The Hong Kong Monetary Authority (HKMA) has formed partnerships with the central banks of Thailand and Brazil to explore cross-border tokenization projects. The collaborations aim to develop use cases for tokenized assets in areas like trade finance and carbon credits. The HKMA will test Payment versus Payment and Delivery versus Payment settlements with the Bank of Thailand using its Ensemble Sandbox and the BOT's Project San. It will also connect the Ensemble Sandbox with Brazil's Drex pilot platform in collaboration with the Banco Central do Brasil to conduct similar experiments. These partnerships will enhance financial technology integration across borders and explore the interoperability of distributed ledger technology integrated financial market infrastructures.



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