The Hong Kong Monetary Authority has enabled 24/7 interbank settlement of tokenised deposits in tokenised central bank money under Ensemble TX. This extends the pilot beyond its initial use of the Hong Kong dollar Real Time Gross Settlement system. Participation has grown to 12 banks and 20 industry pioneers.
Policy & regulationImplementation, projects & pilotsCBDCTokenizationPayments and payment systems
The Hong Kong Monetary Authority (HKMA) has upgraded Ensemble TX, the pilot phase of Project Ensemble, to enable 24/7 interbank settlement of tokenised deposit transactions in tokenised central bank money (CeBM). Participation has expanded to 12 banks and 20 industry pioneers. The upgrade forms part of the tokenisation work under the HKMA’s Fintech 2030 strategy.
Launched in November 2025, Ensemble TX initially used the Hong Kong dollar Real Time Gross Settlement system for interbank settlement, enabling transactions involving tokenised deposits and digital assets with real monetary value in a controlled pilot environment. Applications have included corporate treasury management and tokenised money market fund transactions using deposits provided by participating banks. The new capability extends settlement beyond conventional operating hours, supporting transactions across an increasingly global digital financial market.
The Hong Kong Monetary Authority and the Securities and Futures Commission held an industry seminar on commercial uses of tokenised deposits and authorised investment products. Discussions followed Ensemble TX’s expansion to 24/7 interbank settlement and the SFC’s approval of secondary trading in tokenised money market funds around the clock…
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