Hong Kong Pushes Tokenized Deposits Toward Real-World Use
Listen to the full version
A real-money transfer of HK$3.8 million (US$488,000) between HSBC and Standard Chartered in November has pushed Hong Kong into the global spotlight for regulated digital money.
The funds moved not through traditional rails but via tokenized deposits — digital representations of bank liabilities recorded on a blockchain.
Project Ensemble, launched by the Hong Kong Monetary Authority to build a tokenized ecosystem, entered its pilot phase the same month. Seven banks now offer tokenized deposit services, marking Hong Kong’s transition from proof-of-concept — essentially a controlled testing stage — to real transactions.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
- DIGEST HUB
Digest Hub
Back
- In November, HK$3.8 million (US$488,000) was transferred between HSBC and Standard Chartered using tokenized deposits, not traditional methods.
- Seven banks now offer tokenized deposit services in Hong Kong, driven by corporate demand for 24/7 treasury operations.
- Project Ensemble, led by the Hong Kong Monetary Authority, is piloting instant, regulated interbank blockchain transfers to boost efficiency and liquidity management.
- HSBC
- HSBC, represented by Lewis Sun, its global head of domestic and emerging payments, is a key player in Hong Kong's move towards regulated digital money. They conducted a HK$3.8 million tokenized deposit transfer in November and have offered tokenized deposit services since May 2025. HSBC, which began exploring tokenized deposits in 2018, is expanding these services globally, anticipating significant corporate demand for 24/7 treasury transfers.
- Standard Chartered
- Standard Chartered was involved in a real-money transfer of HK$3.8 million in November, utilizing tokenized deposits rather than traditional banking methods. This transaction is part of Hong Kong's Project Ensemble, a pilot program by the Hong Kong Monetary Authority aiming to build a tokenized ecosystem. Standard Chartered is among the seven banks currently offering tokenized deposit services in Hong Kong.
- 2018：
- HSBC began exploring tokenized deposits.
- May 2025：
- HSBC launched its corporate treasury solution for tokenized deposits.
- November 2025：
- A real-money transfer of HK$3.8 million between HSBC and Standard Chartered took place using tokenized deposits; Project Ensemble entered its pilot phase; seven banks started offering tokenized deposit services.
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新