HONG KONG – October 31, 2025 – Mastercard recently completed Phase 2 of the Hong Kong Monetary Authority’s (HKMA) e-HKD Pilot Programme in partnership with Airstar Bank and KASIKORNBANK (KBank). During the programme, the three parties collaborated on a pilot use case exploring the application of an e-HKD and tokenized deposits in enhancing supply chain finance between Hong Kong and Thailand. The pilot focused on improving payment efficiency, transparency and liquidity across multi-tier supplier networks, while further strengthening supply chain resilience.

In collaboration with the two banks, the pilot examined the potential of digital money to reshape supply chain finance by addressing the slow, opaque and costly nature of traditional fiat systems. The initiative tested distinct workflows for an e-HKD and tokenized deposits, with the latter leveraging Mastercard’s Multi-Token Network (MTN) to mint tokens embedded with smart contract logic. This allowed suppliers to request early payments and facilitated seamless, automated fund transfers via a supply chain finance platform—enhancing transparency, speed and access to liquidity.

The pilot highlighted the potential of digital currencies to enable deep-tier financing, enabling broader corporate participation in global trade and supporting sustainability goals. However, scaling such solutions across borders will require strong interoperability and regulatory alignment. Banks must upgrade systems to integrate these technologies, while regulators must achieve cross-border interoperability to ensure seamless cross-jurisdictional fund movement.

Helena Chen, Senior Vice President and General Manager, Hong Kong and Macau, Mastercard, said, “In partnership with Airstar Bank and KBank, Mastercard supports Phase 2 of the HKMA's e-HKD Pilot Programme, reinforcing its commitment to empowering small and medium-sized enterprises (SMEs) and strengthening Hong Kong's supply chain ecosystem. As a trusted partner in the digital economy, the company remains dedicated to advancing the government's vision for innovation and inclusive growth.”

Justin Hu, Chief Executive of Airstar Bank, said: “Airstar Bank is pleased to have partnered with Mastercard and KBank to successfully conclude our work on Phase 2 of the HKMA’s e-HKD Pilot Programme. This tripartite trial has underscored the immense potential of digital money for corporate cross-border transactions and supply chain finance. Airstar Bank will continue to work closely with the industry and fully support regulatory-led initiatives, fostering diverse applications to provide secure and convenient payment services for the real economy.”

Mastercard was selected for Phase 1 of the e-HKD Pilot Programme in May 2023 and completed the pilots in November 2023, demonstrating the effectiveness of its MTN in settling Web3 transactions involving decentralized applications and digital assets.

For more information, please refer to the pilot factsheet.

About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

About Airstar Bank
Airstar Bank is a digital bank in Hong Kong with Xiaomi Corporation and Futu Group as its key shareholders. The Bank upholds the virtue of financial inclusion by making cutting edge digital banking services accessible at our customers' fingertips. Airstar Bank has become a licensed bank under the Hong Kong Monetary Authority since May 9, 2019.

About KASIKORNBANK (KBank)
KASIKORNBANK (KBank) is a leading financial institution with a strong 80-year history in Thailand and a significant presence across the AEC+3 region. KBank Hong Kong branch has been a cornerstone of cross-border services for over 30 years, facilitating foreign investment into Hong Kong and supporting regional expansion of Hong Kong enterprises. With a deep commitment to financial innovation, KBank is at the forefront of exploring CBDC and mBridge technologies.