HKMA Pilot Paves Way for Cross-Border Tokenised Investments

The Hong Kong Monetary Authority (HKMA) has completed a pilot under its e-HKD+ initiative exploring how digital currencies can streamline cross-border investments, reports The Papers. In the trial, a stablecoin backed by the Australian dollar (AUD) was converted into a digital Hong Kong dollar (e-HKD) and used to subscribe to a tokenised money market fund. This simulation tested real-world interoperability between public and private blockchains.

Key participants included ANZ, Fidelity International, and ChinaAMC. ANZ’s proprietary blockchain, DASChain, was linked with Ethereum’s testnet via Chainlink’s Cross-Chain Interoperability Protocol (CCIP), enabling seamless digital asset movement. ANZ’s A$DC stablecoin was used in the transaction, while Visa’s Tokenized Asset Platform (VTAP) handled the money lifecycle. Chainlink supported smart contract operations for settlement using both payment-versus-payment (PvP) and delivery-versus-payment (DvP) models.

The pilot also incorporated on-chain identity verification and experimented with issuing tokens under ERC-20 and ERC-3643 standards, offering insights into compliance and security. Asset managers showcased how these technologies could cut settlement times from several days to just seconds and support operations beyond traditional business hours.

This initiative signals rising institutional momentum around tokenised assets—a market projected to surpass USD 2 trillion by 2030. The e-HKD+ programme continues to explore programmable money use cases, including tokenised deposits and multi-chain transactions.

Representatives from Fidelity and ChinaAMC, both pioneers in tokenised funds, highlighted the potential of digital currencies to simplify operations and enhance investor access.