On November 2, the Hong Kong Monetary Authority (HKMA) co-hosted the eighth edition of the city’s flagship event alongside InvestHK.
At the event, several releases were released, including HSBC’s prototyping of a decentralized identity (DID) solution using Polygon ID and the release of an NFT commemorating the 30th anniversary of the HKMA.
Building digital identities
In a follow-up article on the Polygon website, more information about the DID solution and its use cases is highlighted, including how it works. The message states that when opening an account with HSBC, customers are subject to a KYC process, resulting in the creation of a verified ID. This identifier would effectively allow users to access their HSBC account, make purchases, request loans and manage carbon credits.
Notably, the HSBC ID system has the flexibility to extract information from a wide range of identity issuers, which may include government agencies, credit bureaus, telecommunications companies and suppliers of public services.
This demo ran alongside Animoca Brands, AWS Cloud and Mocaverse NFT hackathon, Cyberport Hong Kong, AWS and Polygon showcasing an activation program and HKMA announcements including the December 4 FPS x PromptPay QR payment , the e-HKD pilot program and the release of a commemorative NFT for guests who attended the event.
First place for crypto-ready countries
This week’s event, and the number of announcements that have resulted from it, provide another indication that Hong Kong has truly become one of the most cryptocurrency-ready countries and that the announcement of October 2022 made by the authorities to help market development is valid. a little weight.