Visa completes its digital pilot program

In a remarkable achievement in the financial technology sector, Visa, one of the giants of digital payment technologies, has successfully completed its digital pilot program for the Hong Kong dollar, in cooperation with HSBC and Hang Seng Bank.

This important step comes as part of the Digital Hong Kong Dollar Initiative, sponsored by the Hong Kong Monetary Authority (HKMA), and aims to open new horizons for conducting financial transactions in a safe and efficient manner.

The focus of the pilot was to explore the potential of deposits by analyzing two use cases:

B2B interbank payments, specifically in real estate transactions and settlements between payment institutions and merchants.

The results resulted in promising indicators, namely the speed of accelerating payments, improving settlement risk management, raising levels of control, and increasing transparency in transactions, which confirms the enormous benefits and new opportunities provided by token deposits.

This initiative, launched by Visa in partnership with HSBC and Hang Seng Banks in Hong Kong, is considered the first in the world.

Coding technology represents a driving force for the revolution in the financial sector, and is heading towards bringing about qualitative transformations in the industry.

Token deposits are a game-changer, opening new communication channels for banks and digital assets, which has increasingly attracted the attention of the financial sector.

Visa remains committed to exploring broader tokenized deposit applications, with a strategic focus on asset market tokenization, programmable finance, advanced retail solutions, and cross-border payments.

Liang Puning, General Manager of Visa in Hong Kong and Macau, stressed the great importance of the Hong Kong Monetary Authority program in promoting innovation in the field of payments.

Visa’s participation in this pilot program has provided insights into the development of central bank digital currency applications and forms the basis for the future of the global payments ecosystem.