Visa selected by HKMA with two leading banks in Hong Kong as participants in its CBDC pilot



Visa, a world leader in digital payments, today announced its participation in Hong Kong Monetary Authority’s (HKMA) e-HKD Pilot Programme (“Pilot Programme”). As part of the Pilot Programme, Visa has been selected by HKMA along with HSBC and Hang Seng Bank as participants to launch the research and testing of CBDC (Central Bank Digital Currency) use cases. In the coming months, Visa will work to collaborate with these two leading banks in Hong Kong to explore the feasibility of tokenised deposits, which includes the digital settlement of such tokenized deposits.

As part of a three-rail approach to start paving the way for any possible e-HKD implementation in a prudent manner, the HKMA launched the e-HKD Pilot Programme in November 2022. A component of the programme is the e-HKD sandbox, through which various stakeholders, including banks and the industry, can take deep dives into use cases, examine implementation and design issues relating to e-HKD, and gain actual experience. To be selected in the pilot programme, organisations must demonstrate five key criteria, which are the ability to be “Hong Kong-centric”, at the “forefront of innovation”, “customer-centric”, “readily testable”, and “regulation-compliant”.

“The future of money is digital. We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As a leading payment network, we will continue to help shape and build the ecosystem,” says Shirley Yu, Senior Vice President and Group General Manager of Greater China, Visa. “Visa is committed to furthering the acceleration of the digital economy with our participation in the e-HKD Pilot Programme, and we are extremely grateful for the continued support from HKMA and collaboration with HSBC and Hang Seng Bank along this journey.”

“It is a huge honour for Visa to be selected as one of the participating companies in the HKMA’s pilot programme. We’re excited to contribute to the next phase – piloting actual use cases – experimenting with new forms of money movement.” says Nischint Sanghavi, Head of Digital Currencies of Asia Pacific, Visa.

Visa works with Central Banks around the world and other players of the payment ecosystem to identify compelling CBDC opportunities that can be scaled and executed through secure, innovative, convenient, and reliable technologies. Visa has been active across CBDC development and has won various accolades including the winner of Monetary Authority of Singapore’s (MAS) Global CBDC Challenge at the Singapore Fintech Festival 2021, the Best Ecosystem Award in HKMA’s CBDC Global Fast Track 2022, and finalist status at the Central Bank of Brazil’s LIFT Challenge in 2022.

“Visa is eager to work with Central Banks to help identify the most compelling CBDC use cases and where there is clear benefit based on a Central Bank’s own determination,” said Eduardo Lopez, Vice President, Blockchain Products, Visa. “We’re focused on helping them bring CBDC to life with secure, convenient, and reliable technologies that can seamlessly integrate with the existing payments ecosystem.”

This participation in the HKMA’s e-HKD Pilot Programme offers an exciting avenue for us to continue doing what we do best - working with partners to develop innovative digital payment solutions that can help individuals, businesses and governments participate in the digital economy and ultimately thrive.


About Visa
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at