[Introduction] The Hong Kong Monetary Authority announced today that it will cooperate with the Central Bank of Brazil and the Bank of Thailand on a cross-border tokenization project.
China Fund News reporter Zhao Xinyi
The Hong Kong Monetary Authority announced today that it will cooperate with the Central Bank of Brazil and the Bank of Thailand on a cross-border tokenization project!
Promote the development of the tokenization market
On October 28, the Hong Kong Monetary Authority (hereinafter referred to as the HKMA) announced that it would cooperate with the Central Bank of Brazil (hereinafter referred to as the Central Bank of Brazil) to conduct cross-border tokenization under the ensemble project and the drex pilot program. test.
The two parties will connect the experimental central bank digital currency infrastructure, namely the ensemble sandbox and the drex test platform, to explore cross-border simultaneous settlement (PVP) and payment-delivery (DVP) settlement in trade finance and voluntary emission reductions (carbon credits). ) and other application examples in fields. Information on the official website of
shows that this cooperation is based on the "Cooperation Agreement" signed by the Hong Kong Monetary Authority and the Central Bank of Brazil in 2018 to promote financial service innovation in their respective markets, as well as the latest announcements by both parties on trials of CBDC and tokenized assets.
Eddie Yue, President of the Hong Kong Monetary Authority, said: "The seeds of cooperation planted by the Hong Kong Monetary Authority and the Central Bank of Brazil a few years ago have now blossomed. The ensemble project is committed to working with industry players to promote the development of the tokenized market. The Central Bank of Brazil is a leader in this regard. Excellent partners, especially since we share a common vision and hope to drive the future of the financial industry through technology. Both parties have also taken practical actions to realize this vision. "
In August this year, the Hong Kong Monetary Authority launched the ensemble project sandbox. The trials focus on four main areas: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.
Then in September, the Brazilian Central Bank announced the 13 themes in the second phase of the drex pilot plan. The drex pilot plan will be based on the Brazilian central bank's digital currency drex and is committed to promoting the development of Brazil's tokenized financial market.
Roberto Campos Neto, Governor of the Central Bank of Brazil, said: "Cooperating with the Monetary Authority is an important step in the new phase of drex construction. Participating in cross-border trials and discussions is crucial to help build a more integrated global financial market. We believe that bringing together two countries located on the planet The areas at both ends are connected, which has a unique symbolic meaning. "
will consider the technical design, business needs, and regulatory frameworks of the two places.
On the same day, the Hong Kong Monetary Authority also announced its cooperation with the Central Bank of Thailand (hereinafter referred to as the Bank of Thailand) on the ensemble project and Under the san project, we will jointly explore cross-border tokenization application examples.
Since 2019, the Hong Kong Monetary Authority and the Bank of Thailand have cooperated in the field of financial technology and signed a memorandum of understanding with the purpose of promoting the development of financial innovation in the two places. Since then, the two parties have successfully cooperated to develop a number of landmark projects, including the inthanon-lionrock project and the mbridge project. The official website of
shows that one of the core tasks of this cooperation is to develop a proof of concept aimed at exploring the interoperability of new financial market infrastructure (dlt fmis) based on distributed ledger technology. In this proof of concept, the MAS and the Bank of Thailand will link the DLT FMIS under the ensemble project and the san project.
Lee Tak-chi, Vice President of the Hong Kong Monetary Authority, said: "The HKMA and the Bank of Thailand share a common vision for the potential of cross-border applications of central bank digital currency. Expanding our cooperation to explore cross-border tokenization use cases further demonstrates our shared vision. I believe that This cooperation, like previous projects, will bring valuable experience to both places. "The
san project is an internal plan launched by the Bank of Thailand in June this year to develop and test a prototype of a token ecosystem. The project includes a wholesale settlement platform, an Ethereum Virtual Machine (EVM)-compatible ledger that supports tokenized private currencies and assets, and interoperability mechanisms.
Alisara Mahasandana, Vice President of Corporate Development of the Bank of Thailand, said: “Hong Kong and Thailand can benefit from each other by jointly exploring cooperation on tokenization interoperability.Our cooperation will fully consider the different technical designs, business needs and regulatory frameworks of the two regions, bring clearer insights on tokenization, and greatly advance our tokenization work in the financial field at the local and cross-border levels. "
editor: Joey
review: Chen Mo
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