March 29, 2024
By Sharan Kaur Phillora
HSBC has introduced the HSBC Gold Token for retail investors in Hong Kong, becoming the first bank to introduce a blockchain-based tangible asset to the retail market.
Here’s what we know:
Launched through its Orion digital assets platform, the token is accessible through HSBC Online Banking and the HSBC HK Mobile App, as announced in a recent press release.
This innovative step is part of a broader trend where banks and financial institutions are integrating real-world assets into blockchains, employing both private and public networks, such as Ethereum, through a process known as tokenization.
The concept of the HSBC Gold Token was first hinted at in November of the previous year. It was part of HSBC’s new digital asset custody initiative, developed in collaboration with Metaco, a Swiss firm specializing in crypto custody solutions.
Maggie Ng, the head of wealth and personal banking at HSBC Hong Kong, expressed pride in the launch, emphasizing that the HSBC Gold Token, powered by HSBC Orion, stands as Hong Kong’s inaugural retail product founded on distributed ledger technology, with approval from the Securities and Futures Commission.
This move by HSBC marks a significant milestone in the integration of blockchain technology into mainstream financial services and offers retail investors an innovative and secure way to invest in gold, one of the world’s most enduring assets.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
