Ripple to Showcase Real Estate Asset Tokenization Solution as part of the Hong Kong Monetary Authority’s Inaugural e-HKD Pilot Programme
Ripple, the leader in enterprise blockchain and crypto solutions, announced today that it has been selected to showcase a real estate asset tokenization solution as part of the Hong Kong Monetary Authority’s (HKMA) inaugural e-HKD Pilot Programme.
The HKMA has adopted a three-rail approach to prepare for the possible rollouts of the e-HKD. As a leading provider offering real world asset tokenization capabilities, Ripple alongside its partners including Fubon Bank – one of the largest commercial banks in Taiwan – will demonstrate its use case under e-HKD Pilot Programme, which will focus on real estate asset tokenization and equity release leveraging the e-HKD. e-HKD Pilot Programme will see a series of pilots conducted with various industry players to gain in-depth research into application, implementation, and design issues related to the e-HKD.
With real world asset tokenization predicted to be a multi-trillion-dollar industry by 2030, tokenizing commodities such as real estate is gaining traction within the financial services and government sectors as a core use case. Ripple’s innovative solution combining the e-HKD, tokenized real estate, and lending protocols will run on a private and secure ledger, built with the same technology as the XRP Ledger (XRPL). The XRPL is an open-source, energy-efficient and decentralized blockchain that has been continuously operating for over 10 years.
For most people, their home becomes one of the main assets in their total wealth portfolio with the possibility of increasing in value over time. However, unlocking this increase in equity has considerable friction. The process can be costly, lengthy, and cumbersome. By leveraging the power of blockchain technologies, such as the XRPL and Ripple’s Central Bank Digital Currency (CBDC) Platform, Hong Kong citizens can experience the release of equity faster and more efficiently. Commercial banks can also expect to benefit from higher velocity of loan throughput and more flexible payments.
“The Asia Pacific region has many forward-looking regulators such as the HKMA, who are looking to leverage the capabilities of blockchain and crypto technology. It’s a huge honor for Ripple to be one of the select few organizations participating in the HKMA’s e-HKD Pilot Programme. We now have the opportunity to demonstrate how real estate asset tokenization could be brought to the citizens of Hong Kong, and are confident that our fully integrated solution will be an industry-first use case demonstrating the power of leveraging a CBDC for real estate equity asset release,” said James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs.
As part of the inaugural e-HKD Rail 2 Pilot Programme, Ripple executives attended the commencement event on May 18th hosted by Mr. Eddie Yue, Chief Executive of the HKMA.
About Ripple
Ripple is a crypto solutions company that transforms how the world moves, manages and tokenizes value. Ripple’s business solutions are faster, more transparent, and more cost effective - solving inefficiencies that have long defined the status quo. And together with partners and the larger developer community, we identify use cases where crypto technology will inspire new business models and create opportunity for more people. With every solution, we’re realizing a more sustainable global economy and planet - increasing access to inclusive and scalable financial systems while leveraging carbon neutral blockchain technology and a green digital asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without economic borders.
