Welcoming Remarks at “Tokenisation: Banking the Future”

1. Carmen, ladies and gentlemen, good afternoon.
2. It is my pleasure to welcome you to the "Tokenisation: Banking the Future" event hosted by the HKMA.
3. Today, we are excited to gather representatives from around 60 banks to discuss the latest developments of two key HKMA initiatives -- "Project Ensemble" and "The Supervisory Incubator for DLT", and to highlight their growing significance for the financial industry.

Tokenisation (under "Fintech 2030"): a transformative force to reshape financial market

1. Last November, the HKMA unveiled the "Fintech 2030" strategy, designed to position Hong Kong as a future-ready fintech hub. This ambitious plan encompasses over 40 initiatives spread across four domains: Data and Payment, Artificial Intelligence, Resilience, and Tokenisation - collectively known as D.A.R.T (Dart). Today's focus will be on the area of Tokenisation.
2. As we navigate the rapidly changing financial landscape, tokenisation is emerging as one of the transformative forces in modern finance. By utilising DLT, tokenisation has the potential to fundamentally reshape financial markets and redefine the way transactions are executed. We anticipate significant improvements in efficiency, lowered operational costs, enhanced transparency, and broader access to markets and asset classes that were previously out of reach.
3. Imagine a future where digital assets settle within seconds, trade finance operates on real-time data, and cross-border treasury management and investment activities occur seamlessly. The increased tokenisation of assets and money can deliver substantial advantages for wholesale transactions, including reduced reliance on intermediaries, enhanced automation, and improved liquidity for a wider array of financial assets.

HKMA is dedicated to fostering the tokenisation ecosystem through Project Ensemble

1. Against this backdrop, our financial infrastructure must evolve in tandem. That's why, over the past several years, the HKMA has been actively exploring new payment and settlement systems leveraging DLT to ensure that our infrastructure remains future-proof.
2. For example, the HKMA launched Project Ensemble in March 2024 to support the development of a tokenisation ecosystem. In November of last year, Ensemble^TX officially entered in its pilot phase. It empowers market participants to engage in real-value transactions involving tokenised deposits and digital assets, enabling real-time management of liquidity and investment needs.
3. With the momentum established, from 2026 onward, we will continue to expand the tokenisation ecosystem with priorities, including onboarding more banks, incubating additional use cases, promoting broader adoption, and enhancing Ensemble^TX to meet evolving market demands.

Call for Action: Banks should capture the opportunities presented by tokenisation

1. Meanwhile, the financial sector faces unprecedented challenges. Early adopters around the world have already begun realising the benefits of tokenisation through products such as Tokenised MMFs. To maintain competitiveness, we urge banks to take proactive steps in joining us to capitalise on the opportunities presented by this transformative technology.
2. By now, you may notice that this is a cross-over event jointly organised by two HKMA departments - the Banking Supervision Department, which serves as the regulator, and the Financial Infrastructure Department, which acts as the infrastructure provider. This unique collaboration offers a valuable platform for direct engagement with both regulatory and technical experts, ensuring that banks adopt tokenisation in a responsible, informed, and coordinated manner.
3. The path ahead is filled with promise. We hope this event inspires more banks to embrace tokenisation, positioning themselves at the forefront of financial innovation and transformation.
4. Thank you for being here. I look forward to the insightful discussions ahead.

Note: The event was held on 9 March 2026.