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Hong Kong · Singapore

Information compiled from public sources. Not investment advice. See Methodology.

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HKMA Project Ensemble — Tokenised Deposit Sandbox

HKMA·HK

01Quick Facts
Issuer
HKMA
Total Size
—
Currencies
HKD
Maturity
—
Platform
—
Settlement Rail
e-HKD
ISIN
—
Status
Active
02Overview

Project Ensemble is the HKMA's tokenisation infrastructure initiative, launched in March 2024 with a dedicated sandbox going live on 28 August 2024. It is designed to test interoperability between tokenised money and tokenised real-world assets, using experimental tokenised central bank money in the form of wholesale CBDC (wCBDC) — distinct from a retail e-HKD — for interbank settlement.

The sandbox explores four themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply-chain finance. In November 2025 the HKMA announced EnsembleTX, a new phase supporting real-value transactions. This entry covers the overall initiative rather than a single issuance; total size is not applicable. Specific bank participants were not named in the sandbox launch release and are therefore omitted here.

03Timeline
  1. 1 Mar 2024

    HKMA launched Project Ensemble

  2. 28 Aug 2024

    Project Ensemble Sandbox went live

  3. 13 Nov 2025

    HKMA announced EnsembleTX phase for real-value transactions

04Sources
  1. 01
    HKMA launches Project Ensemble Sandbox to accelerate adoption of tokenisationPrimary

    HKMA·28 Aug 2024

  2. 02
    Project EnsemblePrimary

    HKMA

  3. 03
    HKMA announces the new phase of Project Ensemble (EnsembleTX) to support real-value transactionsPrimary

    HKMA·13 Nov 2025

Risk Disclosure

This page integrates publicly available information for research and informational purposes only. It does not constitute investment, financial, legal, or tax advice, nor an offer, solicitation, or recommendation to buy, hold, or sell any security or token. Data is provided without warranty of accuracy, completeness, or timeliness, and may be incomplete or out of date. Tokenized real-world assets are an emerging asset class subject to evolving regulation. Always verify against the primary sources cited above and seek independent professional advice before relying on this information for any investment or commercial decision.

05Related Assets
Digital BondMatured

1st Tokenised Green Bond

Government of HKSAR

HK$800MSize
Digital BondActive

2nd Digital Green Bonds

Government of HKSAR

HK$6BSize
Digital BondActive

3rd Digital Green Bond

Government of HKSAR

HK$10BSize