Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) have initiated a pilot program to explore digital payment solutions for after-hours derivatives trading. Announced on June 18, the project aims to enhance Hong Kong's capital markets by introducing a wholesale-level central bank digital currency (CBDC), the "Digital Hong Kong Dollar," for initial margin payments during after-hours sessions. This initiative seeks to improve risk management capabilities without altering existing operational processes, addressing the growing demand for after-hours trading.