HSBC, one of the world’s largest banks, has reportedly introduced a new digital product in Hong Kong that allows retail customers to invest in tokenized gold. The HSBC Gold Token, which can now be accessed through HSBC’s online banking and mobile app, is the first of its kind to be offered by the bank. Tokenized gold is a representation of physical gold on a blockchain platform. According to CoinGecko, the value of tokenized gold assets exceeded $1 billion in 2023. This new offering from HSBC is also the first retail product in Hong Kong to utilize distributed ledger technology, authorized by the Securities and Futures Commission (SFC). The introduction of this product follows HSBC’s earlier announcement of creating tokens representing gold holdings stored in a London vault. Hong Kong is actively promoting the use of digital assets, with the SFC stating that tokenized products can enhance efficiency, transparency, and reduce operational costs. Sami Abouzahr, HSBC’s Hong Kong head of investments and wealth solutions, emphasized the convenience and accessibility that asset tokenization brings, specifically highlighting the HSBC Gold Token as an example.
