HSBC to simulate Digital Hong Kong Dollar ecosystem

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HSBC to simulate Digital Hong Kong Dollar ecosystem
HSBC to simulate Digital Hong Kong Dollar ecosystem

In one of the projects, the bank will simulate a digital Hong Kong dollar payment ecosystem on the campus of the Hong Kong University of Science and Technology

HSBC plans to participate in two hypothetical digital Hong Kong dollar pilot projects. In one of the projects, the bank will simulate a digital Hong Kong dollar payment ecosystem on the campus of the Hong Kong University of Science and Technology.

HSBC Hong Kong’s Digital Director, Bojan Obradovic, disclosed that to simulate a digital Hong Kong dollar payment ecosystem, the bank aims to deploy the research findings and the campus environment of the Hong Kong University of Science and Technology. To test multiple application-based theoretical hypotheses is the objective. To evaluate the potential social and economic benefits of the digital Hong Kong dollar, HSBC intends to involve more than 100 participants in conducting real-time transactions.

Reducing fraudulent activities, enhancing incentive mechanisms, and increasing the efficiency of payment rails are the anticipated benefits. The move signifies HSBC’s commitment to experiment with and potentially endorse digital currencies within the evolving financial landscape.

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