HSBC has launched tokenized gold products for retail customers in Hong Kong as the local government continues its push towards tokenization of real-world assets.
The financial services company said in a statement on Wednesday that retail customers can access the HSBC Gold Token through online banking and the bank’s mobile app. “This launch marks the first time that HSBC’s private distributed ledger has been used to tokenize a retail investment product,” the statement said.
The bank built the HSBC Gold Token with its digital asset platform, HSBC Orion, and has already launched digital bonds in Hong Kong and Luxembourg, according to the press release.
“We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong based on distributed ledger technology, as authorized by the Securities and Futures Commission,” said Maggie Ng, Managing Director and heritage manager. and personal banking in Hong Kong at HSBC.
The launch of retail tokenized gold products comes as HSBC has explored more financial use cases with blockchain technology. In November 2023, HSBC announced its intention to offer a digital asset custody service, including tokenized securities, in partnership with Metaco, a Swiss-based crypto company. HSBC also spear a platform in November to symbolize ownership of physical gold held in its London vault.
Tokenization has become an emerging trend in the traditional financial sector. For example, SC Ventures – the investment and innovation arm of Standard Chartered bank – spear a tokenization platform called Libeara in November.
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