Standard Chartered Bank (Hong Kong) has successfully completed an extensive offline payments trial for Hong Kong’s central bank digital currency (CBDC), e-HKD. The trial focused on ensuring inclusiveness, security, and reliability of transactions, particularly in regions with unreliable internet access. Over several months, the trial involved 200 individuals and over ten merchants, who made transactions using hypothetical e-HKD at select retailers. The participants utilized both smart cards and smartphone NFC functions for the transactions. The trial covered various sectors, including public transportation, university campus merchants, restaurants, and an office-flea market festival. This strategic selection of environments allowed Standard Chartered to thoroughly assess the viability and effectiveness of offline e-HKD payments in scenarios characterized by small-value, but high-volume transactions. The Bank for International Settlements’ (BIS) Innovation Hub recognized the significance of this innovation and published a book dedicated to offline CBDC. Standard Chartered’s involvement in digital currency experimentation is not new, as the bank has actively explored various use cases for digital assets since 2018. The bank’s commitment to shaping the future of financial services is evident through initiatives like the offline e-HKD trial. By ensuring inclusiveness, security, and reliability, even in challenging environments, Standard Chartered continues to play a pivotal role in pioneering the digital currency revolution.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | ðŸ‡ðŸ‡° |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Stephen Man |
| Companies | Standard Chartered Bank, University of Hong Kong, Hong Kong Monetary Authority (HKMA), Bank for International Settlements (BIS) |
| Currencies | None |
| Securities | None |
