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Home News

HKMA Launches Supervisory Incubator for DLT

January 10, 2025
Reading Time: 2 mins read
in News
Darktrace Acquisition of Cado Security

The Hong Kong Monetary Authority (HKMA) recently introduced the Supervisory Incubator for Distributed Ledger Technology (DLT) to support banks in integrating DLT into their operations safely. The initiative is designed to help banks assess and refine their risk management systems before fully implementing DLT services, with a particular focus on tokenized deposits. The incubator offers two main components: direct support for individual banks and industry-wide guidance to foster DLT adoption. Banks participating in the program can access dedicated HKMA teams for supervision, conduct live trials, and validate their risk management practices.

Carmen Chu, HKMA’s executive director, emphasized the transformative potential of DLT in the financial sector, noting its ability to revolutionize asset management through real-time ledger updates, autonomous bookkeeping, and efficient reconciliation. She pointed out that tokenizing real-world data would allow banks to create innovative financial products using smart contracts, leading to new revenue streams. By implementing DLT, banks can also enable more seamless transactions beyond traditional infrastructure, potentially improving financial services.

The Supervisory Incubator aims to promote both individual bank readiness and industry-wide awareness of DLT best practices. This includes offering supervisory guidance, facilitating sharing sessions, and conducting forward-looking research. The goal is to help the banking industry navigate the risks associated with the shift from legacy banking systems to DLT-based solutions. As part of its efforts, the incubator will focus on tokenized deposits, an area that has already generated significant interest from the financial sector.

The launch of the incubator was announced at the fourth FiNETech series event, which gathered professionals from various sectors, including banking, securities, and technology, to explore how DLT could drive the future of financial transactions. Arthur Yuen, Deputy Chief Executive of the HKMA, stressed the importance of fostering innovation in the banking industry while ensuring that DLT adoption is both safe and efficient. The initiative aims to create a supportive environment that allows DLT-based banking solutions to thrive, benefiting both the financial industry and the wider community.

Reference:
  • Hong Kong Launches Incubator for Distributed Ledger Technology Adoption
Tags: Cyber NewsCyber News 2025Cyber threatsJanuary 2025
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