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The Hong Kong branch of the international HSBC bank is set to continue to work with the authorities on initiatives such as digital currencies for cross-border payments.
<a href="https://crypto.news/tag/hsbc/" target="_blank" rel="noopener noreferrer nofollow">HSBC</a> Hong Kong is accelerating its work with local authorities on the implementation of digital currencies for cross-border payments.
In an <a href="https://www.scmp.com/business/companies/article/3246808/hong-kong-ceos-plan-tap-wealth-management-esg-opportunities-greater-bay-area-2024-survey-finds" target="_blank" rel="noopener noreferrer nofollow">interview</a> with the South China Morning Post, HSBC HK CEO Luanne Lim said the bank also plans to engage in tokenization of financial instruments and <a href="https://crypto.news/tag/cbdc/" target="_blank" rel="noopener noreferrer nofollow">central bank digital currencies</a> pilots in Hong Kong to bring “efficiency, transparency and lower costs to traditional finance,” though specific details were not disclosed.
HSBC has been at the forefront of financial experimentation in Hong Kong. In June 2023, the bank <a href="https://crypto.news/hsbc-unveils-bitcoin-and-ethereum-etf-in-hong-kong/" target="_blank" rel="noopener noreferrer nofollow">allowed</a> its clients to trade Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) futures through its investment platform, marking a pioneering move in the city. Subsequently, in November 2023, HSBC <a href="https://crypto.news/hsbc-taps-metaco-for-tokenized-securities-platform/" target="_blank" rel="noopener noreferrer nofollow">partnered</a> with a Ripple-owned firm for a blockchain initiative catering to institutional clients with an interest in real-world assets (RWA) hosted on-chain.
You might also like: <a href="https://crypto.news/hong-kongs-hashkey-exchange-restricts-large-third-party-deposits-except-from-binance/" rel="noopener noreferrer nofollow"> Hong Kong’s HashKey Exchange restricts large third-party deposits except from Binance </a>
Meanwhile, regulatory bodies like the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) <a href="https://crypto.news/hong-kong-signals-willingness-to-greenlight-crypto-spot-etfs/" rel="noopener noreferrer nofollow">have expressed</a> their readiness to accept applications for authorizing funds with cryptocurrency exposure.
In early December, analysts at PitchBook&nbsp;<a href="https://crypto.news/hong-kong-singapore-attracting-increasing-crypto-vc-funding/" rel="noopener noreferrer nofollow">revealed</a>&nbsp;that more than 11% of global venture capital funding in the blockchain and crypto sector was directed towards enterprises based in Hong Kong and Singapore, signifying a substantial increase from the meager 2% allocation observed in 2021.
Read more: <a href="https://crypto.news/hong-kongs-onedegree-sees-significant-stablecoin-development-interest/" rel="noopener noreferrer nofollow"> Hong Kong’s OneDegree sees significant stablecoin development interest </a>

HSBC to advance digital currency and CBDC pilots in Hong Kong

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