The Hong Kong Monetary Authority (HKMA) unveiled two significant partnerships this week to promote cross-border tokenization with the Bank of Thailand (BOT) and Brazil’s Banco Central do Brasil (BCB). Both collaborations, part of HKMA’s Project Ensemble, target the integration of central bank digital currency (CBDC) infrastructures for tokenized cross-border transactions.

In partnership with the Bank of Thailand, the HKMA aims to explore Payment versus Payment (PvP) and Delivery versus Payment (DvP) scenarios to facilitate trade payments and manage carbon credits. Building on a 2019 memorandum of understanding for fintech cooperation, both central banks plan to develop a proof-of-concept linking HKMA’s Ensemble Sandbox with BOT’s Project San. Alisara Mahasandana, Deputy Governor of Corporate Development at the BOT, underscored the advantages of this initiative, stating:

Through our collaborative efforts in exploring the interoperability of tokenisation, mutual benefits for both Hong Kong and Thailand could be reaped.

“This partnership will significantly advance tokenisation efforts in our financial sectors, both domestically and cross-border, by offering broader insights into tokenisation, as different technical designs, business requirements, and regulatory frameworks of each jurisdiction will be taken into account,” she added.

Similarly, the HKMA’s collaboration with the Banco Central do Brasil will integrate the Ensemble Sandbox with Brazil’s Drex pilot platform to explore PvP and DvP transactions across international borders. The Brazilian CBDC, Drex, forms the foundation of this initiative. The Hong Kong authority detailed:

The Drex pilot aims to support the development of a tokenised financial market in Brazil. The Drex platform is being developed in co-operation with more than 70 companies, bringing together a diverse set of financial market participants.

HKMA Chief Executive Eddie Yue called the collaborations with Brazil and Thailand “concrete steps” in the tokenization arena, reinforcing a shared commitment to modernize cross-border finance with advanced digital assets infrastructure.

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