What happened
- Specific facts/numbers: BMO announced on September 29, 2026 that it is joining Project Agorá, which BMO described as involving eight central banks and more than 40 regulated global financial institutions.
- Institutions involved: The project is convened by the Bank for International Settlements and the Institute of International Finance, with BMO joining as a private-sector participant alongside central banks and other regulated financial firms.
- Regulatory/technical context: Project Agorá is exploring whether tokenization and programmability can improve wholesale cross-border payments, including via tokenized commercial bank deposits and tokenized wholesale central bank money on a shared programmable platform.
- What to watch next: Watch for any further official updates from BIS, IIF, or BMO on additional participants or the project’s next phase; no more specific next milestone for BMO was identified.
Why it matters
BMO’s participation shows continued large-bank support for tokenized, programmable infrastructure aimed at making wholesale cross-border payments faster and more seamless.
HKMA Relevance
Direct: This is a BIS-led cross-border payments and tokenization initiative involving central-bank money, which is directly relevant to the HKMA’s own central-banking and payments agenda.