The HKMA has launched the pilot phase of Project Ensemble to test real-value transactions using tokenized deposits and digital assets.
BNY, which processes $2.5 trillion in payments daily and oversees $55.8 trillion in assets is studying tokenized deposits to support blockchain payments.
The large private companies will work with seven central banks on improving structural inefficiencies in international transfers.
Regulators like HKMA and SFC united with local private sector firms like HSBC and HashKey to support the market of tokenization in Hong Kong.