HKMA forms “Project Ensemble Architecture Community” to form tokenization standards

In order to make a practical contribution to the development of the Hong Kong tokenization market, the Hong Kong Monetary Authority (HKMA) has established the ‘Project Ensemble Architecture Community’. By developing industry standards and promoting interoperability between tokenized assets and wholesale central bank digital currencies (wCBDCs), the group plans to achieve its goals. The Hong Kong Monetary Authority (HKMA) aims to allow efficient and secure transactions using tokenized assets by establishing a framework for seamless interbank settlement of tokenized deposits.

The goals of the Project Ensemble Architecture community are to:

Establishing industry standards: The community will work to establish a set of industry standards to promote interoperability between wholesale CBDCs, tokenized currencies, and tokenized assets.

Seamless interbank settlement: The community will focus on building systems that facilitate seamless interbank settlement of tokenized deposits through wCBDC for tokenized asset transactions. This will be the main emphasis of the community.

Research and Testing: The community will provide support for the design and implementation of the Project Ensemble sandbox, making it easier to conduct more research and testing of tokenization use cases.

The community consists of:

Various expressions include: There are a variety of industry representatives who are members of the Project Ensemble architecture community. These representatives include regulators, international organizations, academic institutions, local and global banks, key actors in the digital asset business, and technology companies.

Initial members of the community include the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission, BIS Innovation Hub Hong Kong Centre, CBDC Expert Group and seven members from the private sector. These members include Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technologies and Microsoft Hong Kong.

Community Size and Composition Assessment The Hong Kong Metropolitan Government (HKMA) will work closely with industry to conduct an assessment of community size and composition as it deems appropriate.

Image source: Shutterstock

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