What happened
- Specific facts/numbers: Six Canadian banks said on September 22, 2026 that they are jointly exploring Canadian-dollar digital money solutions, beginning with a tokenized-deposits initiative for transfers between participating financial institutions.
- Institutions involved: Bank of Montreal, CIBC, National Bank of Canada, RBC, Scotiabank and TD are participating, according to the announcement text surfaced in search results and mirrored on bank newsroom pages.
- Regulatory/technical context: The project is framed around tokenized deposits for interbank money movement on shared digital infrastructure, rather than a retail rollout.
- What to watch next: No next milestone was identified in the materials successfully read, beyond the banks’ exploration of development.
Why it matters
A coordinated multi-bank tokenized-deposit project could influence how regulated bank money is modernized for faster and more programmable interbank payments in Canada.
HKMA Relevance
Direct: This is a major commercial-bank tokenization effort in a peer jurisdiction, a policy and market area the HKMA is actively pursuing through its own tokenization and digital-money work.