Standard Chartered Bank (Hong Kong) Limited (SCBHK) has successfully completed two real-value transaction use cases in Ensemble, the pilot phase of Project Ensemble launched by the Hong Kong Monetary Authority (HKMA), accelerating the development of a comprehensive tokenisation ecosystem in Hong Kong.

SCBHK has actively participated in Project Ensemble since its launch by the HKMA in March 2024, and took part in use case testing in all four main streams of the relevant sandbox. Today, it is proud to be named as one of the first Tokenised Deposit Banks in Ensemble, underscoring its continued support to develop the tokenisation market in Hong Kong.

In this pilot phase, capitalising on Libeara (an SC Ventures incubated tokenisation platform), SCBHK has completed two real-value transaction use cases, including:

• By providing transaction banking services, facilitating interbank transfers of tokenised deposits among Ant International’s entities; and
• As the custodian of China Asset Management (Hong Kong) Limited, receiving tokenised deposit from Bank of China (Hong Kong) which was helping Futu Securities International (Hong Kong) Limited to subscribe to ChinaAMC (HK)’s tokenised money market fund.

Mary Huen, CEO, Hong Kong and Greater China & North Asia, Standard Chartered, said:

“Standard Chartered is pleased to become one of the first Tokenised Deposit Banks in Ensemble, supporting the building of a vibrant tokenisation market in Hong Kong, as part of the vision of ‘Fintech 2030’ unveiled by the HKMA recently. The success of these real-value transaction use cases has demonstrated the enormous potential of tokenised assets in facilitating seamless interbank settlements and their integral role in the next generation of financial market infrastructure. With this strong foundation, we will continue to collaborate with our regulators, clients and partners to incubate innovative use cases, including cross-border transaction scenarios, to contribute to developing Hong Kong as a global digital assets hub.”

Standard Chartered has been at the forefront of promoting tokenisation in Hong Kong.

The Bank supported ChinaAMC (HK) to launch the first tokenised retail money market fund in Asia Pacific in February, and completed a pilot study on tokenised fund settlement in the HKMA’s Phase 2 of the e-HKD Pilot Programme jointly with BlackRock and Mastercard in October.