The Hong Kong Monetary Authority (HKMA) has launched Project Ensemble, a ground-breaking initiative to develop the digital asset framework via a wholesale central bank digital currency (CBDC). This project aims to build a strong financial infrastructure that enables the seamless settlement of tokenized assets between banks via a wholesale CBDC.
Project Ensemble will initially focus on digital representations of commercial bank deposits issued by banks and made available to the public for tokenized asset transactions. The HKMA intends to build a sandbox platform in June 2023 to evaluate tokenization applications such as green bonds, carbon credits, and supply chain assets.
Project Ensemble is a collaboration between the HKMA and HashKey, a digital asset financial services business. It will also establish a wCBDC Architecture Community comprising local and global banks, industry stakeholders, and its CBDC Expert Group to set standards and strategies.
HKMA Chief Executive Eddie Yue invited global talent and firms to join Hong Kong’s tokenization journey, highlighting the city’s commitment to innovation and international cooperation in digital assets.
