Deployments · GS DAP · platform by Goldman Sachs

Hong Kong government tokenised green bond on GS DAP (2023)Updated 14 Oct 2026

The Hong Kong government's first tokenised green bond, HK$800 million for one year, issued in February 2023 on Goldman Sachs' GS DAP with the HKMA's Central Moneymarkets Unit as clearing system. Primary settlement was delivery-versus-payment between bond tokens and HKD cash tokens that were claims on the HKMA. Coupons, secondary transfers and redemption also ran on the private ledger. Later Hong Kong digital green bonds moved to HSBC Orion and are recorded under hsbc-orion-digital-bonds.

Inactive · matured or redeemed since Feb 2024^[1]i — One-year bond issued February 2023; treated as matured February 2024. · Reviewed 25d ago i

Assets

Debt security^[1]

One-year 4.05% HKD green bond under the Government Green Bond Programme

Networks

GS DAP Private, permissioned^[1]

Use cases i

Primary issuance^[1]Delivery versus payment (DvP)^[1]Secondary trading^[2][3]Asset servicing^[3][2]

Jurisdictions

Hong Kong

Participants

• Government of the Hong Kong SARIssuer^[1]Hong Kong
• Goldman SachsPlatform provider, Operator, Technology provider, Arranger or dealer, Distributor^[1]United States
• HSBCArranger or dealer, Distributor, Custodian, Depositary or trustee, Transfer agent or registrar, Paying or settlement agent^[1]United Kingdom
• Bank of China (Hong Kong)Arranger or dealer, Distributor, Custodian^[1]Hong Kong
• Crédit Agricole CIBArranger or dealer, Distributor^[1]France
• Hong Kong Monetary AuthorityOperator, Cash leg provider^[1]Hong Kong
• Fidelity InternationalInvestor^[1]Bermuda
• A&O ShearmanLegal or professional adviser^[1]United Kingdom
• AshurstLegal or professional adviser^[1]United Kingdom
• LinklatersLegal or professional adviser^[1]United Kingdom

Likely relevant regulation i

• SFC framework for tokenised securities and tokenised SFC-authorised investment productsHong Kong

Assets

• IssuesHKSAR Government HKD 800m 1-year tokenised green bond on GS DAP, 2023^[1]

Metrics i

• HK$800mTokenised bonds issued · as of Feb 2023^[1]

Timeline

1. Happened Feb 2024 (month only) · Retired · recorded 11 Oct 2026
   The one-year bond reaches maturity.^[1][3]
2. Happened 24 Aug 2023 · Production milestone · recorded 14 Oct 2026
   HKMA report says primary issuance, secondary-trade settlement and coupon payment have run on the ledger, with maturity redemption still to come; primary settlement cut from T+5 to T+1.^[2][3]
3. Happened 16 Feb 2023 · Launch · recorded 11 Oct 2026
   Hong Kong settles a HK$800 million one-year tokenised green bond on GS DAP via the CMU, described as the first tokenised green bond from a government.^[1]

Sources i