PwC and Xalts partner to promote tokenization in finance

The deal will allow both parties to leverage on business opportunities in blockchain technology.

PwC China and Xalts have announced their joint business relationship that aims to promote tokenized, programmable assets, and other blockchain technology applications in financial services. 

PwC China partner Peter Brewin said the agreement “allows PwC and Xalts to explore business opportunities within the blockchain and tokenization space.”

“PwC sees enormous potential for programmable assets to deliver important innovations for the financial services industry, including wholesale payments and trade finance,” he added.

According to PwC, Xalts’ technology infrastructure comprises modular application studios which combine smart contract libraries compatible with multiple blockchains with no-code workflow orchestration and design. This enables financial institutions to compose solutions that connect multiple off-chain systems and processes with on-chain solutions. 

The hybrid nature of the solution also allows financial services clients to implement production-ready solutions that are regulatory compliant and do not require a lot of upfront investment.

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This partnership comes after the Hong Kong Monetary Authority (HKMA) launched the wholesale central bank digital currency (wCBDC) Project Ensemble. Prior to this, HKMA tested retail CBDC in May 2023 and recently announced a stablecoin issuer sandbox.