Hong Kong’s tokenization push is moving beyond experimentation and into implementation, Secretary for Financial Services and the Treasury Christopher Hui said, according to etnet. Hui said the city is home to more than 1,400 fintech companies, including eight virtual banks, four virtual insurers, and 12 licensed virtual asset trading platforms. He added that the government plans to build a stronger financial ecosystem and keep a forward-looking policy approach. Hui also said Hong Kong Exchanges and Clearing is working to launch a tokenized warehouse receipt financing pilot next year. The project will involve designated banks and use distributed ledger technology to support the use of commodity warehouse receipts as collateral. It also aims to build a multi-asset tokenization platform covering commodity warehouse receipts from approved warehouses.
Hong Kong is moving its tokenization efforts from the experimental stage toward real-world implementation, Secretary for Financial Services and the Treasury Christopher Hui said, according to etnet.
Hui said Hong Kong now has more than 1,400 fintech companies. That group includes eight virtual banks, four virtual insurance companies, and 12 licensed virtual asset trading platforms.
HKEX targets tokenized warehouse receipt financing pilot next year
Hui said the government will use its strengths to build a more complete financial ecosystem, inject new momentum into the development of the financial industry, and maintain a forward-looking strategy.
He also said Hong Kong Exchanges and Clearing is working to launch a tokenized warehouse receipt financing pilot next year. In cooperation with designated banks, the project will use distributed ledger technology to support the use of commodity warehouse receipts as collateral and build a multi-asset tokenization platform covering commodity warehouse receipts from approved warehouses.
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