HKMA expands Project Ensemble pilot to round-the-clock tokenised CeBM settlement

The Hong Kong Monetary Authority (HKMA) has upgraded Ensemble TX, the pilot phase of Project Ensemble, to support interbank settlement of tokenised deposit transactions in tokenised Central Bank Money (CeBM) on a 24/7 basis. The enhancement brings the participating bank count to 12 and the industry pioneer count to 20, broadening the coalition beyond its November 2025 launch configuration, which had relied on the HKD Real Time Gross Settlement (RTGS) system and was confined to conventional operating hours.

The practical shift matters because it removes a structural gap between when tokenised transactions can occur and when they can settle. Corporate treasury management and tokenised money market fund transactions, already running under the pilot, can now settle outside business hours, which aligns the infrastructure more closely with the always-on rhythm of cross-border digital finance. Named industry pioneers include Ant International and BlackRock, with China Asset Management (Hong Kong) Limited also participating; tokenised deposits are provided by Bank of China (Hong Kong), China Construction Bank (Asia), ICBC (Asia), Standard Chartered Bank (Hong Kong), and HSBC.

HKMA Chief Executive Eddie Yue framed the upgrade as part of a transition from experimentation toward commercialisation, citing a broader global trend of banks launching tokenised deposits. SFC Chief Executive Officer Julia Leung specifically flagged secondary trading of tokenised funds on licensed platforms as a use case that 24/7 settlement now enables, pointing toward improved market liquidity and investor risk management. Both regulators indicated continued joint work on the tokenised financial ecosystem and its supporting market infrastructure.