{"id":78873,"date":"2023-10-31T08:23:14","date_gmt":"2023-10-31T12:23:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ripple-labs-and-hong-kongs-fubon-bank-team-to-offer-property-equity-access-to-locals\/"},"modified":"2023-10-31T08:23:18","modified_gmt":"2023-10-31T12:23:18","slug":"ripple-labs-and-hong-kongs-fubon-bank-team-to-offer-property-equity-access-to-locals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78873","title":{"rendered":"Ripple Labs and Hong Kong\u2019s Fubon Bank Team to Offer Property Equity Access to Locals"},"content":{"rendered":"<div>\n<figure id=\"attachment_124017\" aria-describedby=\"caption-attachment-124017\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-124017\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>Ripple Labs is working on a pilot program with Hong Kong\u2019s Fubon Bank to offer property equity access to residents.<\/p>\n<p>The developer of the XRP cryptocurrency revealed that the collaboration is a part of the e-HKD pilot project. Ripple and Fubon Bank were selected to demonstrate a use case for the settlement of tokenized assets, it added.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is a very proud moment for the Ripple <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> team &amp; our partners.  We&#8217;ve worked together on a proof of concept for hypothetical e-HKD Pilot Programme for <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/HKMA?src=hash&amp;ref_src=twsrc%5Etfw\">#HKMA<\/a> to help realize home equity. \ud83d\udc47 https:\/\/t.co\/xvp6o1asBp<\/p>\n<p>\u2014 Mary C. Hall (@SystemsandTech) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/SystemsandTech\/status\/1719143423343833105?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p>Under the proposed solution, the partners employ \u201cstate-of-the-art technology\u201d to offer a Home Equity Line of Credit (HELOC) for citizens. The collective goal of the venture is to address the escalating demand for tokenized real estate equity.<\/p>\n<p>The HELOC pilot project also involves participation from five key players, including Hex Trust, Stratford Finance, KodeLab, BCW, and TOKO.\n<\/p>\n<p>\nThe e-HKD is Hong Kong\u2019s central bank digital currency (CBDC), which was launched in May. The regulator \u2013 Hong Kong Monetary Authority (HKMA) \u2013highlighted that e-HKD has the potential to settle payments quicker and more cost-effectively.<\/p>\n<p>\u201cThe integration of a hypothetical e-HKD into the HELOC facility potentially offers numerous advantages,\u201d the company noted. For instance, users benefit from a streamlined online platform, receiving quicker loan approvals and all-time access to property equity.<\/p>\n<p>The solution also improves efficiency with end-to-end cryptography on the operational front, enabling real-time reporting and eliminating manual processes.\n<\/p>\n<blockquote>\n<p>\u201cPotential developments include full property title deed tokenization, extending the pilot to broader lending markets, and exploring international applications.\u201d<\/p>\n<\/blockquote>\n<p>\nThe e-HKD pilot program noted that customers would receive a simulated access to the HELOC function through the bank\u2019s application. \u201cUpon acceptance, a e-HKD wallet is automatically created and a tokenized version of the property is allocated to the customers.\u201d<\/p>\n<p>The pilot also offers a flexible fund drawdown, allowing customers to gain 24\/7 control over e-HKD funds.<\/p>\n<p>Ripple Labs added that it would expand the use cases of the HELOC pilot based on the findings.\n<\/p>\n<blockquote>\n<p>\u201cPotential developments include full property title deed tokenization, extending the pilot to broader lending markets, and exploring international applications.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/ripple-labs-and-hong-kongs-fubon-bank-team-to-offer-property-equity-access-to-locals.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay Ripple Labs is working on a pilot program with Hong Kong\u2019s Fubon Bank to offer property equity access to residents. The developer of the XRP cryptocurrency revealed that the collaboration is a part of the e-HKD pilot project. Ripple and Fubon Bank were selected to demonstrate a use case for the settlement of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-78873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ripple Labs and Hong Kong\u2019s Fubon Bank Team to Offer Property Equity Access to Locals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay Ripple Labs is working on a pilot program with Hong Kong\u2019s Fubon Bank to offer property equity access to residents. 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