HKMA has launched Phase 2 of its e-HKD Pilot Programme to further explore innovative use cases for an e-HKD in Hong Kong

The HKMA launched Phase 2 of the e-HKD Pilot Programme in March 2024, inviting industry participants to submit innovative use cases for an e-HKD. Building on the success and experience of Phase 1, the next phase will delve deeper into select pilots from Phase 1 where an e-HKD could add unique value, namely programmability, tokenisation and atomic settlement, as well as explore new use cases that have not been covered in the previous phase.

Phase 2 of the e-HKD Pilot Programme is expected to last until mid-2025 to provide participants sufficient time to test and evaluate their proposed use cases.

Application Process

Interested organisations should complete the application form and submit it via email to the HKMA at with the subject “e-HKD Pilot Programme Phase 2 - Application ([Your Company Name])” on or before 17 May 2024. The completed form should be accompanied by relevant supplementary materials (e.g. project proposal, business plan, etc.) to substantiate your application. Organisations are welcome to submit multiple use cases.

Applicants, including pilot participants of Phase 1, intending to submit use cases based on those explored in Phase 1 are strongly encouraged to outline in their submissions new insights they expect to attain in Phase 2. This could entail, for example, a deeper analysis into implementation issues that would be encountered in rolling out the use cases at scale.

The HKMA expects to hold interviews with selected applicants in May/June 2024. Further details will be communicated to the selected applicants in due course.

Assessment Criteria for Use Cases

Submitted applications will be assessed according to the following criteria:

  • Forefront of innovation: The solution should showcase innovative elements and differ significantly from existing market offerings (such as a new business model, market, or version of an existing product);
  • Customer-centric: The solution should enhance the overall customer experience or solve their existing pain points and, preferably, should have received some level of market validation (e.g. through partnership with household names);
  • Readily testable: The solution should allow for market testing with select group(s) of customers. Relevant risks should be identified with appropriate mitigating measures in place, and sufficient resources including capital and manpower should be committed;
  • Regulation-compliant: The solution should be compliant with existing licensing requirements; and
  • Hong Kong-centric: The solution should maximise the potential use of an e-HKD.