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During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. Banking giant Hong Kong and Shanghai Banking Corporation (HSBC) have tested the use of tokenized deposit s – from issuance to transfer to redemption – with major Chinese banker Ant Group, founded by Jack Ma, in a sandbox arranged by the Hong Kong Monetary Authority. The initiative led by the banking institutions aimed to explore the potential of deposit tokenization in enabling always-on, real-time treasury fund movement between accounts held by a corporation within the HSBC network. During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. In an official communication shared with Cointelegraph, HSBC revealed that the test encompassed the issuance, transfer, and redemption of deposit tokens, adding: “It will pave the way for future research on how blockchain and tokenization ca...

In a consultative document, the Basel Committee said the measures would reduce information asymmetry among banks and market participants. Financial institutions might soon be required to disclose their exposure to crypto currencies. The Basel Committee on Banking Supervision, headquartered at the Bank for International Settlements (BIS), has published a draft guidance on how banks should work with crypto holdings. The international committee is a conglomerate of bank supervisors from 28 jurisdictions, including powerhouses like the U.S., U.K., and European Union. A consultative document published on Oct. 17 proposed requiring banks to disclose activities “related to crypto assets and the approach used in assessing the classification conditions.” Under the proposals, banks would also have to disclose information on how they account for classifying exposures to cryptocurrencies, liabilities, and liquidity. Should the Committee agree on the proposal by Jan. 31, 2024, th...

Marcus said there’s still no universal protocol when it comes to transferring money, unlike information which can be shared via email. While information today can be easily transferred over the internet via email or text, global payment s on the other hand, have remained in a “fax era," according to the former president of PayPal.  In a Sept. 11 interview with CNBC, the former PayPal executive and co-founder of Bitcoin Lightning-focused payment service Lightspark said he believes Bitcoin's Lightning network could solve the cumbersome process of sending money across jurisdictions.  “If you were to stop [someone] and wanting to communicate with them you could ask them for an email address and you can email them easily the next minute [and] you could text them,” said Marcus.  However, there’s no universal protocol when it comes to transferring money over the internet, he said: “If you were to send them money [but] they were not a U.S citizen here using one of the same fintech ...

Explore a brief history of digital banking, tracing its evolution from early automation to the integration of new technologies, such as IoT and blockchain. Digital banking, also known as online banking or e-banking, refers to the delivery of financial services through digital channels such as the internet, mobile devices and automated teller machines (ATMs). Digital banking has become increasingly popular in recent years, but its origins can be traced back several decades. Here’s a brief history of digital banking. Early automation (1960s to 1980s) The first forms of digital banking can be traced back to the 1960s, when banks began using mainframe computers to automate various banking functions such as check processing and customer account management. In the 1980s, banks started offering dial-up services that allowed customers to access their accounts through their home computers. In the 1960s, Bank of America introduced the first ATM, which allowed customers to withdraw cash from the...

German asset manager DZ Bank collaborated with Swiss technology firm Metaco to add digital asset management into its services. DZ Bank, Germany’s second-largest bank in terms of asset size, will fully integrate digital currencies into its asset management services in collaboration with the digital asset firm Metaco. According to the announcement sent to Cointelegraph, DZ Bank selected Metaco's custody platform Harmonize to offer digital currencies to its institutional clients. Nils Christopeit, an executive at DZ Bank, said that the Metaco Harmonize platform suits their requirements in terms of security and scalability. “With the offering, we can build by using this technology, we trust to create a durable and fast-growing Business cooperation as well as an attractive solution for our clients that can also meet the requirements of digital currencies and decentralized financial instruments,” Christopeit added. Craig Perrin, the chief sales officer at Metaco, also commented on t...