In the context of actively embracing Web3 and striving to build a global digital asset center, the Hong Kong Monetary Authority (HKMA) has once again launched a significant initiative. On November 13, 2025, the HKMA announced that the Ensemble project has officially entered its pilot phase. This milestone marks an important step for Hong Kong in conducting real transactions with tokenized deposits and digital assets in a controlled pilot environment. The Ensemble project will continue to operate until 2026, aiming to lay a solid foundation for the next phase of innovation and promote the ongoing development of a broader tokenized ecosystem in Hong Kong. At the same time, the Hong Kong government is actively promoting digital native bonds and has jointly developed the "Fintech 2030" vision with the SFC and the HKMA, outlining a grand blueprint for Hong Kong to accelerate its move into a new era in the digital finance sector.
- Ensemble Project: Pilot of Real Transactions with Tokenized Deposits and Digital Assets
The HKMA announced that the Ensemble project has officially entered its pilot phase, marking a key step for Hong Kong in the field of digital finance.
Real Transaction Pilot: The Ensemble project will use tokenized deposits and digital assets for real transactions in a controlled pilot environment. This provides market participants with a secure, regulated environment to explore the practical applications of tokenization technology.
Interbank Settlement: The interbank settlement of tokenized deposit transactions will initially be conducted through the Hong Kong dollar Real-Time Gross Settlement (RTGS) system. This will greatly enhance the efficiency of fund settlement and reduce transaction costs.
24/7 Settlement: The pilot environment will be gradually upgraded to support 24/7 settlement of tokenized central bank currencies, promoting the ongoing development of a broader tokenized ecosystem in Hong Kong.
Ongoing Operation: The Ensemble project will continue to operate until 2026, laying a solid foundation for the next phase of innovation.
- Digital Native Bonds: A New Path for Hong Kong to Build a Global Digital Asset Center
The Hong Kong government is actively promoting "digital native" bonds denominated in multiple currencies, further advancing Hong Kong's process of becoming a global digital asset center.
Multi-Currency Digital Green Bonds: The Hong Kong government is planning to issue digital green bonds denominated in US dollars, Hong Kong dollars, euros, and offshore renminbi. This will provide investors with a more diversified range of digital asset investment options.
Technology Platform: Digital bonds can be issued through distributed ledger technology platforms, such as those provided by HSBC Holdings or Goldman Sachs, or on public blockchains like Ethereum, which may offer greater flexibility. The latest paper currency issued by the Hong Kong government will be recorded and settled through the distributed ledger technology platform provided by HSBC.
Ratings and Risk Control: S&P has given the proposed digital notes a AA+ rating. The company's director, Yin Yu, stated that while such securities carry some new risks, "the relevant plans require that in the event of a disruption, the notes will ultimately be transferred to traditional systems, thereby reducing these risks."
Corporate Issuance of Digital Bonds: In addition to government bond issuance, at least six companies in Hong Kong have issued digital bonds, raising a total of $1 billion, with four issuances occurring this year. Two state-owned Chinese enterprises—Shenzhen Futian Investment Holdings Co., Ltd. and Shandong High-Speed Holdings Group Co., Ltd.—recently completed the pricing of such bonds in Hong Kong.
- "Fintech 2030" Vision: Four Key Areas to Drive Innovation
At the opening of Fintech Week, HKMA President Eddie Yue elaborated on the "Fintech 2030" vision, aiming to develop Hong Kong into a robust, resilient, and forward-looking international fintech hub, focusing on four key areas that encompass over 40 specific projects.
Four Key Areas:
Financial Tokenization: Promote financial tokenization and foster a thriving tokenized ecosystem. The HKMA will take the lead in demonstrating asset tokenization.
Data and Payment Infrastructure: Optimize data sharing and payment infrastructure to enhance efficiency and security.
Artificial Intelligence (AI): Promote the application of artificial intelligence in the financial sector to enhance service intelligence.
Technological Resilience: Enhance the technological resilience of the financial system to guard against cybersecurity risks.
- Thriving Innovation and Technology Ecosystem in Hong Kong: Active Financing and Talent Gathering
Hong Kong's Financial Secretary Paul Chan noted in his essay "Mutual Promotion of Financial Innovation and Technology" that significant development has occurred in Hong Kong's innovation and technology ecosystem due to the joint efforts of the government and various sectors over the past years.
Increase in Startups: Over the past five years, the number of startups in Hong Kong has increased by 40% to approximately 4,700.
Active Financing Environment: Hong Kong provides a vibrant financing environment for these startups, from angel investments to subsequent rounds of fundraising and IPO listings.
Significant Financing Achievements: Startups under Hong Kong's Cyberport and Science Park raised HKD 6 billion in financing over the past year, with several resident companies going public, raising a total of HKD 5.2 billion.
Conclusion:
The pilot of the HKMA's Ensemble project and the active promotion of digital native bonds together mark a solid step for Hong Kong in the Web3 financial sector. Guided by the "Fintech 2030" vision, Hong Kong is accelerating its transformation into a robust, resilient, and forward-looking international fintech hub through its unique institutional advantages and continuously improving regulatory framework.
Related Reading: SEC Chairman Announces "Token Classification" Plan, Bitcoin (BTC) May Be Renamed as Non-Security
Original Article: “HKMA's Ensemble Project Pilot Supports Tokenized Deposits and Digital Asset Transactions”
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