Ripple joins Hong Kong CBDC pilot, partners with Fubon Bank

Ripple Labs has launched a new payment platform for a central bank digital currency (CBDC) in Hong Kong. The San Francisco-based payment protocol and exchange network will partner with Fubon Bank, a Hong Kong unit of Taiwan’s Fubon Financial Holding Co. as part of Hong Kong’s new e-HKD (electric Hong Kong dollar) pilot program. The pilot program brings together various industry players to explore e-HKD use cases and implementation issues. The Ripple-Fubon Bank tie-up will offer solutions for real estate asset tokenization and equity releases using the CBDC.

Fast facts

  • Ripple announced in a press release Thursday that its new CBDC platform can facilitate central banks, governments and financial institutions to issue their own CBDCs and manage the digital currency’s full life cycle. This will include both transactions and distribution.
  • As part of the CBDC pilot program launched by the Hong Kong Monetary Authority (HKMA) the same day, Ripple said it will work with Fubon Bank in Hong Kong to test real estate asset tokenization as a potential use case for the e-HKD.
  • “It’s a huge honor for Ripple to be one of the select few organizations participating in the HKMA’s e-HKD Pilot Programme,” said James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs, in the statement. “We now have the opportunity to demonstrate how real estate asset tokenization could be brought to the citizens of Hong Kong.”
  • The fully integrated solution will be an “industry-first use case demonstrating the power of leveraging a CBDC for real estate equity asset release,” he added.
  • Ripple said that, through the program, commercial banks in Hong Kong will benefit from an ability to offer streamlined loan services and more flexible payments.
  • In its announcement Thursday, the HKMA said it will use the pilot to explore e-HKD use cases in six categories: full-fledged payments, programmable payments, offline payments, tokenized deposits, settlement of Web3 transactions and settlement of tokenized assets.
  • A total of 16 banks, payment firms and blockchain companies will participate in the pilot program to test those use cases. These include state-owned Bank of China, China Construction Bank, Industrial and Commercial Bank of China, alongside HSBC, Standard Chartered Bank, Visa, Mastercard and Ant Group’s Alipay.

Image by: Yahoo Finance

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.