What Changed
- EnsembleTX expanded capabilities to 24x7 interbank settlement using tokenised Central Bank Money (CeBM).
- Participation expanded to 12 banks and 20 industry pioneers, including major international and mainland Chinese financial institutions.
- HKMA and SFC reaffirmed joint efforts to foster commercialisation and supportive regulatory environment for tokenised financial ecosystem.
Financial institutions, asset managers, corporate treasuries, and licensed digital asset trading platforms operating in or through Hong Kong SAR are directly affected by the Hong Kong Monetary Authority's (HKMA) latest expansion of Project Ensemble. On 2 November 2026, the HKMA announced that EnsembleTX, the pilot phase of Project Ensemble, has entered a new phase supporting 24x7 interbank settlement of tokenised deposit transactions in tokenised Central Bank Money (CeBM).
Initially launched in November 2025, EnsembleTX previously relied on the Hong Kong Dollar Real Time Gross Settlement (RTGS) system for the interbank settlement of tokenised deposit transactions. The upgrade to tokenised CeBM allows participating banks and industry pioneers to settle tokenised transactions continuously beyond conventional operating hours. This around-the-clock capability addresses the requirements of global, always-on financial markets by facilitating real-value transactions involving corporate treasury management, tokenised money market funds, and secondary trading of tokenised funds on licensed platforms.
Industry participation in EnsembleTX has expanded to 12 participating banks and 20 industry pioneers. Participating banks explicitly identified in the release include Bank of China (Hong Kong) Limited, China Construction Bank (Asia) Corporation Limited, Industrial and Commercial Bank of China (Asia) Limited, Standard Chartered Bank (Hong Kong) Limited, and The Hongkong and Shanghai Banking Corporation Limited. Named industry pioneers include Ant International, BlackRock, and China Asset Management (Hong Kong) Limited.
HKMA Chief Executive Eddie Yue stated that Project Ensemble has transitioned over two years from experimentation to commercialisation, reflecting a global trend toward tokenised deposits by banking institutions. Securities and Futures Commission (SFC) Chief Executive Officer Julia Leung emphasised that 24x7 interbank settlement in tokenised CeBM represents a key step toward market scalability, improving liquidity and supporting risk management. The HKMA and the SFC will maintain close coordination with market participants to develop practical applications and market infrastructure for Hong Kong's tokenised financial ecosystem.
Who May Be Affected
Banks, asset management firms, corporate treasuries, and licensed digital asset trading platforms operating in Hong Kong SAR.
Cross-Border Context
Facilitates 24x7 settlement for international financial entities and mainland Chinese institutions operating in Hong Kong SAR, supporting cross-border corporate treasury and tokenised fund transactions.
What to check next
- Check Annex A and Annex B of the official HKMA release for the complete list of 12 participating banks and 20 industry pioneers.
- Monitor further joint regulatory guidance or operational rules issued by the HKMA and SFC regarding tokenised financial market infrastructure.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.