Hang Seng Bank joins HKMA's Wholesale Central Bank Digital Currency Project

The project will expand the use of tokenised money in Hong Kong.

Hang Seng Bank has joined the Wholesale Central Bank Digital Currency Project (wCBDC Project), an initiative by the Hong Kong Monetary Authority (HKMA) to develop tokenised money in Hong Kong.

Hang Seng Bank is actively exploring the applications of CBDC in Hong Kong and other regions to further its commitment to digital money innovation.

In Hong Kong, Hang Seng Bank has three use cases selected by the HKMA for its e-HKD pilot programme and has completed the pilot for tokenised deposits and programmable payments. 

The bank is also amongst the pioneers of e-CNY wallet top-ups via the Faster Payment System (FPS).

Hang Seng Bank also signed a memorandum of understanding (MOU) with China Construction Bank to explore cross-boundary digital currency applications.