The Zhitong Finance App learned that Hong Kong's Secretary for Financial Services and the Treasury, Mr Hui Ching-yu, pointed out that the progress of “tokenization” in Hong Kong is moving from an “experimental stage” to a “implementation phase”. He pointed out that at present, Hong Kong has brought together more than 1,400 fintech companies, including 8 virtual banks, 4 virtual insurance companies, and 12 licensed virtual asset trading platforms, which have achieved excellent results in promoting “tokenization.”
Xu Zhengyu added that by the end of last year, Hong Kong's digital assets and custodian sector was developing rapidly, and the scale of “tokenized deposits” alone had reached HK$39 billion. Along with the fourth digital green bond issue last month, it was oversubscribed in all currencies, and was the first in the world to include tokenized HKD deposits in the settlement process, demonstrating Hong Kong's leading position in leading the development of next-generation financial infrastructure. She pointed out that under the impetus of this strong trend in the field of tokenization, the Hong Kong Government is steadily advancing digital asset-related policies and clarifying the development direction of the “Hong Kong Digital Asset Development Policy Declaration 2.0”.
He added that Hong Kong has been continuously enriching the variety of tokenized products, expanding practical application scenarios, and strengthening collaboration within the entire financial ecosystem, such as the issuance of Hong Kong dollar stablecoins. The Hong Kong government is also deploying AI and related large-scale infrastructure on a large scale in the financial sector.
Xu Zhengyu mentioned that the Hong Kong Stock Exchange (00388) is working to launch a tokenized warehouse receipt financing pilot program next year. The project will cooperate with designated banks to use decentralized ledger technology (DLT) to promote the use of commodity warehouse receipts as collateral. In addition, the Hong Kong Stock Exchange is also building a multi-asset tokenization platform, which includes commodity warehouse receipts from authorized warehouses.
He said that the Hong Kong government will give full play to its advantages, build a more complete financial ecosystem, and inject new impetus into the development of the financial industry. In the future, it will adhere to a forward-looking strategy and continue to give full play to its advantages in the “Finance+” and “AI+” fields to consolidate Hong Kong's position as a global financial center.