Hong Kong has initiated the next stage of its digital asset strategy, launching a pilot program to test real-value transactions using tokenised deposits. The Hong Kong Monetary Authority (HKMA) announced the start of the EnsembleTX pilot on November 13, 2025, moving from conceptual testing to live, controlled financial activities.
This pilot is a core component of Project Ensemble, the HKMA’s broader initiative to develop financial market infrastructure that supports a tokenized economy. The project aims to create a seamless environment where digital representations of assets can be traded and settled efficiently.
From Sandbox to Real-Value Transactions
The EnsembleTX pilot follows the successful completion of the Ensemble Sandbox phase, which began in August 2024. The sandbox allowed banks and other financial firms to experiment with settling digital asset transactions using experimental tokenised deposits. With the new pilot, participants will now conduct real-value transactions, a significant step toward commercial implementation.
“EnsembleTX marks a pivotal moment in our journey, upgrading from proof-of-concept to a real-value setting,” said Eddie Yue, Chief Executive of the HKMA. “It is where innovation meets implementation.”
The initial focus of the pilot, which is scheduled to run through 2026, will be on two primary use cases. The first is using tokenised deposits for transactions in tokenised money market funds. The second is for real-time liquidity and treasury management.
Major Banks Participate in First Live Transactions
Several major financial institutions are participating in the pilot. HSBC announced it completed one of the first transactions, a cross-bank transfer of HK$3.8 million (US$489,000) in tokenised deposits for its client, Ant International.
Standard Chartered Bank (Hong Kong) also confirmed its participation, executing two real-value use cases. One case involved an interbank transfer of tokenised deposits for Ant International’s affiliates. The other facilitated a subscription to a tokenised money market fund from China Asset Management (Hong Kong) by Futu Securities International (Hong Kong).
Initially, interbank settlement will use the existing Hong Kong Dollar Real Time Gross Settlement (RTGS) system. The HKMA plans to progressively upgrade the pilot’s infrastructure to support settlement with a tokenised Central Bank Money (CeBM), also known as a wholesale central bank digital currency (wCBDC), which would enable around-the-clock settlement.
A Core Part of Hong Kong’s Fintech Strategy
The EnsembleTX pilot is a key initiative within Hong Kong’s broader “Fintech 2030” strategy. This long-term plan, unveiled in November 2025, is built on four pillars: Data and Payment Infrastructure, Artificial Intelligence, Resilience, and Tokenisation. The strategy includes over 40 measures designed to solidify Hong Kong’s position as a global leader in financial technology.
The HKMA is working closely with the Securities and Futures Commission (SFC) to ensure a supportive regulatory framework for the growing tokenization market. Julia Leung, the SFC’s Chief Executive Officer, noted that interoperability is critical for scaling the tokenization of investment products and that the new pilot is a crucial step in that direction. The collaboration aims to advance the use of tokenization across different asset classes and sectors.
