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The Hong Kong Monetary Authority (HKMA) has officially announced the launch of EnsembleTX – the pilot phase of Project Ensemble, marking the commencement of a new stage in Hong Kong’s journey toward a regulated, real-value tokenisation ecosystem.
This milestone represents what the HKMA described as “a significant advancement in enabling real-value transactions involving tokenised deposits and digital assets within a controlled pilot environment.” The initiative demonstrates Hong Kong’s continued leadership in digital financial infrastructure, as the city moves from theoretical exploration to implementation and live transactions under regulatory oversight.
According to the HKMA, EnsembleTX “builds upon the successful outcomes of the Ensemble Sandbox experimentation, which since August 2024 has allowed industry pioneers to test comprehensive end-to-end use cases for settling digital asset transactions using experimental tokenised deposits.” In this next phase, the HKMA will work with participating banks and other industry pioneers to “enable faster, more transparent, and efficient settlement of real-value tokenised transactions.”
The initial focus will be on “empowering market participants to utilise tokenised deposits in tokenised money-market fund transactions, and to manage liquidity and treasury needs in real time.”
To lay a strong foundation for further innovation, EnsembleTX will operate throughout 2026. As the release explains, “interbank settlement of tokenised deposit transactions will initially be facilitated via the HKD Real Time Gross Settlement (RTGS) system.” The pilot environment will be “progressively upgraded and enhanced to support settlement in tokenised Central Bank Money (CeBM) on a 24/7 basis,” further enabling the continuous development of Hong Kong’s broader tokenisation ecosystem.
HKMA Chief Executive Eddie Yue described this new phase as “a pivotal moment in our journey, upgrading from proof-of-concept to a real-value setting.” He added:
“It is where innovation meets implementation, and the concepts and details tested in the Ensemble Sandbox are now applied in real-value transactions, delivering tangible benefits to market participants. This milestone underscores Hong Kong’s pioneering role in shaping the future of digital finance, both regionally and globally.”
Mr Yue also extended an open invitation to stakeholders, stating that the HKMA “invites stakeholders with innovative real-value use cases that leverage tokenised deposits to take part in this collaborative effort to further develop Hong Kong’s tokenisation ecosystem.”
The Securities and Futures Commission (SFC), a key member of the Ensemble Architecture Community, continues to work alongside the HKMA to expand the practical applications of tokenisation across multiple asset classes and sectors. SFC Chief Executive Officer Julia Leung remarked:
“To scale tokenisation of investment products, interoperability is key. A critical step in that direction is today’s initiative announced by the HKMA which will gradually allow interbank settlement of tokenised deposits in real time 24/7. The SFC is committed to walking with the HKMA and the market participants in driving forward advanced tokenisation use cases leveraging EnsembleTX and building a dynamic and future-ready financial ecosystem.”
EVIDENT is honoured to be recognised by the HKMA as one of the Industry Pioneers of EnsembleTX, alongside other global leaders such as BlackRock, Hong Kong Exchanges and Clearing (HKEX), and Franklin Templeton. The full list of recognised institutions appears in Annex B of the HKMA press release (PDF).
EVIDENT is the only selected participant operating with an institutional licence setup that covers both the issuance, administration, and distribution of tokenised alternative assets. This dual-licensed framework enables EVIDENT to serve as a compliant infrastructure provider within Hong Kong’s regulated environment - uniquely positioned to bridge traditional financial structures with tokenised market infrastructure.
This acknowledgement places EVIDENT among the select group of licensed institutions contributing to Hong Kong’s transition from experimental tokenisation to real-value transactions.
As noted in the HKMA announcement, EnsembleTX will serve as “a controlled pilot environment” where these first real-world transactions can occur, allowing licensed participants to “prove out this new digital market infrastructure.”
EVIDENT’s inclusion demonstrates the firm’s alignment with the regulators’ objective of advancing tokenised markets through disciplined, real-world execution.
