HSBC supports Hong Kong SAR Government’s fourth digital green bond
30 September 2026 Hong Kong
Image: karsty/stock.adobe.com
HSBC has announced participation in the Hong Kong SAR Government’s fourth digital green bond offering.
The bank served as joint global coordinator, joint lead manager, joint bookrunner, trustee, and principal paying agent, with HSBC Orion serving as the digital assets platform.
Speaking on the issuance, David Liao, co-chief executive, Asia and Middle East, HSBC, says: “The fact that Hong Kong is returning to the market with a fourth issuance, also the largest digital bond issuance globally to date, shows that digital bonds are evolving from an emerging concept into a scalable funding tool for issuers and investors.
“This transaction is significant not only for its scale, but also because it brings together the key components needed for broader adoption: choice, interoperability, and practical market utility.”
Liao furthers that another significant development is the connection of HSBC Orion to Ensemble, facilitating interbank settlement using tokenised deposit.
He elaborates that investors in both Hong Kong dollar and renminbi can choose to settle using tokenised central bank money alongside traditional settlement rails.
“This demonstrates how digital assets, tokenised deposits, and tokenised central bank money can work across interoperable infrastructure to improve speed and efficiency, while allowing market participants to continue using established settlement arrangements where appropriate,” says Liao.
Liao emphasises that issuance is another step towards a more connected, efficient, and resilient financial system.
The bank served as joint global coordinator, joint lead manager, joint bookrunner, trustee, and principal paying agent, with HSBC Orion serving as the digital assets platform.
Speaking on the issuance, David Liao, co-chief executive, Asia and Middle East, HSBC, says: “The fact that Hong Kong is returning to the market with a fourth issuance, also the largest digital bond issuance globally to date, shows that digital bonds are evolving from an emerging concept into a scalable funding tool for issuers and investors.
“This transaction is significant not only for its scale, but also because it brings together the key components needed for broader adoption: choice, interoperability, and practical market utility.”
Liao furthers that another significant development is the connection of HSBC Orion to Ensemble, facilitating interbank settlement using tokenised deposit.
He elaborates that investors in both Hong Kong dollar and renminbi can choose to settle using tokenised central bank money alongside traditional settlement rails.
“This demonstrates how digital assets, tokenised deposits, and tokenised central bank money can work across interoperable infrastructure to improve speed and efficiency, while allowing market participants to continue using established settlement arrangements where appropriate,” says Liao.
Liao emphasises that issuance is another step towards a more connected, efficient, and resilient financial system.
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