- HSBC tests e-HKD+ on Ethereum, Arbitrum, and others.
- First local bank-led on-chain settlement service launched.
- Aims to advance Hong Kong’s digital currency ecosystem.
HSBC, the largest bank in Hong Kong, is stepping up its efforts in digital currency innovation. The bank recently conducted experiments with the e-HKD+ project—Hong Kong’s digital currency initiative—across several major blockchain networks, including Ethereum, Arbitrum, Linea, Polygon, and Hyperledger Besu.
This move is part of a broader plan to accelerate the use of blockchain in financial systems and to support the ongoing development of a central bank digital currency (CBDC) in Hong Kong. By trialing e-HKD+ on these diverse networks, HSBC aims to explore how different infrastructures can enable faster, more transparent, and cost-effective settlements.
First Bank-Led On-Chain Settlement in Hong Kong
In a significant milestone, HSBC has also launched the first local bank-led on-chain settlement service. This service allows real-time clearing and settlement on blockchain, making transactions faster and more efficient for customers and businesses alike.
The service is designed to complement the traditional financial system, providing a hybrid solution that leverages both existing banking infrastructure and modern decentralized technologies. HSBC’s on-chain settlement capability signals a strong vote of confidence in blockchain’s potential for real-world financial applications.
Boosting Hong Kong’s Digital Finance Leadership
These experiments and the launch of on-chain settlement services underline Hong Kong’s ambition to become a leading hub for digital finance. By embracing innovation and integrating blockchain into traditional banking, HSBC is helping pave the way for the future of money in the region.
The move could also encourage other financial institutions in Hong Kong and across Asia to explore similar blockchain-based solutions. With e-HKD+ gaining traction, the future of banking in Hong Kong is poised for a digital transformation.
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