EVIDENT’s Co-Founder and CEO, Dr Florian M. Spiegl, shared his perspective on this landmark initiative in a LinkedIn statement following the HKMA’s announcement:
“It’s not every day that you’re called an industry pioneer by your regulators. I am proud that EVIDENT is part of the next major phase of industry innovation with the launch of Project EnsembleTX by the Hong Kong Monetary Authority (HKMA) in collaboration with the Hong Kong Securities and Futures Commission (SFC).”
He reflected on the broader industry shift:
“For years, the industry has talked about tokenisation. Now, we are moving from concept to implementation. As HKMA Chief Executive Eddie Yue said, this is ‘where innovation meets implementation,’ moving from proof-of-concept to a ‘real-value setting.’”
Florian emphasised that the competitiveness of global financial centres will now depend on real-world execution rather than theory:
“The competitiveness of financial centres will be decided not by white papers, but by real-world, real-value transactions.”
He further described this as part of a larger transformation:
“We are in the middle of a complete rewiring of how investment and capital markets will work. To make this new infrastructure work at scale, we must solve for both assets and money.”
Florian elaborated that while the industry has made “great progress in tokenising assets,” the next challenge is the money component - tokenised deposits - which will allow these markets to scale efficiently.
He cited SFC CEO Julia Leung’s view that “to scale tokenisation of investment products, interoperability is key.” Tokenised deposits, he noted, are the essential mechanism to achieve that interoperability, enabling faster, more transparent, and efficient settlement.
Florian also highlighted that “EnsembleTX is set up as a critical environment where these first real-world transactions can happen, allowing licensed institutional participants to prove out this new digital market infrastructure in a controlled setting.”
This directly mirrors the HKMA’s objective for the pilot environment - to move beyond experimentation and establish the conditions for safe, real-value market operations.
“At EVIDENT, we have been contributing to this vision from day one,” Florian said. “We are proud to be building this future alongside fellow pioneers like BlackRock, the Hong Kong Stock Exchange, and Franklin Templeton.”
He recognised that infrastructure-level change requires long-term collaboration:
“Change on an infrastructure level takes time and disciplined coordination. This kind of progress is only possible when regulators like the HKMA and the SFC don’t just allow innovation to happen, but actively facilitate it. This is what it takes to lead.”
He concluded his remarks by reaffirming EVIDENT’s commitment to the initiative:
“We look forward to being in the first batch to conduct real-value transactions.”
Together, the HKMA’s and SFC’s statements, combined with industry participation, underline Hong Kong’s position as a pioneer in regulated tokenisation. The transition from sandbox experimentation to live execution marks a systemic shift in how financial markets will operate - from traditional settlement to 24/7 tokenised infrastructure that connects assets and money on a single digital layer.
EVIDENT’s participation in Project EnsembleTX reflects its ongoing contribution to Hong Kong’s regulated ecosystem for tokenised assets and deposits. The firm remains committed to helping establish the institutional foundations of digital finance, ensuring that innovation is underpinned by regulatory integrity and real-world value.
This development has also been highlighted by the South China Morning Post (SCMP) in its coverage titled “Hong Kong moves from theory to practice with real-value tokenised money, asset deals.” The article noted that “live transfers of tokenised deposits signal Hong Kong’s shift from proof-of-concept to production-grade digital-asset settlement.”
The recognition reinforces Hong Kong’s emergence as a hub where innovation, regulation, and implementation converge - precisely the intersection described by both the HKMA and EVIDENT.
EVIDENT is the first SFC-licensed digital market infrastructure platform that connects wealth management firms and their clients with alternative investment opportunities from leading asset managers. Its cutting-edge solutions, powered by asset tokenization on blockchain, simplify access, digitize and automate administration, enhance liquidity, and offer greater convenience for investing in alternative assets.
Through EVIDENT, private wealth investors access the diversification and growth opportunities in private markets, all within a safe and regulated framework.
For more information, visit https://www.evident.capital/
