Fubon Bank partners with Ripple for e-HKD pilot program
Fubon Bank has partnered with Ripple, a blockchain company, to investigate real estate tokenization solutions as part of the Hong Kong Monetary Authority’s (HKMA) eHKD pilot program . Tokenizing property liens Fubon Bank Hong Kong’s Executive vice president and chief strategy officer, Xu Luosheng, said the bank would conduct an initial trial focused on customers seeking refunds. The trial will involve tokenizing property liens and providing digital Hong Kong dollar (HKD) loans using Ripple’s customized technology. Customers who secure these loans will be able to use the digital HKD for various payment scenarios, thereby increasing the practicality and usage of the digital currency. Xu Luosheng revealed in an interview that individuals looking for mortgages would be the main focus of this trial. The bank will use Ripple’s Central Bank Digital Currency (CBDC) platform to digitize legitimate Hong Kong dollars for testing at a fixed 1-to-1 ratio. ...