China market regulator to encourage Hong Kong listings

Hong Kong has taken a major step towards establishing itself as a leading global hub for digital and metal trading by launching plans for an interbank tokenised gold transaction project. The city aims to launch a gold token representing a standard 400-ounce gold bar, referencing Hong Kong’s ticker for gold prices, HAU. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu revealed this during the annual Fintech Week event.

The initiative builds upon Project Ensemble, a pilot tokenisation and digital currency project launched by the Hong Kong Monetary Authority (HKMA) in 2024.

Andrew Fei, a partner at King & Wood in Hong Kong, noted that tokenised gold is gaining popularity as it aligns with two of Hong Kong’s key policy priorities: becoming a global digital assets hub and a global gold trading hub. Ant Digital Technologies, the technology arm of the Chinese fintech giant Ant Group, reported that its platform Anvita TaaS facilitated a cross-bank tokenised gold transaction using tokenised deposits under Project Ensemble.

Zhaojin Mining initiated the transaction, with China Construction Bank (Asia) acting as custodian and paying bank, while Bank of East Asia and Jetco received the funds.

Other banks, including China Citic Bank International (CNCBI) and the Hong Kong Gold Exchange, have also tested tokenised deposits for gold trading settlement using Project Ensemble. CNCBI’s tokenisation platform, connected with other banks through Project Ensemble, enables round-the-clock settlement across different time zones, with plans to launch the service in 2027.

The HKMA announced that it is advancing Project Ensemble to a new phase, where tokenised central bank money will serve as a "foundation layer" for 24/7 cross-border settlement. Project Ensemble aims to transform tokenised gold from sandbox experimentation to scalable, real-value production through its innovative digital financial market infrastructure.