HKMA Launches 24x7 Tokenised Deposit Settlement with Increased Industry Participation in Project EnsembleTX.

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 (at Annex A) and industry pioneers (at Annex B) 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."

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

Source: AI-found images

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section)

The following is issued on behalf of the Legislative Council Secretariat:

The Legislative Council (LegCo) Panel on Transport visited the Central Kowloon Bypass (Kowloon Bay Section) today (November 2) to learn about the latest progress of the section prior to its commissioning, as well as the challenges in tunnel construction.

Accompanied by the Secretary for Transport and Logistics, Ms Mable Chan, Members first received a briefing from representatives of the Government at the Tseung Kwan O - Lam Tin Tunnel Administration Building on the project information and commissioning arrangements of the Central Kowloon Bypass (Kowloon Bay Section). Members also visited the Tunnel Control Centre to gain an understanding of the operation of the Traffic Control and Surveillance System, and how the traffic inside the tunnel is monitored and managed through closed-circuit televisions and automatic incident detection systems, etc.

The Central Kowloon Bypass (Yau Ma Tei Section) was commissioned in December last year, while the remaining Kowloon Bay Section will be commissioned on December 6 this year. Members noted that the 3.4-kilometre-long Kowloon Bay Section, which links the Tseung Kwan O-Lam Tin Tunnel and the Central Kowloon Bypass (Yau Ma Tei Section) to form Route 6, connects various districts including Yau Ma Tei, Kai Tak and Tseung Kwan O with a fixed toll of $8. It is anticipated that the journey time between Tseung Kwan O and Yau Ma Tei via the Central Kowloon Bypass during peak hours will be substantially reduced from the past 65 minutes to 12 minutes, making travelling more convenient for the public.

Members then visited the portals and the tunnel tubes of the Kowloon Bay Section to learn about the traffic arrangements of the road section connecting Lam Tin Interchange and Kai Tak, as well as the construction challenges encountered in the underwater tunnel. Members noted that the Kowloon Bay Section project adopted multiple innovative tunneling and automation technologies, alongside Multi-trade Integrated Mechanical, Electrical and Plumbing (MiMEP) method, etc, to ensure safe and effective large-scale tunnel boring beneath the seabed while reducing risks of works and minimising disruption to residents' daily lives.

During the visit, Members exchanged views with representatives of the Transport and Logistics Bureau, the Civil Engineering and Development Department and the Transport Department, and requested the Government to step up public publicity before the commissioning and closely monitor the traffic conditions in the initial stage of commissioning, so as to ensure smooth traffic flow in relevant road sections.

A total of 18 members and non-members of the Panel on Transport participated in the visit.

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases

LegCo Panel on Transport visits Central Kowloon Bypass (Kowloon Bay Section) Source: HKSAR Government Press Releases