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British multinational bank HSBC, which controls the largest amount of assets in Europe, has increased its focus on digital currencies in recent years. The financial institution is looking to hire a senior executive who will focus on asset tokenization.
On January 30, HSBC announced the opening of a post for GPBW tokenization product directors, and the deadline for applications was set for February 13. According to the role description, the “tokenization director” will be responsible for “creating and executing” tokenization offerings worldwide as well as representing the bank before regulators and the digital asset ecosystem.
Applicants must be familiar with digital assets, in particular tokenization and asset custody, and have an “in-depth insight” into the sector as a whole as well as the important wealth markets in various geographic locations.
This marks the acceleration of HSBC’s interest in digital currencies, which has previously been represented in a number of partnerships between the two companies. The bank started offering metaverse investment products to its wealthy customers in Singapore and Hong Kong in April 2022. The target audience for these investments is metaverse. Previously, the company was a member of the Global Markets Advisory Committee of the United States Commodity Futures Trading Commission.
However, the most significant area of interest for HSBC is the expansion of digital currencies used by central banks around the world (CBDC). Noel Quinn, CEO of HSBC Group, provided an overview of the company’s commitment to supporting digital currencies issued by central banks by September 2021. However, he stressed concerns about the dangers associated with cryptocurrencies and stablecoins.
The Bank of England is a participant in a proof-of-concept CBDC project run by the Federal Reserve Bank of New York for a period of twelve weeks. It comes during the unveiling of the Universal Digital Payments Network, which is a platform for distributed ledger technology (DLT) that will serve a role comparable to the SWIFT network for banks, but instead for stablecoins and CBDCs. Additionally, HSBC is one of 14 commercial banks and central banks working with SWIFT to test transactions including CBDCs and token assets on pre-existing financial infrastructure.
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