The Hong Kong Monetary Authority is seeking to grow the tokenization ecosystem as part of its four-pronged growth strategy for its fintech sector over the next five years.
In a statement on Wednesday during Hong Kong Fintech Week, HKMA said its Fintech 2030 strategy will focus “on four strategic pillars” referred to as “DART,” covering data, artificial intelligence, resilience and tokenization across 40 initiatives.
Source: HKMA“The HKMA will accelerate the tokenisation of real-world assets (RWAs), including financial assets, and lead by example by regularising the issuance of tokenised government bonds and exploring the concept of tokenising the Exchange Fund papers,” it said.
Accompanying the push for tokenization will be the launch of a new stablecoin, e-HKD, issued by the HKMA, which recently completed a pilot program.
The pilot program saw the use of the stablecoin for the settlement of tokenized assets, offline payments and programmability.
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“Their settlements on blockchains will be enabled by new forms of digital money, including the e-HKD, tokenised deposits, and regulated stablecoins,” the latest statement reads.
Additionally, the HKMA is also looking to collaborate with industry players and central banks as it works to test its tokenization plans through the upcoming pilot, Project Ensemble, which is set to launch “soon.”
Part of the Fintech 2030 strategy also includes the integration of AI, which the HKMA aims to incorporate into the financial system.
“By leveraging A.I., the HKMA aims to boost accessibility, responsiveness, and customisation in banking services while maintaining transparency and accountability to ensure public trust,” the announcement reads.
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Source: https://cointelegraph.com/news/hkma-unveils-fintech-2030-strategy-plans-to-accerlate-rwa-tokenization?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
