Hong Kong expands after-hours trading and settlement for tokenized finance
Hong Kong regulators are extending trading hours for selected tokenized funds and enabling settlement of certain tokenized-deposit transactions. The changes apply to specific products and participating institutions. They do not create a market where every digital asset trades 24/7.
- The SFC approved continuous secondary trading for two tokenized money market funds.
- The HKMA upgraded its EnsembleTX pilot to support continuous settlement of qualifying transactions.
- Standard Chartered launched tokenized deposits for corporate customers, with transfers supported through EnsembleTX.
- Trading and settlement remain subject to limits, and public information on usage is scarce.
Two approved funds, not an open-ended market
On October 26, 2025, Hong Kong’s Securities and Futures Commission (SFC) approved secondary trading for two existing, publicly offered tokenized money market funds on a licensed virtual asset trading platform. Eligible investors can trade interests in the funds continuously, including outside traditional market hours.
Secondary trading is when investors buy and sell fund interests with one another. It is different from subscribing to or redeeming units directly with the fund.
The SFC’s approval covers only the two funds. Its requirements address pricing, liquidity provision, trading arrangements and investor disclosures. The regulator said it would monitor activity before considering other products. The available details do not identify the funds or the trading platform.
A tokenized money market fund represents or records its units using blockchain technology. Tokenization can change how ownership or transactions are recorded, but it does not make a fund freely tradable or remove the rules that govern it.
EnsembleTX supports pilot settlement
On November 2, 2025, the Hong Kong Monetary Authority (HKMA) announced an upgrade to EnsembleTX, the pilot phase of Project Ensemble. Participating financial institutions can now settle qualifying tokenized-deposit transactions continuously using tokenized central bank money.
Tokenized deposits are bank deposits represented in tokenized form. Tokenized central bank money is a separate settlement asset in the process described by the HKMA. It should not be confused with a tokenized bank deposit. Public details do not explain its technical or legal structure, leaving the precise mechanics and safeguards unclear.
The system is meant to support qualifying transactions outside conventional banking hours, including activity related to corporate cash management and tokenized investment funds. EnsembleTX builds on an earlier arrangement that used Hong Kong’s real-time gross settlement infrastructure for transactions involving tokenized deposits.
The HKMA said Project Ensemble had 12 participating banks and 20 industry pioneers, including financial institutions and asset managers. The authority has also tested secondary-market transactions involving tokenized Exchange Fund Bills.
Standard Chartered launches corporate deposits
Standard Chartered announced the launch of tokenized deposits for corporate customers in Hong Kong on November 2, 2025. The service supports transfers between participating institutions through EnsembleTX. The announcement does not say that all corporate customers can use it or that every transfer can happen at any time.
China Asset Management, Finloop and PantherTrade took part in transactions involving tokenized deposits and money market funds through the system. Public details do not disclose transaction volumes or how widely the service is being used.
The HKMA and SFC discussed the developments at an industry seminar on November 11, 2025, attended by approximately 200 financial professionals. SFC Executive Director of Investment Products Elisa Ng said: “Tokenisation in Hong Kong is moving beyond experimentation towards commercialisation.” She said the next stage would connect tokenized investment products, digital currencies and financial infrastructure so separate services could work together.
HKMA Executive Director of Financial Infrastructure Nelson Chow described Hong Kong’s infrastructure and digital financial products as a foundation for further development. On November 12, the HKMA and SFC said they would keep working with banks and industry participants to develop more commercial uses for tokenized-deposit settlement.
What round-the-clock access means in practice
For now, continuous access covers secondary trading in two approved money market funds and qualifying settlement transactions among participating institutions. The SFC’s approval does not mean every investor can trade at all hours. Nor does the EnsembleTX upgrade put every bank or transaction on a 24/7 schedule.
Longer trading and settlement hours could let investors transact outside conventional market sessions and give institutions more flexibility in managing cash. Those benefits depend on practical details: whether there is enough liquidity to trade, how prices are set, what operating arrangements apply and whether customers use the services. Public information has yet to answer those questions.
Key questions and answers
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Which tokenized funds can trade continuously?
Two existing, publicly offered tokenized money market funds approved by the SFC. The available details do not name the funds or the licensed platform where they trade.
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Is the new settlement system a live, unrestricted service?
No such broad availability has been established. EnsembleTX is a pilot, and its continuous settlement capability applies to qualifying transactions by participating financial institutions.
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What remains unclear?
Public details do not disclose transaction volumes, the full operating and liquidity arrangements, the technical and legal structure of tokenized central bank money, or when the SFC might consider other products.
