China Asset Management, in collaboration with the Bank of China (HK), Futu, and Standard Chartered Bank (HK), has successfully completed a real-world use case under the HKMA’s EnsembleTX, the pilot phase of Project Ensemble.
In the pilot, Futu successfully carried out an end-to-end process that transferred a tokenised deposit (TD) from BOCHK to SCBHK, allowing the purchase of ChinaAMC (HK)’s tokenised money market fund.
“Today’s successful end-to-end transaction demonstrates the immense potential of tokenisation, paving the way for a more efficient, accessible, and interconnected financial future,” said Tian Gan, CEO of ChinaAMC (HK).
“We will continue to collaborate with industry peers to develop practical, real-world applications that directly contribute to the growth of Hong Kong’s tokenised economy.”
This complex, multi-institutional process integrates interbank transactions of tokenised deposits with tokenised fund subscriptions through the HKMA’s infrastructure.
It highlights how money and asset tokenisation can improve interoperability, efficiency, and automation in the financial system, building a strong foundation for a future tokenised economy, according to ChinaAMC (HK).
“This use case is a landmark for the industry – it demonstrates how tokenised deposits can streamline transactions, enhance transparency, increase efficiency, and open new possibilities for investors,” said Steve Zeng, managing director at Futu Holdings.
“At Futu, our one-stop platform is built on continuous innovation, and we are committed to supporting Hong Kong’s vision of becoming a global hub for Web3 finance.”
As Project Ensemble steps into its pilot phase, EnsembleTX, which facilitates real-value transactions in tokenised deposits and digital assets, ChinaAMC (HK) will continue to build on its success and advance its work in tokenisation.
