The Hong Kong Monetary Authority ("HKMA") has announced the launch of EnsembleTX, the pilot phase of Project Ensemble, to support real-value transactions involving tokenised deposits and digital assets. This new phase, set to operate through 2026, aims to facilitate faster, more transparent, and efficient settlement of these transactions. The initial focus is on tokenised money market fund transactions and real-time liquidity management. The pilot will operate through the HKD Real Time Gross Settlement ("RTGS") system and will be expanded to support tokenised Central Bank Money ("CeBM"). The HKMA and the Securities and Futures Commission ("SFC") will collaborate to advance practical applications of tokenisation technology. Key officials have expressed the significance of this milestone and the invitation to stakeholders for further development.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Hong Kong Monetary Authority ("HKMA") has announced the commencement of the pilot phase of Project Ensemble through the launch of EnsembleTX. This initiative represents a significant milestone for enabling real-value transactions involving tokenised deposits and digital assets within a controlled pilot environment.
EnsembleTX builds on 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 achieve faster, more transparent, and efficient settlement of real-value tokenised transactions. The initial focus will be on enabling market participants to utilize 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, EnsembleTX 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, fostering 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.
Mr. Eddie Yue, Chief Executive of the HKMA, stated, "EnsembleTX marks a pivotal moment in our journey, upgrading from proof-of-concept to a real-value setting. It is where innovation meets implementation, and the concepts and details tested in the Ensemble Sandbox are now applied in real-value transactions, delivering tangible benefits to market participants. This milestone underscores Hong Kong’s pioneering role in shaping the future of digital finance, both regionally and globally. The HKMA invites stakeholders with innovative real-value use cases that leverage tokenised deposits to take part in this collaborative effort to further develop Hong Kong’s tokenisation ecosystem."
Ms. Julia Leung, Chief Executive Officer of the SFC, said, "To scale tokenisation of investment products, interoperability is key. A critical step in that direction is today’s initiative announced by the HKMA which will gradually allow interbank settlement of tokenised deposits in real time 24/7. The SFC is committed to walking with the HKMA and the market participants in driving forward advanced tokenisation use cases leveraging EnsembleTX and building a dynamic and future-ready financial ecosystem."
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