Odaily News The Hong Kong Monetary Authority (HKMA) has been networking its tokenization-focused Ensemble project and showing new collaboration results. The Ensemble project is building connections with the Drex pilot project of the Central Bank of Brazil (CBB) and the San project of the Bank of Thailand (BOT). The Brazilian central bank announced the second phase of its Drex CBDC pilot program in September and began accepting applications in mid-October. Tokenization is on the agenda for further testing of Drex. Cross-border PvP and DvP trade finance and carbon credit settlement use cases will be tested between Hong Kong and Brazil. The HKMA noted that the Drex project currently has more than 70 participants. PvP is a method of settlement for currency transactions, while DvP is a method of settlement for securities. The HKMA will also test PvP and DvP settlement with the BOT. Trade payments and carbon credits will also be the focus of cooperation with the BOT, with the goal of developing proofs of concept. (Cointelegraph)