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On November 2, the Hong Kong Monetary Authority (HKMA) co-hosted the eighth edition of the city’s flagship event together with InvestHK.
The event saw several launches, including HSBC’s prototype of a decentralized identity (DID) solution using Polygon ID and the launch of an nft commemorating the HKMA’s 30th anniversary.
Building digital identities
In a follow-up post on the technology/blog/why-hsbc-is-building-a-decentralized-identity-solution-with-polygon-id?utm_source=twitter&utm_medium=social&utm_content=hsbc-blog” rel=”noreferrer noopener”>polygon website, brings to light more information about the DID solution and its use cases, including how it works. The post claims that upon opening an account with HSBC, customers undergo a KYC process, resulting in the creation of a verified credential. This credential would effectively allow users to access their HSBC account, make purchases, apply for loans and manage carbon credits.
In particular, HSBC’s ID system has the flexibility to draw information from a wide range of identity issuers, which can include government agencies, credit agencies, telecommunications companies and public service providers.
This demo was held in conjunction with the Animoca Brands hackathon, AWS Cloud and Mocaverse nft, Cyberport Hong Kong, AWS and Polygon presenting an enablement program and advertisements from the HKMA, including the December 4 FPS x PromptPay QR payment, the e-HKD pilot program, and the release of a commemorative nft for guests attending the event.
First place for crypto-ready countries
This week’s event, along with the number of announcements that have emerged, provides another indication that Hong Kong has truly become one of the most crypto-ready countries and that the October 2022 announcement made by authorities to help With the development of the market it is fulfilled. some weight.
