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the sandbox has attracted participation from large banks, digital asset financial services groups and technology giants, marking the transformation of hong kong’s financial industry into the new economy and exploring the use of tokenization technology in the new economy.foreign trade station promotionthe first phase of the project focused on four major themes and applied tokenization technology to the actual scenarios of traditional financial assets, laying the foundation for the further development of the tokenization market.
the significance and value of sandbox
the sandbox model can effectively simulate the real market environment and provide a safer and more accurate environment to test and verify new tokenization solutions. banks and technology companies participating in the sandbox project will provide practical experience and feedback to the project team by simulating the challenges faced in real business scenarios. at the same time, the sandbox can also attract more companies to join the project and jointly explore new opportunities brought by tokenization technology.
international cooperation and future prospects
in addition to exploring the domestic market, the hkma is also actively working with the bank for international settlements to explore opportunities for cooperation with the hong kong center under the bank for international settlements innovation hub on one or more tokenization topics. at the same time, it is working with members of the cbdc (central bank digital currency) expert group to use their expertise to further promote the development of the sandbox and inject new vitality into the development of the global tokenization market.
conclusion
the launch of the "ensemble project" sandbox indicates that hong kong's financial industry is actively embracing the new economic field, exploring the practical application of tokenization technology, and injecting new impetus into the development of the global market. it is believed that with the advancement of technology and the maturity of the market, tokenization technology will be more widely used in the financial industry, pushing the financial industry into a new stage of development.
