HKMA Promotes RWA Tokenization in New Energy Aviation Shipping Finance Sectors

Industry sources have indicated that the Hong Kong Monetary Authority (HKMA) is actively promoting Real-World Asset (RWA) tokenization projects in sectors such as new energy, aviation, and shipping finance. These initiatives aim to leverage tokenization to enhance the liquidity and accessibility of real-world assets, particularly those with strong growth potential in strategic industries. However, regulatory oversight remains stringent, with clear restrictions on the types of assets eligible for tokenization. Specifically, real estate-backed RWA projects are not supported, reflecting concerns over market stability and asset overvaluation [1].

According to Caixin's report, the RWA market is currently characterized by uneven asset quality and complex transaction structures, which have raised questions about transparency and valuation accuracy. While the tokenization process offers a relatively fast and low-threshold pathway for asset issuance, many projects struggle with limited fundraising capacity. This suggests that while the regulatory environment is conducive to innovation, market demand and investor confidence have yet to fully align with policy objectives [1].

Most RWA projects in the region follow a standardized model: onshore assets are first securitized in Hong Kong and then circulated globally. These offerings are restricted to institutional or professional investors, as per regulatory requirements, and secondary market trading remains virtually nonexistent. This approach underscores a cautious regulatory stance aimed at mitigating risks associated with retail investor exposure to complex tokenized assets [1].

Industry insiders noted that the primary investor base for RWA tokenization projects includes private equity firms, family offices, and wealth management institutions based in Hong Kong. These entities are seen as better equipped to understand the nuances of tokenized real-world assets, which are often tied to highly specialized industries such as aviation and shipping. The limited international capital pool further reinforces the reliance on domestic investors who are more familiar with the underlying business models and risk profiles [1].

Critically, observers have highlighted potential structural flaws in the current RWA equity-sharing mechanisms. Some argue that the cost structures of the underlying assets have not been adequately reflected in token pricing models, which may create misalignments with traditional economic principles. This has raised concerns about the long-term sustainability of RWA projects and the accuracy of their valuation methodologies [1].

The trend reflects a broader push by Hong Kong regulators to position the city as a global hub for asset tokenization, with a particular focus on supporting strategic industries. However, the absence of a mature secondary market and the limited scalability of current projects suggest that the market is still in an early development phase. As the ecosystem evolves, the success of RWA initiatives will depend not only on regulatory support but also on the ability of market participants to build transparent, scalable, and economically sound tokenization frameworks [1].

Source: [1] Caixin: Insiders Say HKMA Encourages RWA Cases in New Energy, Aviation, and Shipping Finance (https://www.theblockbeats.info/en/flash/307751)