HSBC launches tokenised gold for retail customers in Hong Kong as government pushes for publicly accessible digital assets

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HSBC Gold Token, which will be available on the lender’s online banking and mobile app, is the first such retail product to be issued by a bank, according to HSBC

Tokenised products can be recorded digitally on the blockchain, offered directly to end-investors, distributed by intermediaries or traded

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HSBC says it is focusing on investing in distributed ledger technology, identifying which assets to develop as digital products. Photo: Yik Yeung-man

Aileen Chuang

Published: 10:28am, 27 Mar 2024

HSBC has launched tokenised gold to its retail customers in Hong Kong as part of a push by the bank and the government to make real-world assets available in digital form.

HSBC Gold Token, which will become available today on the lender’s online banking and mobile app, is the first such retail product to be issued by a bank, according to HSBC, as the government pushes for more digital assets to be rolled out for public use.

Tokenised gold refers to physical gold whose ownership rights are stored digitally on a blockchain.

“We acknowledge the rising demand for digital assets and the existing familiarity of our customers with gold investment,” said Maggie Ng, general manager and head of wealth and personal banking Hong Kong at HSBC.

Tokenised gold assets are not a new concept – they surpassed US$1 billion in value globally in 2023, according to CoinGecko, a platform that tracks the industry.

‘We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology,’ said Maggie Ng, general manager and head of wealth and personal banking for Hong Kong at HSBC. Photo: SCMP Handout

“We are proud that HSBC Gold Token, powered by HSBC Orion, is the first retail product in Hong Kong that is based on distributed ledger technology, as authorised by the Securities and Futures Commission (SFC),” said Ng.