香港金融管理局推出“Project Ensemble”沙箱以支持代币化机构实验

该计划还涉及实验性批发 CBDC（wCBDC），以实现银行代币化存款之间的银行间结算。

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个新的机构沙箱，用于试验传统证券和现实世界资产（RWA）的代币化。

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）周五宣布的该举措还包括一种实验性批发中央银行数字货币（wCBDC），以实现银行代币化存款之间的银行间结算。

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.

四家银行提供代币化存款：汇丰银行、渣打银行（香港）、中国银行（香港）和恒生银行。其他直接参与者包括微软香港、蚂蚁金服（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.

证券及期货事务监察委员会（证监会）正在与金管局合作开展与固定收益和基金相关的四个试验类别之一，贝莱德和富兰克林邓普顿属于“非社区”参与者之列。

“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.

证监会首席执行官梁凤仪表示：“沙盒是创新与监管如何齐头并进，为我们的金融市场开辟新道路的一个例子。”

“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.”

“作为香港金融市场的两大主要缔造者，证监会和金管局拥有相同的愿景和决心，致力于通过创新的市场基础设施来确保香港的金融体系面向未来。”

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.

与支付涉及单一代币转账的稳定币不同，代币化存款是一个数字孪生。因此，从一家银行的客户到另一家银行的客户的代币转移也需要银行在其链下账簿中相互结算。这可以通过使用传统 RTGS 系统付款来完成，或者最好使用批发 CBDC 来完成。

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

金管局表示：“将在沙盒期间测试使用 wCBDC 进行银行间代币化存款结算。”

“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.”

“这将为未来开发代币化存款两级结算系统铺平道路，包括客户交易的链上结算和银行间交易的链下结算。”

Liquidity, supply chain and green finance use cases

流动性、供应链和绿色金融用例

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.

另一个沙箱应用程序类别是流动性管理，包括回购和财务管理。蚂蚁国际（非 ADT）正在与渣打银行和汇丰银行合作开发全球流动性管理解决方案。

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.

目标是利用蚂蚁金服的鲸鱼平台进行资金管理，帮助银行兑换代币。最终，这旨在支持实时 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.

“该解决方案将使银行能够整合其流动性池，并为不同司法管辖区的客户提供最佳流动性，”金管局解释道。

“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 将使银行能够以净额结算其代币交易，从而减少总体结算金额并优化流动性。”

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.

供应链金融是沙盒中值得探索的领域。一种用例涉及在全球航运业务网络 (GSBN) 区块链基础设施上签发电子提单 (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 补充道：“这些电子提单将由蚂蚁数字技术进行代币化，以支持使用代币化存款进行贸易融资的资金流动，并使用 wCBDC 进行银行间结算。”

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

国际商会数字标准倡议是另一个与贸易相关的用例的参与者。

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

第四个应用领域是绿色金融，吸引了最多的外部参与者（8个），其中包括香港证券交易所。

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

除了这四个领域外，金管局表示将“继续与社会各界接触，以增加更多申请类别”。

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

此外，它正在探索与国际清算银行创新中心就一个或多个主题进行合作。

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

金管局还参与了欧洲央行的批发DLT结算试验。

“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：“这些试验旨在测试 Project Ensemble 平台与法兰西银行 DL3S 区块链之间的 wCBDC 互操作性。”

“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.”

“这些试验的成功完成将为未来开发代币化存款的两级结算系统铺平道路，包括客户交易的链上结算和银行间交易的链下结算。”

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 将很快发布一份关于银行发行的稳定币和代币化存款的报告，其中包含 60 多个项目。注册以获取其发布的通知。