Summary:
•HSBC launches HSBC Gold token in Hong Kong, entering the tokenized gold market for retail customers.
•The product is authorized and regulated by the Securities and Futures Commission, marking HSBC’s entry into the digital asset field.
• The move reflects the trend of asset digitization and is consistent with Hong Kong’s ambition to become a digital asset hub.
HSBC has announced the launch of HSBC Gold tokens for its retail customers in Hong Kong. The move marks the bank’s entry into the tokenization market for real assets, offering a new way to invest through blockchain technology.
According to HSBC, this is the first bank-issued retail product of its kind, and the development comes amid a broader push by financial institutions and local government authorities to embrace digital assets.
HSBC goes all out to promote the tokenization of real-world assets
Tokenized gold refers to gold that is digitally owned on the blockchain and aims to combine the intrinsic value of physical gold with the advantages of digital technology. Maggie Ng, general manager and head of wealth management and personal banking at HSBC Hong Kong, highlighted the bank’s growing demand for digital assets and customers’ comfort level with gold as an investment channel.
HSBC Gold Token runs on the bank’s digital asset platform, HSBC Orion. What’s more, it is authorized and regulated by the Securities and Futures Commission (SFC).
Tokenized gold is not a new concept, its global value will exceed $1 billion in 2023. However, HSBC's introduction of such a product into the retail space is noteworthy. Importantly, it reflects the bank’s commitment to using distributed ledger technology to launch a wider range of financial products.
“We are proud that the HSBC Gold token, powered by HSBC Orion, is Hong Kong’s first retail product based on distributed ledger technology and authorized by the Securities and Futures Commission (SFC),” said Ng.
HSBC’s move into tokenized gold highlights the growing trend of digitizing physical assets. It provides investors with a new traditional investment approach. It is also consistent with Hong Kong’s efforts to establish itself as a digital asset hub, in which the regulatory framework continues to evolve and financial institutions explore central bank digital currencies (CBDCs) and stablecoins. #汇丰银行 #黄金代币化
