The Hong Kong Monetary Authority (HKMA) has expanded its Project Ensemble, which focuses on tokenization, with new partnerships involving Brazil and Thailand. Project Ensemble engages with Brazil's Central Bank's Drex pilot project and Thailand's Bank of Thailand’s Project San. Brazil's Drex CBDC pilot, which began its second phase in September, aims to explore payment-versus-payment (PvP) and delivery-versus-payment (DvP) trade finance and carbon credit settlements in collaboration with Hong Kong. The project currently boasts over 70 participants. Simultaneously, the HKMA is collaborating with the Bank of Thailand to investigate similar PvP and DvP settlements, aiming to develop a proof-of-concept for trade payments and carbon credits. This initiative reflects a strategic push by the HKMA, which initiated Project Ensemble to nurture wholesale CBDCs that support tokenization. The project has included major financial institutions and technology partners, showcasing Hong Kong's leadership role in global tokenization efforts.

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