Hong Kong Connects Conventional Finance and Blockchain Through Active Cryptocurrency Trial

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Hong Kong Connects Conventional Finance and Blockchain Through Active Cryptocurrency Trial

Bitget-RWA2025/11/17 05:34

By:Bitget-RWA

- Hong Kong launches live crypto pilot under Project Ensemble, using e-HKD to advance tokenization in traditional banking and position itself as a global crypto hub. - The pilot focuses on tokenized money-market fund settlements and aims to enable 24/7 transactions via tokenized central bank money by 2026. - Collaborations with Singapore and firms like UBS/Ant expand blockchain integration, while a HK$10B tokenized green bond highlights fintech-traditional finance convergence. - Western firms like Adams St

Hong Kong is ramping up its efforts to establish itself as a leading global center for cryptocurrency, launching a real-value transaction pilot as part of its Project Ensemble program,

signaling a major transition

from trial phases to actual settlements involving real assets. On Thursday, the Hong Kong Monetary Authority (HKMA), which serves as the city’s central bank, introduced this new stage, highlighting its commitment to promoting tokenization in mainstream banking through the e-HKD digital currency.

Hong Kong Connects Conventional Finance and Blockchain Through Active Cryptocurrency Trial image 0

The pilot,

set to continue through 2026

, will initially target tokenized money-market fund trades and real-time liquidity operations, with interbank settlements first handled by the HKD Real Time Gross Settlement platform. The HKMA intends to upgrade this infrastructure to support round-the-clock settlements using tokenized central bank money,

a step HKMA Chief Executive Eddie Yue called

a bridge between "innovation and practical application".

This project is part of a wider push to embed blockchain technology into the financial system. Just last week,

the Monetary Authority of Singapore revealed plans

to pilot tokenized MAS bills settled with a central bank digital currency, while Singaporean companies DBS and J.P. Morgan's Kinexys launched a framework to enable tokenized deposit transfers across different blockchain platforms. Hong Kong’s advancements include the recent launch of a HK$10 billion tokenized green bond,

the largest issuance of its type globally

, which drew HK$130 billion in bids from institutional buyers. The bond’s settlement in e-HKD or e-CNY

highlights the government’s drive

to merge traditional finance with technological innovation.

Hong Kong’s financial sector is also growing as more Western investment firms enter the market. In November, Chicago-based Adams Street Partners launched a Hong Kong branch,

joining a surge of companies leveraging

the city’s position as a hub for global capital and cross-border transactions. Likewise, Aquilius, a top secondaries platform in Asia-Pacific,

announced the establishment of its Hong Kong office

and appointed Martin Yung and Patrick Qian, both formerly of HarbourVest, to strengthen its private equity team. These developments demonstrate increasing optimism about Hong Kong’s market prospects,

as equity fundraising reached HK$422 billion in 2024

— the highest figure since 2021.

At the same time, blockchain-driven partnerships are intensifying. UBS and Ant International

entered into a memorandum of understanding

to explore new possibilities in tokenized deposits, utilizing UBS’s Digital Cash platform and Ant’s Whale blockchain to improve cross-border payments and liquidity solutions. Young Jin Yee, UBS Singapore Country Head, described the collaboration as a move toward "real-time, multi-currency payment systems" that boost both efficiency and transparency.

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.

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