The Hong Kong Monetary Authority (HKMA) has announced the launch of the second phase of its Central Bank Digital Currency (CBDC) pilot program. This phase will involve the issuance of digital Hong Kong dollars and tokenized deposits to individuals and businesses. Eleven selected institutions will participate in the pilot to explore innovative use cases in three key areas: tokenized asset settlement, programmability, and offline payments. The pilot aims to enhance the efficiency and accessibility of financial services in Hong Kong. It will provide valuable insights into the potential benefits and challenges of CBDCs and contribute to the development of a more robust and innovative financial ecosystem. The HKMA's commitment to exploring CBDCs demonstrates its forward-looking approach to shaping the future of digital finance.