In October 2023, the Hong Kong Monetary Authority (HKMA) concluded the first phase of the e-HKD Pilot Programme, during which it examined a range of domestic retail use cases, including offline payments, tokenized asset settlement, and programmable payments.

The subsequent phase will investigate novel use cases not addressed in the first phase and go deeper into a few pilots from Phase 1 where an e-HKD could provide unique value, such programmability, tokenization, and atomic settlement.

Phase 2 will be supported by an improved e-HKD sandbox, allowing pilot participants to quickly prototype, create, and test use cases. 'Project Ensemble' is a new wholesale central bank digital currency (wCBDC) that will focus on tokenized deposits issued by commercial banks and made available to the public. The new sandbox will be based on research completed for this project.

Applications for Phase 2 of the e-HKD Pilot Program must be submitted by May 17, 2024, at the latest, by organizations interested in participating.