Project Ensemble

  • e-HKD Pilot Programme Ends: HKMA’s Wholesale Pivot for Banks

    On 28 October 2025 the Hong Kong Monetary Authority published the e-HKD Pilot Programme Phase 2 Report and, with it, drew a line under three years of retail testing. The report sets out the HKMA’s latest policy stance on Hong Kong’s central bank digital currency: the immediate priority for the e-HKD sits in wholesale settlement…

  • HKMA Project Ensemble: Tokenised Deposits Enter Real-Value Pilot

    On 13 November 2025, the Hong Kong Monetary Authority (HKMA) launched Ensemble TX, the pilot phase of Project Ensemble, and with it moved tokenised-deposit settlement out of the laboratory and into real-value transactions. HKMA Project Ensemble had spent more than a year as a sandbox; Ensemble TX now lets participating banks settle interbank tokenised deposit…