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Published 18 Mar 2025, 09:50 GMT

Official UK procurement notice

Provision of Services for HM Treasury for a Pilot Digital Gilt Instrument (DIGIT) issuance

Official notice

Authority: HM Treasury (Central government)

ServicesOpen procedureAbove thresholdSME suitable
Sectors: Software Packages & ERP (48)Financial and insurance services (66)IT Services & Software (72) Delivery: UK
Budget not disclosed£0exc. VAT · 1 value update
Submissions closed 17 Nov 2025awarded 10 Feb 2026
Awarded to HSBC Bank plc
Contract term 3 yrsends 14 Dec 2028 · up to 14 Dec 2029 with extensions · starts 15 Dec 2025

What is being bought

Published requirement description

HM Treasury (the Authority) intends to issue DIGIT using Distributed Ledger Technology on a platform within the Digital Securities Sandbox which was established by the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023, and which came into force on 8 January 2024.

The proposal requires Supplier(s) to develop and provide the necessary services to allow HM Treasury, to issue, distribute and settle DIGIT as a digitally native note within the DSS and accommodate subsequent lifecycle events. The proposal also includes requirements that concern interoperability functionality and connectivity.

This contract is exempt from the Procurement Act 2023 in line with Schedule 2 to that Act, therefore the provisions of the Procurement Act 2023 do not apply to this procurement or contract.

CPV: Financial markets administration services · IT services: consulting, software development, Internet and support · Software package and information systems

The lotProcurement structure

single lot · value published
Lot #1AwardedRenewal 3 yrsSMEPublished value£0
Contract period: 15 Dec 2025 – 14 Dec 2028 (3 yrs) · up to 14 Dec 2029 with extensions
Delivery: UKEligibility: SME eligible
Extensions: The contract for the services will be for an initial 3 years' period with an option to extend for a further 1 year.
48000000 Software package and information systems66150000 Financial markets administration services72000000 IT services: consulting, software development, Internet and support
Pre-qualification & selection criteria (PQQ)2
  • Economic & financial standing

    Please see Invitation to Tender documents for more information

  • Technical & professional ability

    Please see Invitation to Tender documents for more information

What it takes to win
i

How this buyer will score bids.

The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).

Evaluation split and conditions of participation as published; the tender pack may add more
How bids were scored
Quality: 80%Price: 20%
Published sub-criteria (3)
  • TECHNICAL (inc. Social Value): 70%
  • PRESENTATION: 10%
  • COMMERCIAL: 20%
Published award criteria (3)
  • TECHNICAL (inc. Social Value)
  • PRESENTATION
  • COMMERCIAL
Conditions of participation2
  • Economic & financial standing

    Please see Invitation to Tender documents for more information

  • Technical & professional ability

    Please see Invitation to Tender documents for more information

What this means for your bid
  • Price carries 20 of 100 points: a 10% discount moves about 2 points. The method statement decides this lot, not the discount.

Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.

Procedure terms & legal framework

From the official record
Procedure method
Open procedure
Legal basis
UKPGA · 2023/54 Procurement Act 2023
Procurement category
Services
Notice status
Awarded
Procurement threshold
Above threshold (FTS publication)
Regulatory regime
Standard
Commercial structure
Stand-alone contract (no framework)
Competition type
Competitive procedure
GPA / WTO covered
Unspecified in notice
Recurring procurement
Unspecified in notice
First published
18 Mar 2025, 09:50 GMT
Last source update
12 Feb 2026, 07:07 GMT
Award evaluation window
Submission end – 15 Dec 2025
Authority reference
HMT011
FTS notice number
2025/S 000-062967
Latest notice
Contract details notice (UK7)
Classification (CPV)
Financial markets administration servicesIT services: consulting, software development, Internet and supportSoftware package and information systems
Delivery area
UK
Official registry OCID
ocds-h6vhtk-04ee43 Find a Tender
Contract terms summary

Please see Invitation to Tender documents for more information

Review and risk notes
Risks

Please see Invitation to Tender documents for more information

How it was run

Official notice
Submission deadline
17 Nov 2025, 12:00 GMT
Clarification deadline
29 Oct 2025
Electronic submission
Not allowed
Accepted languages
en
Detailed submission instructions & authority contactsFrom official release

Tender responses to be submitted via email to [email protected]

Timeline

18 Mar 2025 → 12 Feb 2026 · 8 dates
  1. Planning notice published
    18 Mar 2025, 09:50 GMT
  2. Market engagement
    13 Apr 2025, 23:59 BST

    Questionnaire submitted to suppliers followed by potential virtual supplier event.

