Ms Leung Fung-yee, Chief Executive Officer of the Hong Kong Securities Supervision Commission, said the testing of the Ensemble project sandbox will focus on four main themes: green and sustainable finance, trade and supply chain finance, fixed income and investment funds, and liquidity management. Among these four themes, the Hong Kong Securities Supervision Commission will co-lead the tokenization initiative for the asset management industry under the fixed income and investment fund categories, and has provided regulatory guidance to the industry on securities tokenization-related activities and approved investment products. Liang Fengyi said that the Hong Kong Securities Supervision Commission was one of the first agencies to develop clear regulatory requirements in this area. The guidelines have promoted the emergence of pilot use cases for tokenization of financial products, including green bonds, commercial paper, warrants, aircraft leasing funds, and approved retail investment products. Sandbox use cases will help identify pain points, develop uniform industry standards, and test the settlement of tokenized asset transactions with tokenized currencies between banks.