Hong Kong has introduced round-the-clock interbank settlement of tokenised bank deposits using tokenised central bank money, removing a significant operating-hours restriction from its Project Ensemble pilot as banks seek to make corporate liquidity available continuously.

The Hong Kong Monetary Authority (HKMA) said the upgraded EnsembleTX infrastructure now supports settlement between participating banks on a 24-hour, seven-day basis. Participation has expanded to 12 banks and 20 industry organisations.

The development moves beyond the pilot’s original settlement arrangements, introduced in November 2025, which relied on Hong Kong’s existing real-time gross settlement system for transactions involving tokenised deposits.

By using tokenised central bank money for interbank settlement, the upgraded infrastructure is intended to allow transactions to be completed outside conventional banking hours without relying solely on claims against individual commercial banks.

Standard Chartered has separately launched a tokenised deposits solution for corporate clients in Hong Kong using the EnsembleTX infrastructure. The bank said China Asset Management (Hong Kong), Finloop and PantherTrade have already conducted live transactions involving tokenised deposits and money market fund settlement.

The distinction between this development and earlier tokenisation trials is important. Hong Kong had already demonstrated real-value transactions using tokenised deposits. The new step is the extension of interbank settlement capability to continuous operation, with a broader group of participating institutions.

For corporate treasury teams, that could reduce the need to position liquidity in advance of payment-system closures or wait for the next banking day to settle transactions linked to digital assets and investment products.

It could also make cash management more flexible for businesses operating across time zones, particularly where treasury activities involve several banks or legal entities.

Those benefits remain subject to practical adoption. The HKMA is operating EnsembleTX as a controlled pilot, rather than announcing unrestricted access to a new payment system for every corporate customer.

Neither the HKMA nor Standard Chartered disclosed aggregate transaction volumes, settlement cost savings or financing capacity associated with the expanded infrastructure.

The immediate significance is therefore infrastructural rather than a new lending programme. Hong Kong is testing whether central bank money and commercial bank deposits can move together continuously, potentially changing how banks and their corporate clients manage settlement risk and short-term liquidity.