ChainCatcher reported that the Hong Kong Monetary Authority recently announced the establishment of the Ensemble Project Architecture Working Group to promote the development of Hong Kong's tokenization market. The working group will work with the industry to develop standards and make recommendations to support the interoperability of central bank digital currencies (wCBDCs), tokenized currencies, and tokenized assets.

The initial focus of the working group will be to establish mechanisms for tokenized asset transactions and smooth interbank settlement through wCBDC. In addition, the working group will also be responsible for designing and building the Ensemble project sandbox to further study and test tokenization use cases.

The working group is composed of industry representatives from multiple fields, including regulators, international organizations, academia, local and multinational banks, major players in the digital asset industry, and technology companies. When selecting members of the working group, the HKMA fully considered their expertise, relevant experience, and innovative thinking in promoting the development of Hong Kong's tokenization market.