The Hong Kong Monetary Authority (HKMA) has introduced a program to help banks integrate distributed ledger technology.
Through its "Supervisory Incubator for Distributed Ledger Technology," Hong Kong's central bank aims to help banks implement distributed ledger technology securely and take full advantage of its benefits.
On January 8, the central bank announced this initiative, stressing the importance of creating an environment conducive to innovation as the banking sector evolves.
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According to Arthur Yuen, deputy executive director of the HKMA, the Supervisory Incubator for DLT is a crucial aspect of its strategy to foster the development of DLT-based solutions that are secure, efficient and beneficial to the banking sector and the wider community.