According to Foresight News, the Hong Kong Monetary Authority (HKMA), in collaboration with the Bank of Israel and the Hong Kong Center under the Bank for International Settlements Innovation Hub (BISIH), has released a report titled 'Project Sela: A widely accessible and secure retail central bank digital currency ecosystem'. The report was unveiled at a launch event hosted by the Bank of Israel in Tel Aviv.

Project Sela is the first fintech collaboration between the HKMA and the Bank of Israel. The project demonstrates the technical feasibility of non-bank payment intermediaries directly connecting to central bank digital currency (CBDC) ledgers, thereby promoting competition and innovation in the digital payments sector. A proof-of-concept prototype was developed using distributed ledger technology (DLT), proving that the design structure can meet strict cybersecurity, legal, and policy requirements.

HKMA Deputy Chief Executive Li Dazhi said, 'We are pleased to have successfully completed Project Sela with the Bank of Israel and the Hong Kong Center under BISIH. The project provides valuable and practical insights into the implementation of retail CBDCs in terms of cybersecurity, technology, and policy. Although the HKMA has not decided whether or when to launch a digital Hong Kong dollar, the results of Project Sela are of reference value for our ongoing research. We hope the project will also help other central banks evaluate different retail CBDC design structures.'