HKMA Project Ensemble partners with Brazil, Thailand for tokenization
The Hong Kong Monetary Authority (HKMA) has been networking its tokenization-focused Project Ensemble and has new collaborations to show for it.
Project Ensemble is being linked with the Central Bank of Brazil’s (CBB) Drex pilot project and the Bank of Thailand’s (BOT) Project San.
Uniting tokenization projects around the world
The CBB announced the second phase of its Drex central bank digital currency (CBDC) pilot program in September and began accepting applications for it in mid-October. Tokenization is on the agenda for further Drex testing.
Cross-border payment-versus-payment (PvP) and delivery-versus-payment (DvP) trade finance and carbon credit settlement use cases will be tested between Hong Kong and Brazil. The HKMA noted that the Drex project has more than 70 participants at this time.
The HKMA will also test PvP and DvP settlements with the BOT. PvP is a method of monetary transaction settlement, and DvP is a settlement method for securities.
Trade payments and carbon credits will also be the focus of the collaboration with the BOT, with the goal of developing a proof-of-concept.
According to the HKMA, the BOT launched Project San in June. BOT deputy governor of corporate development Alisara Mahasandana said:
“This partnership will significantly advance tokenisation efforts […] by offering broader insights into tokenisation, as different technical designs, business requirements, and regulatory frameworks of each jurisdiction will be taken into account."
Related: Brazilian securities regulator plans sandbox for tokenization in 2024
Hong Kong is trailblazing tokenization
The HKMA launched Project Ensemble in March to develop wholesale CBDC to support tokenization. It convened an architecture committee to consider the infrastructure for the project that included Bank of China (Hong Kong), Hang Seng Bank, Hong Kong and Shanghai Banking Corporation (HSBC), Standard Chartered Hong Kong, HashKey Group, Ant Digital Technologies and Microsoft Hong Kong.
Source: HKMA
The HKMA onboarded the French central bank to the project in June and launched a sandbox in August.
In February, prior to launching Project Ensemble, the HKMA issued guidance for financial institutions to close gaps in tokenization regulation. The Hong Kong Securities and Futures Commission issued rules for tokenized securities offerings in November.
Magazine: Most DePIN projects barely even use blockchain: True or false?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hackers are targeting Australia’s largest pension funds
Share link:In this post: Hackers targeted major Australian superannuation funds, stealing $500,000 from a few accounts and exposing personal data. Authorities and financial institutions are responding to the breach, urging members to check accounts and update passwords. Credential stuffing using stolen passwords is suspected in the attacks, prompting warnings to use unique logins and enable multifactor authentication.
Meta to end third-party fact-checking in U.S. on April 7
Share link:In this post: Meta will shut down its U.S. third-party fact-checking program on April 7, 2025, ending partnerships with groups like PolitiFact. It will be replaced by Community Notes, a system that lets users add context to posts without triggering penalties. Zuckerberg criticized the old system as biased and overly censorious, and said the change aims to support free speech. Meta is also relocating its moderation teams to Texas, a move some experts say is politically motivated.

Crypto Today: Altcoins Find New Buyers as Microsoft, Apple and Nvidia Lose $1 Trillion in 3 Days
Cardano Approaching First Death Cross: What’s Next for ADA Price?
Trending news
MoreCrypto prices
More