    The Questions and further background are available at the following link: www.gov.uk/government/publicati… ↗

  3. Tender notice published380 days ago
    7 Oct 2025, 15:39 BST
  4. Clarification questions by358 days ago
    29 Oct 2025
  5. Submission deadline339 days ago
    17 Nov 2025, 12:00 GMT
  6. Contract starts311 days ago
    15 Dec 2025
  7. Award decision expected by310 days ago
    15 Dec 2025, 23:59 GMT
  8. Latest notice published252 days ago
    12 Feb 2026, 07:07 GMT

Notice history

11 events · 6 releases on Find a Tender · since 18 Mar 2025
  1. Preliminary market engagement notice published
    18 Mar 2025, 09:50 GMT
    UK2
  2. Tender notice published
    7 Oct 2025, 15:39 BST
    UK4
  3. Published value published: £0
    7 Oct 2025, 15:39 BST
  4. Status changed to active
    7 Oct 2025, 15:39 BST
  5. Procurement method changed
    7 Oct 2025, 15:39 BST
  6. Deadline published: 17 Nov 2025, 12:00 GMT
    7 Oct 2025, 15:39 BST
  7. Tender notice published
    5 Nov 2025, 20:09 GMT
    UK4
  8. Tender notice published
    11 Nov 2025, 19:25 GMT
    UK4
  9. Tender notice published
    13 Nov 2025, 09:30 GMT
    UK4
  10. Contract details notice published
    12 Feb 2026, 07:07 GMT
    UK7
  11. Status changed to complete
    12 Feb 2026, 07:07 GMT
Published amendments (3)

New documents uploaded: i) DIGIT ITT summary for Drop In Sessions - slide presentation ii) Clarification Questions & Answers - 5 November 2025

The Authority has published the following documents for this tender: i) Joint Service Provider DRAFT- DIGIT Engagement Letter - 11 November 2025 ii) Joint Service Provider DRAFT- DIGIT Engagement Letter - 11 November 2025

The Authority has published the following documents for this tender: i) Clarification Questions and Answers - 5 November 2025 ii) DIGIT ITT Summary of Drop In Sessions iii) Joint Service Provider DRAFT- DIGIT Engagement Letter - 11 November 2025 iv) Joint Service Provider DRAFT- DIGIT Engagement Letter - 11 November 2025

Routine re-releases (6)
  • 2025-11: 1 release · 5 Nov 2025
  • 2025-10: 1 release · 7 Oct 2025
  • 2025-03: 1 release · 18 Mar 2025

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast
Awards 1
Contracts signed 1latest 10 Feb 2026
Awarded toValueDateStatus
HSBC Bank plc——Awarded

Contracts

  • Provision of Services for HM Treasury for a Pilot Digital Gilt Instrument (DIGIT) issuance · HSBC Bank plc

    Signed
    10 Feb 2026
    Value
    —
    Period
    10 Feb 2026 – 10 Feb 2029 · up to 10 Feb 2030 with extensions
    Status
    active
    Extensions
    To ensure completion of the project to enable the Pilot Digital Gilt Instrument (DIGIT) issuance.
    1 agreed KPI: Contract Management Review
    • Contract Management Review, A series of ongoing monthly meetings setting out progress of the various phases of the project and contract deliverables.

Contracting authority & participating public bodies

HM Treasury

Contracting authorityPublic authority - central government GB-PPON: PGJQ-4844-JJMM 1 Horse Guards Rd, London, London, SW1A 2HQContact name, email

Bidders & participating suppliers

1 commercial party on the notice
  • HSBC BANK PLCAwarded supplier 8 Canada Square, London, London, E14 5HQContact email

Official documents & specifications (17)

Official links; attachments are not copied

Tender pack and attachments

Show 3 more documents

Notices published for this procedure

  • Contract details notice contractContract details noticeUK7Contract details notice on Find a Tender
  • Tender notice tenderTender noticeUK4Tender notice on Find a Tender
  • Tender notice tenderTender noticeUK4Tender notice on Find a Tender
  • Tender notice tenderTender noticeUK4Tender notice on Find a Tender
  • Tender notice tenderTender noticeUK4Tender notice on Find a Tender
  • Preliminary market engagement notice planningPreliminary market engagement noticeUK2Preliminary market engagement notice on Find a Tender