1、In collaboration withTransforming Global Payments:The Role of Tokenized Money&Funds in Cross-Border Transactions Interim Report:e-HKD Pilot Programme Phase 2 Introduction:e-HKD Pilot Programme BackgroundHong Kong stands as a global financial and commercial hub fostering trade between East and West.W

2、ith a stock exchange capitalized at USD 6.1 trillion and the 8th busiest container port in the world1,Hong Kong has positioned itself as a super-connector and value-adder,Hong Kong plays a unique role in attracting and connecting businesses and investments from overseas and mainland China.Since 2017

3、,the Hong Kong Monetary Authority(HKMA)has led various initiatives to explore new forms of digital money,encompassing Central Bank Digital Currencies(CBDCs)and tokenized deposits.Its exploration of cutting-edge payment infrastructure aims to reinforce Hong Kongs status as a leading and efficient tra

4、nsactional environment.Its efforts reached a significant milestone in November 2022 with the launch of the Phase 1 of the e-HKD Pilot Programme,testing innovative applications of a hypothetical e-HKD and their potential to become a prospective means of payment for residents and businesses in Hong Ko

5、ng.e-HKD Pilot Programme Phase 1Phase 1 of the e-HKD Pilot Programme involved pioneering firms,including Visa,from the financial and technology sectors exploring e-HKD use cases.The HKMA found three key areas where the e-HKD could add unique value to consumers and businesses:1.Programmability-Automa

6、ting complex transactions through smart contracts2.Tokenization-Enhancing liquidity and facilitating secure asset transfer3.Atomic Settlement-Ensuring near real-time simultaneous transaction settlement,eliminating counterparty riskIn September 2024,Project e-HKD was renamed to Project e-HKD+,expandi