Hong Kong Monetary Authority (HKMA) Announced Pilot Phase of Project Ensemble after Sandbox Experiments to Support Real-Value Transactions in Tokenised Deposits & Digital Assets

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Hong Kong Monetary Authority (HKMA) Announced Pilot Phase of Project Ensemble after Sandbox Experiments to Support Real-Value Transactions in Tokenised Deposits & Digital Assets

14th November | Hong Kong 

Hong Kong Monetary Authority (HKMA) has announced the pilot phase of Project Ensemble after sandbox experiments to support real-value transactions in tokenised deposits & digital assets.  Announcement (13/11/25): “The Hong Kong Monetary Authority (HKMA) today (13 November) announced the launch of Ensemble^TX, marking the commencement of the pilot phase of Project Ensemble.  This milestone represents a significant advancement in enabling real-value transactions involving tokenised deposits and digital assets within a controlled pilot environment.  Ensemble^TX builds upon the successful outcomes of the Ensemble Sandbox experimentation, which since August 2024 has allowed industry pioneers to test comprehensive end-to-end use cases for settling digital asset transactions using experimental tokenised deposits.  In the new pilot phase, the HKMA, participating banks (Annex A) and other industry pioneers (Annex B) aim to enable faster, more transparent and efficient settlement of real-value tokenised transactions.  The initial focus will be on empowering market participants to utilise tokenised deposits in tokenised money market fund transactions, and to manage liquidity and treasury needs in real time.  To establish a strong foundation for further innovation, Ensemble^TX will operate throughout 2026.  Interbank settlement of tokenised deposit transactions will initially be facilitated via the HKD Real Time Gross Settlement (RTGS) system.  The pilot environment will be progressively upgraded and enhanced to support settlement in tokenised Central Bank Money (CeBM) on a 24/7 basis.  This evolution will further enable the continuous development of Hong Kong’s broader tokenisation ecosystem.  The HKMA and the Securities and Futures Commission (SFC), a key partner and member of the Ensemble Architecture Community, will continue to collaborate closely to advance the practical applications of tokenisation technology across a diverse set of asset classes, use cases, and sectors within the financial industry.”  In 2024 August, the Hong Kong Securities & Futures Commission and Hong Kong Monetary Authority (HKMA) announced the launch of Project Ensemble Sandbox to lead tokenisation initiatives for the asset management industry in Hong Kong, including to drive common standard for settlement, pilot-test interbank settlement of tokenised asset transactions & identify hurdles. 

“ Hong Kong Monetary Authority (HKMA) Announced Pilot Phase of Project Ensemble after Sandbox Experiments to Support Real-Value Transactions in Tokenised Deposits & Digital Assets “

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Hong Kong SFC & HKMA Announce Launch of Project Ensemble Sandbox to Lead Tokenisation Initiatives for the Asset Management Industry in Hong Kong Including to Drive Common Standard for Settlement, Pilot-Test Interbank Settlement of Tokenised Asset Transactions & Identify Hurdles

29th August 2024 – The Hong Kong Securities & Futures Commission and Hong Kong Monetary Authority (HKMA) have announced the launch of Project Ensemble Sandbox to lead tokenisation initiatives for the asset management industry in Hong Kong, including to drive common standard for settlement, pilot-test interbank settlement of tokenised asset transactions & identify hurdles.  Announcement (28/8/24): “The Securities and Futures Commission (SFC) welcomes the Hong Kong Monetary Authority’s (HKMA) launch of the Project Ensemble Sandbox (the Sandbox) today, and is pleased to co-lead with the HKMA the tokenisation initiatives for the asset management industry to build and scale the tokenisation market in Hong Kong.  Today’s launch of the Sandbox marks an important effort by the regulatory and financial community to drive a common standard for tokenised asset settlement in the Hong Kong market and beyond. Through the various use cases, participating financial institutions will pilot-test interbank settlement of tokenised asset transactions with tokenised money. They will also identify hurdles in reaping the full benefits of on-chain primary issuance, secondary market trading, custody and hypothecation during the full product life cycle.  In the process, the SFC will work closely with the HKMA to provide regulatory guidance and address the industry’s concerns that arise from these cases. Industry participants are also welcome to reach out to the SFC and the HKMA on new tokenisation ideas for trial in the Sandbox.  At the Sandbox launch ceremony hosted by the HKMA, Ms Julia Leung, Chief Executive Officer of the SFC, delivered opening remarks in support of the Sandbox as well as the industry’s adoption of tokenisation. Representatives from the SFC also joined the HKMA in a media briefing to provide more details on the technical aspect and implementation of the Sandbox.”

Julia Leung, Chief Executive Officer of the SFC: “The Sandbox launch today is a clear example of how innovation and regulation can go hand in hand to blaze a new path for our financial markets. As two major architects of Hong Kong’s financial markets, the SFC and the HKMA share the same vision and dedication to future-proofing the city’s financial system through innovative market infrastructure.”

Eddie Yue, Chief Executive of the HKMA: “The introduction of the Project Ensemble Sandbox to test tokenisation use cases marks a significant step forward for the HKMA and the industry to explore the application of tokenisation in real-life business scenarios. Since the launch of Project Ensemble in March, we have been encouraged by the strong interest from the industry in pioneering innovative solutions to redefine the digital finance landscape. The HKMA looks forward to collaborating with the SFC, other central banking institutions, academia, and all relevant industry participants to further drive innovation and progress in the Hong Kong tokenisation market.”

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