The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have announced a collaboration to explore cross-border tokenisation use cases under Project Ensemble and Project San. The initiative will focus on Payment versus Payment (PvP) and Delivery versus Payment (DvP) models for trade payments and carbon credits. The project will develop a proof of concept to test the interoperability of distributed ledger technology-based financial infrastructures. Industry participants will experiment in areas including sustainable finance and liquidity management through the Ensemble Sandbox, launched in August. Project San, initiated by the BOT in June 2024, aims to prototype a tokenisation ecosystem with EVM-compatible ledgers. The partnership builds on prior collaborations, such as Project mBridge and Inthanon-LionRock, to advance fintech innovation in both jurisdictions.