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