Visa, along with HSBC and Hang Seng Bank, has launched a trial of tokenised deposits in the Hong Kong e-HKD pilot programme. The trial covers two use cases, real estate transaction settlement and Visa card payment. Visa points out that tokenised deposits can not only improve settlement efficiency, but also innovate new business applications. Realizing the benefits of tokenised deposits requires further development of interoperability between different banks, says HSBC's Vincent Lau. Trials have shown that tokenised deposits can improve business efficiency and transparency through streamlined processes, reduced manual verification and near real-time settlement times, while blockchain technology also enhances data transparency. Despite regulatory evolution and infrastructure building challenges, Visa and HSBC are optimistic about the practical effects of tokenized deposits. This development shows Hong Kong's positive attitude towards exploring and promoting new financial technologies, especially in the application of CBDC and interbank settlement.