The Hong Kong Monetary Authority establishes the Ensemble project architecture working group to support the development of Hong Kong's tokenization market

On May 7, according to official news, the Hong Kong Monetary Authority announced today the establishment of the Ensemble Project Architecture Working Group to jointly establish standards and make recommendations with the industry to support the development of Hong Kong’s tokenization market.

The working group will promote the development of industry standards to support interoperability between wholesale-level central bank digital currencies (wCBDC), tokenized currencies and tokenized assets. The working group will make recommendations on specific topics, with an initial focus on establishing mechanisms for tokenized asset transactions and smooth interbank settlement of tokenized deposits through wCBDC. The working group will also assist in the design and construction of the Ensemble project sandbox, scheduled to be launched in the middle of this year, to further research and test tokenization use cases.

The working group is composed of cross-disciplinary industry representatives, covering regulatory agencies, international organizations, academia, local and multinational banks, major players in the digital asset industry and technology companies. The initial members include the Hong Kong Monetary Authority, the Securities and Futures Commission, the Hong Kong Center of the Bank for International Settlements Innovation Hub, the CBDC Expert Group (Note 2) and seven private institutions, namely Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong , HashKey Group, Ant Digital Technology and Microsoft Hong Kong.

Regarding the composition of the initial members of the working group, the HKMA carefully considered various factors, including the members’ professional knowledge, relevant experience and capabilities and innovative thinking in promoting the development of Hong Kong’s tokenized market. The HKMA will work closely with the industry and review the size and composition of the working group in due course.

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