ConsenSys > Case Studies > Consensys and Hong Kong Monetary Authority's Collaboration on Project Inthanon-LionRock

Consensys and Hong Kong Monetary Authority's Collaboration on Project Inthanon-LionRock

Technology Category

Networks & Connectivity - NFC

Applicable Industries

Finance & Insurance

About The Customer

The customer in this case is the Hong Kong Monetary Authority (HKMA), a government authority in Hong Kong responsible for maintaining monetary and banking stability. The HKMA, in collaboration with the Bank of Thailand (BOT), initiated Project Inthanon-LionRock to explore the application of a central bank digital currency (CBDC) for cross-border payments. The project was in its second implementation phase and the HKMA was seeking a technology partner to develop a proof-of-concept for the CBDC. The HKMA selected Consensys for this task, given the company's experience with leading central banks and its expertise in designing and delivering decentralized payment networks.

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The Challenge

The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) initiated Project Inthanon-LionRock in May 2019. The project aimed to explore the application of a central bank digital currency (CBDC) for cross-border payments. The challenge was to develop a technology that could support a proof-of-concept for a central bank digital currency. The technology needed to prioritize scalability, security, and interoperability. The project was in its second implementation phase and required a partner with experience in designing and delivering decentralized payment networks.

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The Solution

Consensys, a leading technology firm with a track record of designing and delivering decentralized payment networks, was selected by the HKMA to lead the second phase of Project Inthanon-LionRock. The company was tasked with developing technology for a central bank digital currency proof-of-concept. Consensys planned to use its enterprise Ethereum stack to test solutions that prioritize scalability, security, and interoperability. The company was set to work alongside PricewaterhouseCoopers Limited and Forms HK on the project. Consensys' experience with leading central banks, including the Monetary Authority of Singapore and the South African Reserve Bank, made it a suitable choice for the project.

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