Hong Kong Monetary Authority
The HKMA said it would build a wholesale CBDC sandbox to test interbank settlement of tokenised deposits for tokenised asset transactions, and would consider a live wholesale CBDC issuance if industry interest was sufficient.
- Status
- Live
- Announced
- (announcement)
- Stage
- Pilot
- Chain or network
- Ensemble Sandbox, then EnsembleTX (HKMA-run; ledger technology not stated)
- Participants
- Bank of China (Hong Kong), China Construction Bank (Asia), Fubon Bank (Hong Kong), Fusion Bank, Standard Chartered Bank (Hong Kong), The Bank of East Asia, HSBC
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | Tokenised deposits |
| Access | Whitelisted institutions or investors |
| Legal standing | Sandbox or exemption |
| Scale | Single transaction |
What they said they would do
- MetLaunch a wholesale CBDC sandbox this year to test tokenisation use cases. (by )
- MetForm a wCBDC Architecture Community of banks, digital asset firms, technology companies and the CBDC Expert Group.
- OpenIf the sandbox garners sufficient industry interest, conduct a live issuance of the wholesale CBDC at the appropriate time.
Decisions
Expanded
The Ensemble Sandbox launched, with Architecture Community banks connecting their tokenised deposit platforms and four themes for the first round of experiments.
Source: hkma.gov.hk
Expanded
The HKMA agreed to link the Ensemble Sandbox with Banco Central do Brasil's Drex pilot platform for cross-border settlement experiments.
Source: hkma.gov.hk
Graduated
EnsembleTX launched as the pilot phase, with seven banks settling real-value tokenised deposit transactions, interbank settlement initially through HKD RTGS, running throughout 2026.
Source: hkma.gov.hk
Expanded
The HKSAR Government's fourth digital green bond accepted tokenised deposits through EnsembleTX in primary settlement of its HK$5.5 billion HKD tranche, which the HKMA calls the first digital bond to integrate tokenised HKD deposits.
Source: hkma.gov.hk
Review history
Live Test
The sandbox launched on schedule using experimental tokenised money, so stage is test and scale simulated. Banks from the Architecture Community connected their tokenised deposit platforms. The HKMA does not name the ledger technology; a published technical description would settle that dimension.
Evidence: hkma.gov.hk
Live Pilot
EnsembleTX moved the project to real value with seven named banks. HSBC reported a HKD 3.8 million cross-bank tokenised deposit transfer for Ant International on launch day. Scale is single until volumes are published.
Evidence: hkma.gov.hk, about.hsbc.com.hk
Live Pilot
EnsembleTX was used for primary settlement of the Government's fourth digital green bond, which the HKMA calls the first digital bond to integrate tokenised HKD deposits; it did not say how much settled through it. No transaction volumes published, so scale stays single. The 2026 Policy Address (16 September) says the HKMA plans CBDC settlement and 24/7 operations under EnsembleTX by around the end of 2026, which would meet the live-issuance claim.
Evidence: hkma.gov.hk, policyaddress.gov.hk
What was announced
On 7 March 2024 the Hong Kong Monetary Authority (HKMA) announced Project Ensemble, a wholesale central bank digital currency (wCBDC) project. It would start with tokenised deposits, meaning commercial bank deposits represented as tokens, settled between banks through a wCBDC. The HKMA committed to a sandbox in 2024 and an architecture community, and said a live wCBDC issuance would follow if the sandbox drew enough interest.
How it works
Banks run their own tokenised deposit platforms and connect them to an HKMA-run layer for interbank settlement. In the sandbox, the money was experimental, so the first review is test with simulated scale and closed access. In EnsembleTX, seven named banks issue tokenised deposits to customers and settle interbank transfers in real value, initially through the HKD Real Time Gross Settlement (RTGS) system. The HKMA plans to move that interbank leg to tokenised central bank money on a 24/7 basis. The HKMA calls EnsembleTX a controlled pilot environment, so legal is sandbox. The HKMA has not said which ledger technology it uses, so ledger is unknown.
Record so far
The sandbox launched on 28 August 2024 with four themes: fixed income and funds, liquidity management, green finance, and trade finance. The Architecture Community had formed in May 2024. Both early claims were met. In October 2024 the HKMA added cross-border links with Brazil’s central bank and the Bank of Thailand.
EnsembleTX launched on 13 November 2025 and is set to run throughout 2026. The first published transactions came the same day: HSBC moved HKD 3.8 million of tokenised deposits for Ant International to another domestic bank, and China Asset Management (Hong Kong) reported a tokenised fund subscription paid with a tokenised deposit moved from Bank of China (Hong Kong) to Standard Chartered.
On 29 September 2026 the HKMA said tokenised deposits through EnsembleTX had been part of primary settlement for the HKD tranche of the Government’s fourth digital green bond, alongside traditional rails and tokenised central bank money (HKMA). It did not say how much of the HK$5.5 billion tranche settled that way, or which banks took part.
The HKMA has published no volumes for 2026. The 2026 Policy Address says CBDC settlement and 24/7 operations under EnsembleTX are planned for around the end of the year. The live wCBDC claim remains open.
What to watch
The switch from RTGS to tokenised central bank money settlement, due around the end of 2026, would meet the third claim. Published transaction volumes would move scale to repeat or sustained. EnsembleTX has an end date of 2026, so the HKMA’s plan for 2027 decides whether this graduates to production or ends.