TechFlow, June 12 — According to the China Business Herald, Zhu Kuang Lee, HSBC's Head of Digital, Data and Innovation, said the bank is focusing on three key areas of blockchain technology: digital asset custody, its private blockchain platform HSBC Orion, and tokenization. Over the past year and a half, the HSBC Orion platform has completed over 10 bond issuances in locations including Hong Kong, with a total value exceeding $1.5 billion. HSBC also plans to expand additional functionalities on the platform, including digitizing other asset classes.
In addition, HSBC has recently been appointed by China Asset Management as the tokenization agent for the Hong Kong Project Ensemble pilot program, assisting in the minting and redemption of money market fund shares. Zhu Kuang Lee emphasized that tokenization helps lower investment barriers, promotes financial inclusion, and explores the potential of tokens as collateral. Since 2019, HSBC has actively researched blockchain technology to address banking margin pressures, aiming to create new revenue streams by improving efficiency and reducing costs.
