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china fund news reporter guo wenjun

the hong kong monetary authority (hkma) and the securities and futures commission (sfc) of hong kong will jointly lead the tokenization measures in the asset management industry to build and expand hong kong’s tokenization market.

the first phase of the sandbox focuses on four major themes

on august 28, the hong kong monetary authority held a launching ceremony for the ensemble project sandbox (hereinafter referred to as the sandbox) and announced that the first phase of the trial will cover four major tokenized asset use case themes, marking an important step forward in the financial industry’s practical application of tokenization technology.

according to baidu encyclopedia, sandbox supervision means first defining a scope and taking inclusive and prudent regulatory measures for the companies in the "box", while preventing the spread of problems outside the "box". it is a fault-tolerant and error-correcting mechanism implemented within a controllable range, and the regulatory authorities will supervise the entire operation process to ensure the safety of the test and make a final evaluation.

the hong kong monetary authority stated that after fully considering the industry's intentions, market development trends and the potential impact of innovative developments, the first phase of the sandbox trial will cover the tokenization of traditional financial assets and real-world assets.it focuses on four major themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.

at the international level, the hkma will also explore opportunities for collaboration with the hong kong centre of the bank for international settlements innovation hub on one or more tokenization topics, and work with members of the cbdc (central bank digital currency) expert group to leverage their expertise to further advance the development of the sandbox.

the hong kong monetary authority stated that in order to consolidate hong kong's position as an international financial center and explore new economic areas with an innovative spirit, the hong kong monetary authority will continue to actively communicate with the industry to understand their interest in the development of tokenization and jointly develop and identify new themes and use cases related to tokenization.

the sfc and the hkma also welcome industry players to propose new ideas on tokenization for testing in the sandbox.

leading chinese and foreign financial and technology companies participated

it is reported that the hong kong monetary authority has completed the construction of the sandbox, which aims to promote interbank settlement using experimental tokenized currencies and focus on tokenized asset trading. the participating banks of the ensemble project architecture working group (hereinafter referred to as the working group) have connected their tokenized deposit platforms to the sandbox, preparing for the future experiments of cross-bank payment simultaneous delivery and cash and delivery settlement.

the working group has a strong lineup, with members including: hong kong's four major banks - hsbc, standard chartered bank, bank of china (hong kong) and hang seng bank, as well as asia's leading digital asset financial services group with a global layout, hashkey group, and global leading technology companies such as ant digital technology and microsoft hong kong.

the non-working group members involved are also strong, including ant international, the central moneymarkets unit, the hong kong exchanges and clearing, the hong kong science and technology parks corporation, the hong kong cyberport, and many well-known chinese and foreign asset management companies - blackrock, boc hong kong asset management, china asset management (hong kong), csop asset management and franklin templeton.

hong kong monetary authority and securities and futures commission jointly promote financial innovation

eddie yue, chief executive of the hong kong monetary authority, said: “the launch of the ensemble project sandbox to test tokenized use cases marks an important step for the hong kong monetary authority and the industry in exploring the application of tokenization technology in real business scenarios. since the launch of the ensemble project in march this year, the industry has responded positively to the exploration of innovative solutions to reshape the digital financial sector. the hong kong monetary authority looks forward to working with the hong kong securities and futures commission, other central banks, academia and relevant industry participants in the future to further promote the innovative development of hong kong’s tokenization market.”

fong-yee leung, chief executive officer of the sfc, said: “the launch of the sandbox today demonstrates how innovation and regulation can work together to open up new paths for our financial markets. as the two major builders of hong kong’s financial markets, the sfc and the hkma share the same vision and are committed to leading hong kong’s financial system into the future through innovative market infrastructure.”

editor: joey

review: xu wen

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