply our experience from other markets to support the use case development of e-HKD through the e-HKD Pilot Programme."

Lawrence Chu, Co-Founder & Group Executive Chairman at VSFG, stated: "Introducing an enhanced form of money requires meticulous planning. We anticipate this cross-industry collaboration will generate valuable data to facilitate e-HKD assessment."

Ronald Iu, CEO of ZA Bank, shared: "ZA Bank has always been at the forefront of Hong Kong's FinTech development. It is an honor to team up with leading industry players to support the HKMA's e-HKD initiative. This also marks another step of our journey towards the 'Banking for Web3' ambition for building an inclusive financial ecosystem."

Hashtag: #PCCW #HKT #eHKD #DigitalEconomy #SmartCityDevelopment #web3


The issuer is solely responsible for the content of this announcement.

About HKT Limited

HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city's true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses; whereas our comprehensive mobile communication and smart living offerings enrich people's lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.

For more information, please visit .

LinkedIn:

Expert-Led Solutions for Clear Complexions

Many people struggle with acne at different stages of their lives, and the journey toward clearer skin often feels overwhelming. Breakouts affect not ...

Is Long-Term Pigmentation Correction Possible?

Many individuals struggle with pigmentation concerns that affect how their skin appears and how they feel about themselves. These darkened patches, sp...

The Value Of Commercial Buyers Agents Melbourne For Smarter And More Strategic Property Purchases

Buying commercial property requires a deep understanding of market conditions, tenancy structures, asset performance and long-term financial impact...

EOR Solutions & Offshore Workforce Arrangements: A Smarter Way to Manage Global Teams

For Australian companies expanding into Asian markets, navigating local employment laws and regulations can be complex. By implementing employer of re...

Beachside Moves: A Guide to Moving to Sydney’s Coastal Suburbs

So, you've finally decided to do it. You're trading your city apartment for the salty breeze of beachside living. Who can blame you? Maybe it’s Bo...

The Most Common Causes of Concrete Deterioration (And How to Prevent Them)

Concrete is known for its strength, longevity, and reliability—but even the most durable surfaces can deteriorate over time if they’re exposed t...

Mat Pilates vs Reformer Pilates: What’s Better for Strength, Mobility, and Control?

Pilates has surged in popularity across Australia, and for good reason—it delivers a rare combination of strength, mobility, control, and mindful ...

Your guide to SEO for local business

Most people search online before they buy. In fact, 97% of people learn more about a local company online than anywhere else (Source: HubSpot). That m...

Indigenous Voices in Film, Literature & Music: Why They Matter More Than Ever

Across Australia and around the world, Indigenous storytelling is experiencing a long-overdue surge of recognition. First Nations creators are bring...

Mayfair Funerals: A Fresh, Intimate Approach for Perth Families

Description: Mayfair Funerals is reshaping funeral care in Perth with a compassionate, personal and affordable approach. Their signature Intimate Cre...

Barbecue Boats – The New Must-Have for Retirees!

When your working years are behind you, it’s time to kick back and relax. You’ve earned it! And there’s no better way to do that than by purch...

Pizza Brisbane City: Your Ultimate Guide to Finding the Perfect Slice in the CBD

Brisbane's city centre has evolved into a vibrant culinary destination, and nowhere is this transformation more evident than in its thriving pizza s...

Maximising Your Savings: How to Choose a Competitive Savings Account in Australia

In today's economic climate, Australians are increasingly focused on making their money work harder. With interest rates fluctuating and living cost...

What to Know When Researching a Tummy Tuck on the Gold Coast

Body confidence is something many people seek to improve as they move through different stages of life. Pregnancy, weight fluctuations and ageing ca...

Employer of Record Services & Manpower Outsourcing — The Smart Solution for Seamless Workforce Management

Expanding into Asian markets can feel overwhelming for many Australian businesses, especially when hiring employees in regions like Singapore, Malaysi...

Why Far-Infrared Saunas Are Becoming a Must-Have in Australian Homes; Just What Is a Far-Infrared Sauna?

A far-infrared sauna uses far-infrared (FIR) wavelengths to heat the body directly instead of relying on high cabin temperatures. Unlike traditional...

Tax Accountants Melbourne: Expert Support for Compliance and Financial Efficiency

Taxation is one of the most critical — and often most complex — aspects of financial management. Whether you’re a business owner, property inv...

Pinboard: A Practical and Stylish Solution for Organisation, Display, and Inspiration

In homes, classrooms, and offices across Melbourne, the pinboard has long been a staple for organisation, communication, and creativity. Simple yet ...