Standard Chartered Bank Hong Kong has completed the second phase of testing for the "e-Cheque Token" pilot program to enhance the use of digital vouchers.

Standard Chartered Hong Kong announced that it has recently completed the second phase of testing for the Hong Kong Monetary Authority's "e-Yuan" pilot program, exploring how tokenization and programmability can enhance the application of digital vouchers. Supported by Standard Chartered Bank's token service, this pilot project integrates tokenization and smart contract technology with the bank's transaction services. Through these functions, Standard Chartered utilizes Purpose-Bound Money (PBM) technology to test the addition of specific consumption conditions to digital currencies such as e-Yuan. Standard Chartered Hong Kong has collaborated with Kwai Limited to create the "ZERO2" Environmental, Social, and Governance (ESG) reward platform, which rewards participants who complete environmental tasks with digital vouchers based on PBM. These vouchers are designated for use at specific merchants. Once the vouchers are verified for use, merchants can receive simulated e-Yuan funds in real-time at the point of sale, which can then be converted into Hong Kong dollars through Faster Payment System (FPS), simplifying the settlement and reconciliation process for vouchers. The bank points out that this tokenized currency application has the potential to extend to other reward programs, financial management, supply chain payments, and improving payment process management. Standard Chartered Hong Kong actively explores these areas, demonstrating the bank's commitment to continuously explore the development of digital currencies in Hong Kong and to build a robust and innovative financial ecosystem. Standard Chartered Hong Kong plans to release a detailed report later this year, outlining the benefits and other important findings that benefit all stakeholders, in line with the Hong Kong Monetary Authority's e-Yuan program report. Ms. Mary Hui, Managing Director and Global Head of Corporate and Institutional Banking at Standard Chartered Hong Kong, stated that the bank is committed to shaping the future of payments, and its participation in the Hong Kong Monetary Authoritys second phase of the "e-Yuan" pilot program and expertise in tokenization demonstrate this commitment. Leveraging its leading expertise in programmable currency and conditional payments, the bank is deploying its token services to assist Hong Kong corporate clients in improving efficiency and providing innovative and value-added services, redefining payment patterns.