HKMA expands Project Ensemble to 24/7 tokenised settlement

The Hong Kong Monetary Authority said Project Ensemble has moved into a new phase that allows 24/7 interbank settlement of tokenised deposit transactions in tokenised central bank money, widening the scope of its pilot for tokenised finance in Hong Kong.

Evidence and context

In its announcement on 2 November, the HKMA said Ensemble TX, the pilot phase of Project Ensemble, now supports interbank settlement of tokenised deposit transactions in tokenised Central Bank Money on a round-the-clock basis. The authority said the number of participating banks has risen to 12 and industry pioneers to 20, indicating broader involvement in the pilot.

The HKMA said the new capability enables participating banks and industry pioneers to use tokenised central bank money for settlement beyond conventional operating hours, which it said is intended to meet the needs of an increasingly global and always-on digital financial market. Ensemble TX was launched in November 2025 and initially used the HKD Real Time Gross Settlement system for interbank settlement of tokenised deposit transactions under a controlled pilot environment.

The announcement said the original pilot supported real-value transactions involving tokenised deposits and digital assets, including use cases where industry pioneers leveraged tokenised deposits provided by participating banks for corporate treasury management and tokenised money market fund transactions. The HKMA said the latest capability is intended to help scale transactions and support further exploration of tokenisation use cases.

HKMA Chief Executive Eddie Yue said, "In just two years, Project Ensemble has transitioned from experimentation and piloting to a new phase focused on promoting the commercialisation of tokenisation applications in Hong Kong." He added that the upgrade of the infrastructure shows the HKMA’s determination to foster the tokenisation ecosystem and said the commercialisation of tokenised deposits and digital assets is expected to gain momentum.

SFC Chief Executive Officer Julia Leung said the introduction of 24/7 interbank settlement in tokenised central bank money is "a significant step towards a more scalable tokenised market in Hong Kong." She said tokenised deposits can now power around-the-clock transactions, including corporate treasury management and secondary trading of tokenised funds on licensed platforms.

The HKMA said it will continue working with the Securities and Futures Commission to support the development of a tokenised financial ecosystem and related market infrastructure. The announcement did not provide a timetable for the next phase of the project.