FINANCE

Hong Kong Kicks Off Live Trials for Asset Tokenization Project

Published: Nov. 14, 2025 7:22 p.m. GMT+8

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Hong Kong’s de facto central bank has moved its asset tokenization initiative, Project Ensemble, into a live trial phase, marking a shift from conceptual testing to real-money transactions.

The Hong Kong Monetary Authority (HKMA) launched the EnsembleTX platform Thursday to facilitate the move. HKMA Chief Executive Eddie Yue described it as a “pivotal moment” in the city’s tokenization journey.

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Hong Kong's HKMA launched the EnsembleTX platform, moving Project Ensemble into live real-money trials, involving seven banks and 13 industry pioneers.
The initiative aims to enhance financial market efficiency and support Hong Kong’s digital asset ecosystem, using existing HKD settlement systems.
HKMA plans to introduce a wholesale e-HKD for 24/7 interbank settlement; the move parallels regional digital finance efforts, including Singapore’s tokenized bill pilot.

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Who’s Who

Bank of China (Hong Kong) Ltd.: Bank of China (Hong Kong) Ltd. is one of the seven banks participating in the live trial phase of Hong Kong's Project Ensemble. This initiative, moving from conceptual testing to real-money transactions, aims to build a robust digital asset ecosystem by allowing banks to use tokenized deposits and assets via Hong Kong's existing payment infrastructure.

Standard Chartered Bank (Hong Kong) Ltd.: Standard Chartered Bank (Hong Kong) Ltd. is one of the three note-issuing banks participating in Hong Kong's Project Ensemble live trial. This initiative, part of the "Fintech 2030" vision, aims to cultivate tokenization use cases, allowing banks to use tokenized deposits and assets via Hong Kong’s existing payment infrastructure.

The Hongkong and Shanghai Banking Corp. Ltd.: The Hongkong and Shanghai Banking Corp. Ltd. is one of the seven banks participating in the live trial phase of Project Ensemble. This initiative, launched by the Hong Kong Monetary Authority, involves using real-money transactions for tokenized deposits and assets via Hong Kong's existing payment infrastructure. Along with two other note-issuing banks, it is helping to cultivate tokenization use cases.

China Construction Bank (Asia) Corp. Ltd.: China Construction Bank (Asia) Corp. Ltd. is one of the seven banks participating in the live trial phase of Hong Kong's Project Ensemble. This initiative, facilitated by the EnsembleTX platform, allows the bank to provide services for tokenized deposits and assets, contributing to Hong Kong's goal of building a robust digital asset ecosystem.

Fubon Bank (Hong Kong) Ltd.: Fubon Bank (Hong Kong) Ltd. is one of the seven banks participating in the live trial phase of Project Ensemble. These banks are providing services for tokenized deposits within the EnsembleTX platform, which aims to facilitate real-money transactions and develop tokenization use cases in Hong Kong.

Fusion Bank Ltd.: Fusion Bank Ltd. is one of the seven banks participating in the live trial phase of Project Ensemble, Hong Kong's assert tokenization initiative. It provides services for tokenized deposits within the EnsembleTX platform.

The Bank of East Asia Ltd.: The Bank of East Asia Ltd. is one of the seven banks participating in the live trial phase of Project Ensemble, Hong Kong's asset tokenization initiative. This project uses the EnsembleTX platform to facilitate real-money transactions involving tokenized deposits and assets.

BlackRock: BlackRock is one of 13 "industry pioneers" participating in Hong Kong's Project Ensemble live trial. This initiative, led by the Hong Kong Monetary Authority, aims to explore and cultivate tokenization use cases, allowing banks and market participants to use tokenized deposits and assets through Hong Kong's existing payment infrastructure.

Franklin Templeton: Franklin Templeton is one of the 13 "industry pioneers" participating in the live trial phase of Hong Kong's Project Ensemble, a new tokenization initiative. This project, which involves real-money transactions, aims to build a robust digital asset ecosystem in Hong Kong and enhance financial market efficiency.

Hong Kong Exchanges and Clearing Ltd.: Hong Kong Exchanges and Clearing Ltd. is mentioned as one of the 13 "industry pioneers" involved in the live trial phase of Project EnsembleTX. This initiative, led by the Hong Kong Monetary Authority, aims to facilitate real-money transactions for asset tokenization, contributing to Hong Kong's ambition to cultivate a robust digital asset ecosystem.

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What Happened When

2024：: Julia Leung, CEO of Hong Kong’s Securities and Futures Commission, said that 'interoperability is key' to scaling tokenized investment products.

August 2024：: The Project Ensemble sandbox was launched, involving 25 institutions testing various tokenized asset use cases without real funds.

November 14, 2024：: The Hong Kong Monetary Authority (HKMA) launched the EnsembleTX platform, moving Project Ensemble into a live trial phase with real-money transactions.

November 2024：: EnsembleTX launch coincided with Singapore’s FinTech Festival, where Chia Der Jiun announced plans to pilot the issuance of tokenized central bank bills in 2025.