HSBC, the British multinational bank that manages the largest number of assets in Europe, redoubled its interest in digital currencies. The bank is looking for a senior executive to work with asset tokenization.
On January 30, HSBC opened the position of GPBW tokenization product manager with a hiring process that will end on February 13. According to the job description, the “director of tokenization would be responsible for ‘designing and implementing’ a global tokenization proposition and representing the bank with regulators and the digital asset ecosystem.”
The candidate must have knowledge about digital assets, especially about tokenization and custody of assets, with “deep knowledge” of the sector and the main geographic markets for wealth.
This marks the acceleration of HSBC’s interest in digital currencies, which had previously manifested itself in a series of collaborations. In April 2022, the bank launched its metaverse investment product for wealthy clients in Singapore and Hong Kong. Previously, he joined the Global Markets Advisory Committee of the US Commodity Futures Trading Commission.
However, HSBC’s main area of interest lies in the global development of central bank digital currencies (CBDCs). In September 2021, HSBC Group CEO Noel Quinn underlined the bank’s commitment to supporting central bank digital currencies, while underlining his skepticism about the risks associated with cryptocurrencies and stablecoins.
The UK bank participated in the Federal Reserve Bank of New York’s 12-week CBDC pilot. He was present at the launch of the Universal Digital Payments Network, a distributed ledger technology (DLT) platform that would serve a similar purpose as the SWIFT network for banks, but for stablecoins and CBDCs. HSBC is also one of 14 central and commercial banks collaborating with SWIFT to test transactions with CBDCs and tokenized assets on existing financial infrastructure.
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