About the XRP Ledger
The XRP Ledger (XRPL) is an open source, public and decentralized Layer 1 blockchain led by a global developer community. It is fast, energy-efficient, and reliable. For more than ten years, it has been the blockchain best suited to enable settlement and liquidity of tokenized assets at scale. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a strong open-source foundation for executing on the most demanding projects – without impacting the XRPL’s lean and efficient feature set. XRPL enables a wide variety of services and use cases including payments, on-chain finance, and tokenization. Learn more at XRPL.org.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230518005199/en/
Contact information
Raquel Prieto, Ripple Global Communications
Sheryl Tham, Ripple Asia Pacific Communications
press@ripple.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Lattice Introduces Industry’s First Small Embedded Vision FPGA with Integrated USB26.9.2023 23:00:00 EEST | Press release
Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced the Lattice CrossLinkU™-NX FPGA family, the industry’s first FPGAs with integrated USB device functionality in their class. CrossLinkU-NX FPGAs help accelerate USB-equipped system designs and simplify thermal management through a combination of a hardened USB controller and physical layer (PHY), a unique low power standby mode, and a complete set of reference designs. Extending Lattice’s embedded vision sensor bridging leadership with USB host interfaces, CrossLinkU-NX FPGAs are designed to meet growing customer needs to simplify USB-based design for applications across the Computing, Industrial, Automotive, and Consumer markets. “Reducing power consumption, total cost of ownership, and design footprint are critical for expanding the potential of AI and vision applications,” said Dan Mansur, Vice President, Product Marketing, Lattice Semiconductor. “Lattice CrossLinkU-NX FPGAs are optimized to addr
Demand Increases for Project Professionals with AI Skills, Yet PMI Research Finds Only 18% Have Practical Experience26.9.2023 18:00:00 EEST | Press release
Project Management Institute (PMI), the world's leading organization for the project management profession, is empowering millions of global project professionals worldwide to adopt, embrace, and leverage artificial intelligence (AI), machine learning (ML), and generative AI (GenAI). PMI is developing the tools, resources, and learning opportunities – including a free, introductory online course entitled “Generative AI Overview for Project Managers” – project professionals need to leverage AI powered technology while preserving the human touch in project management. According to McKinsey, GenAI and other technologies have the potential to automate work activities that absorb 60 to 70 percent of employees’ time today. But tools cannot automate interpersonal skills, the invaluable and very necessary skills project managers bring to projects. Communication, problem-solving, collaborative leadership, and strategic thinking – skills PMI calls “power skills” – will continue to be crucial to
Aktana Announces New Strategy Suite to Give Biopharma Leaders Unprecedented Visibility and Control Over Omnichannel Campaign Effectiveness26.9.2023 18:00:00 EEST | Press release
Today, at the inaugural Aktana Innovation Exchange (AIx) event, Aktana, Inc., the leader in intelligent customer engagement for the global life sciences industry, announced three new products that transform customer engagement programs by dynamically tightening the connection between strategy, tactical execution and time to impact. AIx is a collaborative event hosting executives from more than 35 life sciences and technology companies with the sole mission of improving the rate of innovation in applying AI and machine learning to commercial and medical programs. In recent research conducted by Aktana with 20 biopharma companies, more than 75% of respondents cited a severe challenge in achieving direct line of sight of how strategies are being executed in the field and knowing when tactics should be modified. The gap between strategy and delivering precision execution of pharmaceutical commercial campaigns is a constant hurdle across the industry, with new drug launches failing to meet
Improbable ventures into new worlds, unveils robust financial performance, underpinned by exciting innovation developments and standout progress made through recent sports events26.9.2023 17:30:00 EEST | Press release
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230926212157/en/ (Graphic: Business Wire) Highlights With a combination of gaming technology, new AI capabilities and metaverse infrastructure, the metaverse is delivering more interesting, exciting and useful experiences, boosted by the creator economy. For instance, sports has taken the lead in investments and ambitious projects, driven by the appetite of current and new fans for exclusive, fun content that enables them to consume their sport in a unique fashion with their community, and allowing rights owners new and innovative ways to monetize their content. Having completed its transformation, Improbable is now clarifying its brand mission as a venture builder, creating new ventures based upon its own backbone technology. The company has reorganized and now has three primary areas of activities: Metaverse technology development Metaverse and metaversal experiences developme
ClickHouse Announces ClickPipes: A Continuous Data Ingestion Service for ClickHouse Cloud26.9.2023 17:16:00 EEST | Press release
ClickHouse Inc., creator of the popular open-source columnar database designed for real-time analytics, today announces the general availability of ClickPipes, which connects external data sources directly into ClickHouse Cloud. ClickPipes allows users to set up continuous data pipelines in just a few clicks and launches with integrations for Confluent Cloud, Amazon MSK and Apache Kafka, with plans to add more. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230926621382/en/ ClickPipes powers seamless data ingestion for real-time analytics (Graphic: Business Wire) “Setting up reliable data pipelines can be a tedious task. By providing a user-friendly continuous ingestion experience for ClickHouse Cloud, users can now focus on what really matters: extracting insights from their data,” says Aaron Katz, Co-founder and CEO of ClickHouse, Inc. “Besides its existing connectors, ClickPipes also represents the foundation of a serverl
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom