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HSBC announces first live cross-bank transaction in EnsembleTX
13 November 2025 Hong Kong
Image: John_Gomez/stock.adobe.com
HSBC has successfully carried out a Hong Kong dollar-denominated cross-bank transfer of tokenised deposit for its client Ant International.
It is among the first transactions in EnsembleTX — the pilot phase of the Hong Kong Monetary Authority (HKMA)’s project Ensemble — which the company says is a demonstration of the advancement of the city’s digital money ecosystem.
Within the 2025 Policy Address, plans are outlined to advance Project Ensemble, which encourages commercial banks to introduce tokenised deposits, along with promoting live transactions of tokenised assets.
EnsembleTX, now entering its pilot phase, will support real-value transactions of tokenised deposits and digital assets, with its interoperability layer facilitating compatibility and connectivity across the platforms and systems of a plethora of financial institutions.
HSBC has integrated its Tokenised Deposit Services (TDS) with the interoperability layer, allowing for real-time cross-bank transfers of tokenised deposits, as demonstrated by the inaugural transaction that facilitated Ant International’s transfer of HK$3.8 million to its wallet held at another domestic bank.
Vincent Lau, global head of digital money, global payments solutions, HSBC, believes the “launch of EnsembleTX and the interoperability layer marks an essential step for Hong Kong to become a global hub for innovation in digital money and assets”.
TDS was launched for corporate clients in Hong Kong in May 2025 and, building on its rollout for domestic payments in Hong Kong, in addition to the US dollar cross-border transaction between Hong Kong and Singapore in September, has been extended to the UK, Luxembourg, and Singapore markets, supporting payments in Singapore dollars, pound sterling, euros, US dollars, and Hong Kong dollars.
It is among the first transactions in EnsembleTX — the pilot phase of the Hong Kong Monetary Authority (HKMA)’s project Ensemble — which the company says is a demonstration of the advancement of the city’s digital money ecosystem.
Within the 2025 Policy Address, plans are outlined to advance Project Ensemble, which encourages commercial banks to introduce tokenised deposits, along with promoting live transactions of tokenised assets.
EnsembleTX, now entering its pilot phase, will support real-value transactions of tokenised deposits and digital assets, with its interoperability layer facilitating compatibility and connectivity across the platforms and systems of a plethora of financial institutions.
HSBC has integrated its Tokenised Deposit Services (TDS) with the interoperability layer, allowing for real-time cross-bank transfers of tokenised deposits, as demonstrated by the inaugural transaction that facilitated Ant International’s transfer of HK$3.8 million to its wallet held at another domestic bank.
Vincent Lau, global head of digital money, global payments solutions, HSBC, believes the “launch of EnsembleTX and the interoperability layer marks an essential step for Hong Kong to become a global hub for innovation in digital money and assets”.
TDS was launched for corporate clients in Hong Kong in May 2025 and, building on its rollout for domestic payments in Hong Kong, in addition to the US dollar cross-border transaction between Hong Kong and Singapore in September, has been extended to the UK, Luxembourg, and Singapore markets, supporting payments in Singapore dollars, pound sterling, euros, US dollars, and Hong Kong dollars.
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