The Hong Kong Monetary Authority (HKMA) hosted the launch of Project Ensemble Sandbox on August 28, marking a pivotal step in advancing asset tokenisation within the financial sector.
The Sandbox, now fully operational, facilitates interbank settlement using experimental tokenised money, with participating banks from the Project Ensemble Architecture Community connecting their tokenised deposit platforms for experimentation.
The initial round of experimentation will focus on four key themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.
These themes were selected based on industry interest, market trends, and their potential for innovation, aiming to strengthen Hong Kong’s position as an international financial hub.
To ensure the sustainable development of the tokenised asset market, the Securities and Futures Commission (SFC), a key member of the Community, will collaborate with the HKMA to establish a regulatory framework.
This framework is essential for promoting the broader adoption of tokenisation, particularly within the asset management industry, enhancing Hong Kong’s status as a leading asset and wealth management center.
On the international front, the HKMA plans to collaborate with the BIS Innovation Hub Hong Kong Centre on various themes and engage the CBDC Expert Group to leverage their expertise in further advancing the Sandbox.
These efforts reflect the HKMA’s commitment to driving innovation and progress in Hong Kong’s tokenisation market.
Business News Asia