"Hong Kong's First Retail Tokenized Fund: A Web 3 Milestone"

Hong Kong's Securities and Futures Commission (SFC) has given the green light to the China Asset Management Hong Kong Dollar Digital Currency Fund, set to debut by the end of February. This marks a significant milestone in the region, as it is the first retail tokenized fund to be approved in the Asia-Pacific (APAC) region. The fund aims to provide investors with enhanced on-chain investment opportunities by integrating blockchain technology, ensuring transparent, secure, and scalable settlement on a public, permissioned blockchain.

The Fund, managed by China Asset Management, one of China's largest fund management companies with over RMB 2.58 trillion in assets under management as of December 31, 2024, seeks to offer a diversified investment experience. Gan Tian, CEO of China Asset Management (Hong Kong), emphasized the strategic importance of this launch, stating, "This milestone is a key step in our strategy toward Web 3, with tokenization being a critical focus. Tokenized funds offer revolutionary advantages, such as blockchain-based title issuance and transparent settlement."

Tian further highlighted the potential of tokenized securities to reshape global capital markets, with the launch of the Hong Kong Dollar Digital Currency Fund demonstrating how digital technology can make traditional financial products more accessible. Standard Chartered Bank will play a crucial role as the tokenization agent, digital platform operator, and token custodian for the Fund, in addition to providing traditional fund management and trust services. The Fund will be tokenized through Libeara, a tokenization platform under SC Ventures.

The approval of the Hong Kong Dollar Digital Currency Fund is a significant step in Hong Kong's evolution as a global cryptocurrency hub, according to Elizabeth Huen, CEO of Standard Chartered Hong Kong, Greater China, and North Asia. This development signals the growing interest and support for blockchain technology and digital assets in the region, as well as the potential for further innovation in the financial services sector.