HashKey Group said it has joined the Hong Kong Monetary Authority’s EnsembleTX project as an Industry Pioneer, positioning the firm within the regulator’s latest trial framework for tokenized finance.
The company said it will bring together its capabilities in digital asset trading, asset management, asset tokenization, and on-chain infrastructure to explore how tokenized deposits can be used in real business settings. The areas named in the announcement include fund transfers and settlement for digital asset trading, subscription and redemption of investment products, and corporate treasury management.
HashKey outlines potential use cases
HashKey said the work is intended to support the gradual move of tokenized deposits in Hong Kong from live transaction trials toward commercial use. The group said it has spent recent years building next-generation financial infrastructure and now operates a business system covering licensed digital asset trading, asset management, asset tokenization, and on-chain infrastructure. It also said it has built a network connecting banks, asset issuers, and investors.
Based on its existing financial service scenarios and infrastructure, HashKey said it can explore the use of tokenized deposits in cross-border fund allocation between affiliated trading venues, subscription, redemption, and settlement for tokenized financial products, as well as cross-border treasury management. The group added that it can also work with banks and financial institutions on system connectivity and interoperability through blockchain and tokenization-related services, providing a technical path for the use of tokenized deposits across different financial business scenarios.
EnsembleTX follows the Project Ensemble sandbox
According to the company, the HKMA launched the Project Ensemble sandbox in August 2024 to accelerate the application of tokenization technology. In November 2025, the regulator introduced EnsembleTX, marking the formal move of the Ensemble project into its trial stage.
HashKey described that step as a major development for advancing real transactions involving tokenized deposits and digital assets in a controlled testing environment. In its initial phase, EnsembleTX focuses on supporting market participants that use tokenized deposits in tokenized money market fund transactions, while also managing liquidity and treasury needs in real time.
Looking ahead, EnsembleTX is also expected to support 24/7 interbank settlement for tokenized deposit transactions using tokenized central bank money, or CeBM.
Xiao Feng comments on the next stage of tokenized finance
HashKey Group Chairman and CEO Xiao Feng said: 「The next stage of tokenized finance is not only about putting more financial assets on-chain. More importantly, it is about integrating tokenization technology into real financial business and creating practical value in fund flows, asset trading, and settlement. EnsembleTX provides an important platform for moving tokenized deposits from technical verification to real transactions, allowing tokenization technology to translate into operating efficiency in financial markets. We look forward to actively working with other Industry Pioneers under the guidance of the HKMA and bringing new momentum to the development of Hong Kong’s tokenized finance ecosystem.」
Previous participation in HKMA tokenization work
HashKey said it had previously taken part in the HKMA’s Project Ensemble Architecture Community and sandbox, and had also joined the tokenized bond expert group. The company said it has continued to participate in industry practice and market mechanism building for tokenized finance in Hong Kong.
About HashKey Group
In the announcement, HashKey Group described itself as a digital asset financial services group with operations across Asia and global markets, listed under stock code 3887.HK. The company said it builds a digital asset ecosystem through end-to-end financial infrastructure, technology, and investment management, and provides trade facilitation, on-chain services, and asset management through licensed digital asset platforms.
