HKMA Advances Project Ensemble Pilot to 24/7 Settlement in Wholesale CBDC (HKMA)

The Hong Kong Monetary Authority (HKMA) announced that EnsembleTX, the pilot phase of Project Ensemble, will start to support the interbank settlement of tokenized deposit transactions in tokenized central bank money (CeBM) (i.e., wholesale central bank digital currency (CBDC)) on a 24/7 basis. This advancement allows twelve participating banks and twenty industry partners to execute settlements outside conventional operating hours. Originally launched in November 2025 utilizing existing real-time gross settlement (RTGS) infrastructure, the pilot currently facilitates corporate treasury management and tokenized money market fund transactions. The HKMA plans to coordinate with the Securities and Futures Commission to scale these tokenization use cases and further develop the related market infrastructure. [HKMA]

Project Sunbird and Cross-Border Payments with Wholesale CBDC (IMF)

The IMF published a report that summarizes technical assistance it provided to the four Common Monetary Area (CMA) countries—Namibia, Lesotho, Eswatini, and South Africa—focused on Project Sunbird, an initiative exploring the use of wholesale central bank digital currency (CBDC) for enhancing cross-border payments within the CMA. Following virtual and on-site missions, the assessment identified key frictions, including fragmented compliance processes and limited non-bank access to central bank money. To address these issues, the report recommends embedding automated compliance logic within CBDC platforms and updating diagnostic frameworks to accurately capture wholesale market dynamics. Furthermore, authorities are advised to strengthen regional governance by establishing a dedicated steering committee and expanding the core project team’s expertise in wholesale market operations. [IMF]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.