HKMA advances Project Ensemble pilot phase to 24x7 settlement in tokenised Central Bank Money
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) today (November 2) announced that EnsembleTX, the pilot phase of Project Ensemble, has entered a new chapter to support the interbank settlement of tokenised deposit transactions in tokenised Central Bank Money (CeBM) on a 24x7 basis. The number of participating banks and industry pioneers of EnsembleTX has increased to 12 and 20 respectively, marking broader industry participation.
The new capability enables participating banks and industry pioneers to leverage tokenised CeBM for the timely settlement of tokenised transactions beyond conventional operating hours, helping to meet the needs of an increasingly global and always-on digital financial market.
Launched in November 2025, EnsembleTX initially leveraged the HKD Real Time Gross Settlement (RTGS) system for interbank settlement of tokenised deposit transactions, enabling real-value transactions involving tokenised deposits and digital assets under a controlled pilot environment, including industry pioneers (Note 1) leveraging tokenised deposits provided by participating banks (Note 2)for corporate treasury management and tokenised money market fund transactions. With the launch of the new capability, Project Ensemble will further facilitate the scaling of transactions and the exploration of more impactful tokenisation use cases which will deliver tangible benefits and support the development of a sustainable tokenisation market.
Looking ahead, the HKMA will continue to work closely with the Securities and Futures Commission (SFC) to facilitate a supportive and co-ordinated environment for the development of tokenised financial ecosystem and related market infrastructure.
The Chief Executive of the HKMA, Mr 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. The swift yet incremental upgrade of the infrastructure demonstrates the HKMA's determination to foster the development of the tokenisation ecosystem in Hong Kong. As the market continues to evolve, a trend is emerging in the launch of tokenised deposits by banks worldwide. Looking ahead, we anticipate that the commercialisation of tokenised deposits and digital assets will gain momentum. Moreover, we eagerly await the emergence of innovative ideas from the market in the years to come, which will further accelerate the growth of the tokenisation ecosystem in Hong Kong."
The Chief Executive Officer of the SFC, Ms Julia Leung,said, "The introduction of 24x7 interbank settlement in tokenised CeBM represents a significant step towards a more scalable tokenised market in Hong Kong. Tokenised deposits can now power around-the-clock transactions, including corporate treasury management and secondary trading of tokenised funds on licensed platforms, galvanising market liquidity and supporting investors' risk management. The SFC will continue to work together with the HKMA and market participants to turn the new EnsembleTX capabilities into practical applications and further advance Hong Kong's digital asset journey."
The Hong Kong Monetary Authority. Photo source: reference image
Note 1: Including: Ant International, BlackRock, China Asset Management (Hong Kong) Limited
Note 2: Including: Bank of China (Hong Kong) Limited, China Construction Bank (Asia) Corporation Limited, Industrial and Commercial Bank of China (Asia) Limited, Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited
Remarks by S for S at media session after Fight Crime Committee meeting (with video)
Following are the remarks by the Secretary for Security, Mr Tang Ping-keung, at a media session after the Fight Crime Committee meeting at the Central Government Offices, Tamar today (November 5):
Reporter: What do you make of the sentencing of Joshua Wong, and what are your thoughts towards comments made by overseas governments as well as groups towards Joshua Wong's sentencing?
Secretary for Security: Regarding the case concerning Wong Chi-fung involving the offence of "conspiracy to commit collusion with foreign countries or with external elements to endanger national security", following his earlier guilty plea, the Court of First Instance of the High Court delivered the sentence this morning. Wong was sentenced to 10 years' imprisonment, and the court ruled that the case fell within the category of an offence of a "grave nature" and warrants severe punishment.
Wong, together with Law Kwun-chung, who has been specified as an absconder, and their accomplices are among the primary culprits responsible for undermining Hong Kong's prosperity and stability. They began by obstructing the Government's effort to promote national education in an attempt to weaken national identity. Wong, in particular, has repeatedly broken the law, including illegal assemblies and contempt of court, demonstrating his complete disregard for the rule of law.
Since before the implementation of the HKNSL (Hong Kong National Security Law), Wong and others colluded with foreign or external forces, actively lobbied the United States to pass so-called legislation concerning Hong Kong, and openly solicited foreign sanctions.
Following the enactment of the HKNSL, they continued to conspire and collude with external forces. The reasons for sentence handed down by the court ruled that the offence in this case was of a "grave nature", and pointed out that at the material time, Hong Kong was confronted with social turmoil and the serious effects of riots, and was facing very high risks to national security and the rule of law. They had direct engagement with top or senior officials of foreign countries, and continued to promote the calls for sanctions through their own social media accounts and via prominent news media or outlets in the West, reaching both local and international audiences.
The court remarked that Wong Chi-fung and Law Kwun-chung were the masterminds of the case, and they advocated at the forefront, calling for foreign countries to impose sanctions and hostile measures. After the implementation of the HKNSL, they persisted in acts endangering national security and deliberately adapted their respective roles, yet their roles were equally crucial. They indeed contributed to the imposition of sanctions and hostile measures by foreign countries, and such sanctions and measures significantly impacted upon and endangered national security.
The Court also said that it is necessary to express the community's contempt for the defendant's scheme and acts, together with others, to collude with foreign forces, and to serve the imperative of deterrence.
I note that since the sentence of Wong, external forces have launched malicious attacks and smears regarding the present case. Those launching attacks against us are exactly the same external forces that Wong Chi-fung and Law Kwun-chung attempted to collude with, whom they beg for mercy and lean on that day. They must be strongly condemned, and Hong Kong citizens must recognise and acknowledge that clearly.
In fact, Wong pleaded guilty, and Wong was sentenced through fair and open judicial proceedings and fully demonstrated the rule of law that the courts of the HKSAR (Hong Kong Special Administrative Region) have consistently upheld. It is the constitutional duty of the HKSAR Government to safeguard national security, and the Government is determined and will continue to resolutely combat those actions that endanger national security.
Regarding the sentence of 10 years' imprisonment, in fact, the court has confirmed that it's a category of an offence of a "grave nature", and a sentence of 10 years has reflected the severe nature of that act. We will discuss with the Department of Justice to see if there's any need for a review of the sentence. Thank you.
(Please also refer to the Chinese portion of the remarks.)
Source: AI-found images
