According to Odaily Planet Daily, HSBC announced that it has become one of the first financial institutions to explore use cases under the Ensemble project led by the Hong Kong Monetary Authority and completed the Proof-of-Concept.
The initial focus of the Ensemble project is to establish a mechanism to facilitate the settlement of tokenized assets through interbank settlement of tokenized deposits through wholesale central bank digital currencies (wCBDC). Three proof-of-concept use cases have been completed, demonstrating the feasibility of converting tokenized deposits and digital assets, and transferring deposit tokens to different financial institutions' blockchains.
HSBC Hong Kong Chief Executive Officer Carol Lam said HSBC will continue to work with the HKMA and members of the Ensemble project architecture working group to promote Hong Kong to become a new generation of international digital assets and currency center.
