香港金融管理局推出「Project Ensemble」沙箱以支援代幣化機構實驗

該計劃還涉及實驗性批發 CBDC（wCBDC），以實現銀行代幣化存款之間的銀行間結算。

Hong Kong’s monetary authority has launched a new institutional sandbox for experimenting with tokenization of traditional securities and real world assets (RWA).

香港金融管理局推出了一個新的機構沙箱，用於試驗傳統證券和現實世界資產（RWA）的代幣化。

The initiative, announced by the Hong Kong Monetary Authority (HKMA) on Friday, also includes an experimental wholesale central bank digital currency (wCBDC) to enable interbank settlement between the tokenized deposits of banks.

香港金融管理局（HKMA）週五宣布的該舉措還包括一種實驗性批發中央銀行數位貨幣（wCBDC），以實現銀行代幣化存款之間的銀行間結算。

Four banks are providing the tokenized deposits: HSBC, Standard Chartered (Hong Kong), Bank of China (Hong Kong) and Hang Seng Bank. Other direct participants are Microsoft Hong Kong, Ant Digital Technologies (ADT) and Hashkey Group.

四家銀行提供代幣化存款：匯豐銀行、渣打銀行（香港）、中國銀行（香港）和恆生銀行。其他直接參與者包括微軟香港、螞蟻金服（ADT）和 Hashkey Group。

The Securities and Futures Commission (SFC) is partnering with HKMA for one of the four trial categories relating to fixed income and funds, where BlackRock and Franklin Templeton are amongst the ‘non community’ participants.

證券及期貨事務監察委員會（證監會）正在與金管局合作進行與固定收益和基金相關的四個試驗類別之一，貝萊德和富蘭克林鄧普頓屬於「非社區」參與者之列。

“The Sandbox is an example of how innovation and regulation can go hand in hand to blaze a new path for our financial markets,” said Julia Leung, SFC CEO.

證監會首席執行官梁鳳儀表示：“沙盒是創新與監管如何齊頭並進，為我們的金融市場開闢新道路的一個例子。”

“As two major architects of Hong Kong’s financial markets, the SFC and the HKMA share the same vision and dedication to future-proofing the city’s financial system through innovative market infrastructure.”

“作為香港金融市場的兩大主要締造者，證監會和金管局擁有相同的願景和決心，致力於通過創新的市場基礎設施​​來確保香港的金融體系面向未來。”

Unlike stablecoins where payments involve a single token transfer, a tokenized deposit is a digital twin. Hence, a token transfer from the client of one bank to another also requires the banks to settle with each other in their off-chain books. That can be done with a payment using the conventional RTGS system, or ideally with a wholesale CBDC.

與支付涉及單一代幣轉帳的穩定幣不同，代幣化存款是一個數位孿生。因此，從一家銀行的客戶到另一家銀行的客戶的代幣轉移也需要銀行在其鏈下帳簿中相互結算。這可以透過使用傳統 RTGS 系統付款來完成，或者最好使用批發 CBDC 來完成。

“The use of wCBDC for interbank settlement of tokenized deposits will be tested during the Sandbox,” HKMA stated.

金管局表示：“將在沙盒期間測試使用 wCBDC 進行銀行間代幣化存款結算。”

“This will pave the way for the future development of a two-tiered settlement system for tokenized deposits, comprising on-chain settlement for customer transactions and off-chain settlement for interbank transactions.”

“這將為未來開發代幣化存款兩級結算系統鋪平道路，包括客戶交易的鏈上結算和銀行間交易的鏈下結算。”

Liquidity, supply chain and green finance use cases

流動性、供應鏈和綠色金融用例

Another Sandbox application category is for liquidity management, including repo and treasury management. Ant International (not ADT), is collaborating with StanChart and HSBC to develop a global liquidity management solution.

另一個沙箱應用程式類別是流動性管理，包括回購和財務管理。螞蟻國際（非 ADT）正在與渣打銀行和匯豐銀行合作開發全球流動性管理解決方案。

The goal is to use Ant’s Whale platform for treasury management to help the banks to exchange their tokens. Ultimately, this aims to support real-time 24/7 cross border payments.

目標是利用螞蟻金服的鯨魚平台進行資金管理，幫助銀行兌換代幣。最終，這旨在支援即時 24/7 跨境支付。

“The solution will enable the banks to integrate their liquidity pools and provide optimal liquidity to their clients in various jurisdictions,” HKMA explained.

「該解決方案將使銀行能夠整合其流動性池，並為不同司法管轄區的客戶提供最佳流動性，」金管局解釋道。

“The use of wCBDC will enable the banks to settle their token trades on a net basis, thereby reducing the overall settlement amount and optimizing liquidity.”

“使用 wCBDC 將使銀行能夠以淨額結算其代幣交易，從而減少總體結算金額並優化流動性。”

Supply chain finance is an area to be explored in the Sandbox. One use case involves issuing electronic bills of lading (eBL) on the Global Shipping Business Network (GSBN) blockchain infrastructure.

供應鏈金融是沙盒中值得探索的領域。一個用例涉及在全球航運業務網路 (GSBN) 區塊鏈基礎設施上簽發電子提單 (eBL)。

“These eBLs will then be tokenized by Ant Digital Technologies to support the movement of funds for trade finance using tokenized deposits, with interbank settlement using wCBDC,” HKMA added.

HKMA 補充道：“這些電子提單將由螞蟻數位技術進行代幣化，以支持使用代幣化存款進行貿易融資的資金流動，並使用 wCBDC 進行銀行間結算。”

The ICC Digital Standards Initiative is a participant in another trade related use case.

國際商會數位標準倡議是另一個與貿易相關的用例的參與者。

The fourth application area is for green finance, which attracted the most external participants (8) including local stock exchange HKEX.

第四個應用領域是綠色金融，吸引了最多的外部參與者（8個），其中包括香港證券交易所。

Apart from these four areas, the HKMA said it would “continue to engage with the community to potentially add more application categories.”

除了這四個領域外，金管局表示將「繼續與社會各界接觸，以增加更多申請類別」。

Plus, it’s exploring collaborating with the BIS Innovation Hub on one or more themes.

此外，它正在探索與國際清算銀行創新中心就一個或多個主題進行合作。

The HKMA is also taking part in the European Central Bank wholesale DLT settlement trials.

金管局也參與了歐洲央行的批發DLT結算試驗。

“The trials aim to test the interoperability between the Project Ensemble platform and the Banque de France DL3S blockchain for wCBDC,” HKMA stated.

HKMA 表示：“這些試驗旨在測試 Project Ensemble 平台與法蘭西銀行 DL3S 區塊鏈之間的 wCBDC 互通性。”

“The successful completion of these trials will pave the way for the future development of a two-tiered settlement system for tokenized deposits, comprising on-chain settlement for customer transactions and off-chain settlement for interbank transactions.”

“這些試驗的成功完成將為未來開發代幣化存款的兩級結算系統鋪平道路，包括客戶交易的鏈上結算和銀行間交易的鏈下結算。”

Ledger Insights will soon publish a report on bank-issued stablecoins and tokenized deposits featuring more than 60 projects. Sign up for notification of its release.

Ledger Insights 很快就會發布一份關於銀行發行的穩定幣和代幣化存款的報告，其中包含 60 多個項目。註冊以獲取其發布的通知。