The Hong Kong Monetary Authority (HKMA) announced the initiation of Phase 2 of the e-HKD Pilot Programme, aimed at exploring further applications of an electronic Hong Kong Dollar (e-HKD). This phase follows the successful completion of Phase 1 in October 2023, which focused on domestic retail applications such as programmable payments. Phase 2 will deepen investigations into previously explored areas and introduce new use cases. An improved e-HKD sandbox, part of Project Ensemble, will facilitate the development and testing of these applications. This research is part of the HKMA’s wider effort to understand the potential roles of central bank digital currencies (CBDCs) in future digital finance, with ongoing studies on topics including interoperability and privacy. The HKMA will continue discussions with global stakeholders on CBDC advancements.