2025变革全球支付：代币化货币与基金在跨境交易中的作用研究报告（英）

Interim Report: e-HKD Pilot Programme Phase 2 In collaboration with Introduction:e-HKD Pilot Programme Background Hong Kong stands as a global financial and commercial hub fostering trade between East and West. With a stock exchangecapitalized at USD 6.1 trillion and the 8thbusiest 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 Since 2017, 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 paymentinfrastructure aims to reinforce Hong Kong’s status as a leading and efficient transactional environment. Its efforts reacheda significant milestone in November 2022 with the launch of the Phase 1 of the e-HKD Pilot Programme, testing innovative e-HKD Pilot Programme Phase 1 Phase1of the e-HKD Pilot Programme involved pioneering firms, including Visa,from the financial and technology sectors exploringe-HKD use cases. The HKMA found three key areas where the e-HKD could add unique value to consumers and businesses: 1.Programmability - Automating complex transactions through smart contracts2.Tokenization - Enhancing liquidity and facilitating secure asset transfer3.Atomic Settlement - Ensuring near real-time simultaneous transaction settlement, eliminating counterparty risk e-HKD Pilot Programme Phase 2 In September 2024, Project e-HKD was renamed to Project e-HKD+, expanding its scope beyond e-HKD, including tokenizeddeposits, and launched the e-HKD Pilot Programme Phase 2 (Phase 2) to show its commitment to explore even moretransformative applications of new forms of digital money. Phase 2 explores use cases across 3 themes: settlement of tokenizedassets, programmability and offline payments. Visa, Australia and New Zealand Banking Group (ANZ), Fidelity International (FIL) and The use case explores cross-border transactions in between new forms of digital money and a tokenized money market fund(MMF). The Pilot Participants will test how Australia-based investors can purchase tokenized fund units from Hong Kong assetmanagers using either e-HKD, or tokenized deposits. The process is two-fold. First, the investor will acquire e-HKD via their bank(ANZ) and secondly, will acquire an interest in a Hong Kong-based MMF using new forms of digital money. These transactions are Pilot Participants:A Brief Introduction Bank: Australia and New ZealandBanking Group (ANZ) ANZ provides banking services to over 8.5 million retail andbusiness customers across more than 29 markets and isconsistently rated as Australia’s leading institutional bank.Embracing a 'test and learn' approach, ANZ is activelyexploring digital assets through various projects in its home Tokenized asset markets are stillhighly fragmented, with assets andrelated services being developedacross a range of blockchains that lacknative interoperability. As part of ourongoing commitment to advancingthe digital asset ecosystem, we areactively exploring interoperabilitysolutions. We look forward to testingvarious forms of tokenized money— ANZ was the first commercial bank to issue an AUD-referenced stablecoin (A$DC) on a public blockchain andthe first Australian bank to join Monetary Authority ofSingapore (MAS) Project Guardian4. ANZ has also issued andtraded Australian Carbon Credit Units (ACCUs) on a publicblockchain mainnet in collaboration with Grollo Carbon ANZ is pleased to join the programme, viewing it as avaluable opportunity to enhance interoperability and foster Nigel Dobson, ANZ Banking ServicesPortfolio Lead Asset Manager 1: China Asset Management(Hong Kong) Limited ("ChinaAMC (HK)") ChinaAMC (HK) is at the forefront of tokenization and hasengaged in several initiatives such as Hong Kong’s ProjectEnsemble launched in 2024. More recently, the assetmanager has issued Asia’s first tokenized MMF aimed at ChinaAMC (HK) remains at theforefront of innovation in the assetmanagement industry. Throughthe e-HKD Pilot Programme, weare collaborating with ANZ andVisa to utilize tokenized bankdeposits for purchasing tokenizedfunds. This initiative shows hownew forms of digital money can ChinaAMC (HK) believes in the potential of retail CBDCsto streamline subscription, redemption, buying, sellingand settlement processes while enhancing operationalefficiency and market transparency. They continue tofocus on advancing the adoption of new forms of digital Thomas Zhu, Head of Digital Assets and Head ofFamily Office Business. Asset Manager 2: Fidelity International (FIL) Since 2022, Fidelity International (FIL) has explored the practicalapplications of asset tokenization, viewing distributed ledgertechnology as a transformative force in democratising financial FIL has embarked on multiple tokenization initiatives,beginning in 2023 with