HSBC and Ant International have successfully executed HKD-denominated cross-bank blockchain-based test transactions under the Hong Kong Monetary Authority’s Ensemble Sandbox.
Launched in March this year, Project Ensemble is designed to promote the development of wholesale central bank digital currency (wCBDC) and tokenization in Hong Kong. The Ensemble Sandbox provides a platform for companies to explore and test various tokenization use cases, including the settlement of tokenized currencies and real-world assets.
In this collaborative effort, Ant International and HSBC have integrated their networks with Hang Seng Bank through Ant International’s blockchain-based treasury management Whale platform. This integration allows for real-time tokenized deposit transfers, available 24/7.
The project aims to create a global liquidity management network that connects banks, facilitating the exchange of their tokens and enabling round-the-clock cross-border payments in real time.
Vincent Lau, global head of digital money at Global Payments Solutions, HSBC, remarked, “This latest test case underscores the potential of tokenized deposits in enhancing real-time cross-bank corporate treasury management via the Ensemble interoperability platform. We are eager to explore additional use cases with more Project Ensemble participants to better meet our clients’ needs in payment and treasury management.”
HSBC has conducted three proof-of-concept use cases within the Ensemble Sandbox, demonstrating the feasibility of exchanging tokenized deposits and digital assets, as well as transferring deposit tokens across different financial institutions’ blockchains.