On August 29, the Hong Kong Monetary Authority launched the Ensemble project sandbox to promote the application of tokenization. According to the disclosed information, a total of 25 institutions participated in the first phase, including the four major banks, namely HSBC, Bank of China Hong Kong, Hang Seng and Standard Chartered, as well as Ant Digital Technology and HashKey Group. The first phase of the Sandbox will focus on four major tokenized asset use case themes, namely fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance. Stephen Shih, Executive Director and Chief Executive Officer of Hang Seng Bank, said that this test provides valuable experience for tokenized deposits and asset transactions, which will help improve the efficiency of existing settlement processes and reduce settlement risks, laying the foundation for the development of new financial marekt infrastructure in the future. Following this sandbox test, Hang Seng will continue to actively participate in the testing and research of Ensemble project use cases.