HKMA advances Ensemble project with 24/7 settlement using tokenised central bank money
Hong Kong Monetary Authority announced on 2 November that the Ensemble project's pilot phase EnsembleTX now supports 24/7 interbank settlement of tokenised deposits using tokenised central bank money. Participating banks have increased to 12 and industry pioneers to 20, marking broader industry enga
Hong Kong Monetary Authority (HKMA) announced on 2 November that the pilot phase of its Ensemble project, EnsembleTX, has entered a new chapter by supporting 24/7 settlement of interbank tokenised deposits using tokenised central bank money. The number of participating banks has increased to 12 and industry pioneers to 20, reflecting broader industry engagement.
The new function allows participating banks and industry pioneers to conduct real-time settlement of tokenised transactions using tokenised central bank money outside traditional operating hours, meeting the demands of an increasingly globalised and round-the-clock digital financial market.
EnsembleTX was launched in November 2025, initially using Hong Kong's real-time payment settlement system for interbank settlement of tokenised deposits. It enabled real transactions involving tokenised deposits and digital assets in a controlled pilot environment, including enterprise treasury management and tokenised money market fund transactions by industry pioneers using tokenised deposits provided by participating banks. The new function aims to facilitate larger transaction volumes and explore more impactful tokenisation use cases to deliver tangible benefits and support sustainable development of the tokenised market.
Looking ahead, HKMA will deepen cooperation with the Securities and Futures Commission (SFC) to create a supportive and synergistic environment to further develop the tokenised financial ecosystem and related market infrastructure.
HKMA Chief Executive Eddie Yue said: 'In just two years, the Ensemble project has moved from experimentation and piloting to a new phase of driving commercial applications of tokenisation in Hong Kong. The swift and steady upgrade of infrastructure underscores the HKMA's commitment to fostering the development of Hong Kong's tokenisation ecosystem. As the market evolves, the trend of global banks issuing tokenised deposits is becoming increasingly evident. Looking ahead, we expect commercialisation of tokenised deposits and digital assets to accelerate further. We eagerly anticipate more innovative ideas from the market in the coming years to further advance Hong Kong's tokenisation ecosystem.'
SFC Chief Executive Julia Leung said: 'The introduction of 24/7 interbank settlement using tokenised central bank money is an important step towards a more scalable tokenised market in Hong Kong. Tokenised deposits will support round-the-clock transactions, including enterprise treasury management and secondary market trading of tokenised funds on licensed platforms, helping to enhance market liquidity and support investors' risk management needs. The SFC will continue to work with the HKMA and market participants to put the new functions of EnsembleTX into practical use and further advance Hong Kong's digital asset development.'