In September 2025, Hong Kong and Singapore launched a new round of "Real World Asset" (RWA) tokenization initiatives almost simultaneously: the Hong Kong Monetary Authority announced the expansion of the third batch of the Ensemble sandbox to include three major asset classes: bonds, carbon credits, and private equity funds; the Monetary Authority of Singapore (MAS) officially allowed REITs (Real Estate Investment Trusts) to be traded directly on-chain and opened up for retail subscriptions. Both major Asian financial centers are accelerating their efforts, aiming for the same goal—creating an "RWA Wall Street" in the Asia-Pacific region. Behind the regulatory sandbox lies a contest of technology and compliance, as well as a competition for global capital, assets, and standards. Who will be the first to write "hundred billion market value" into their report card? The answer may lie in the next 12 months.
1. Hong Kong: Putting "Mainland Assets" into the Tokenization Basket
On August 30, the Monetary Authority issued invitations for the third batch of the Ensemble sandbox, including green bonds, carbon credits, and private equity funds in the pilot: HSBC, Standard Chartered, and Ant Group collaborated to issue $1 billion in green bonds on-chain; JD Technology partnered with the Sui blockchain to break down Brazil's photovoltaic project green certificates worth 220 million reais into on-chain certificates of $100 each; real estate giants like Derlin and Greenland packaged office buildings and warehouses in Causeway Bay into a "NFT property" worth 2.9 billion Hong Kong dollars, with subscriptions starting from a thousand dollars. Meanwhile, Financial Secretary Paul Chan stated on September 14 that all sandbox projects must connect to Hong Kong dollar stablecoin settlements. In the future, mainland green assets, Greater Bay Area real estate, and even "Belt and Road" infrastructure revenue rights will reach the global market through this "tokenization + stablecoin" channel. The regulatory timeline is already set—by Q4 2025, a virtual asset custody license will be introduced, mandating dual custody of on-chain identities and off-chain assets, and in Q2 2026, "Hong Kong Stock Connect Tokenization" will be launched, allowing the first batch of Hang Seng Index constituent stocks to be settled in Hong Kong dollar stablecoins on a T+0 basis. Hong Kong aims to become the global digital issuance platform for high-quality mainland assets.
2. Singapore: Bringing REITs On-Chain, Opening the Retail "10 Dollar" Gate
On September 6, MAS announced that Project Guardian would extend from institutions to retail, with DBS, SGX, and JPMorgan Onyx collaborating to launch "REITs tokens" backed by local commercial real estate, reducing the minimum subscription amount from 5,000 Singapore dollars to 10 dollars, with real-time on-chain dividends and T+1 redemption. Retail investors can purchase using PayNow with fiat currency, which is automatically converted to XSGD stablecoin for settlement. At the same time, they released the "Asset Tokenization Technology White Paper" 2.0, submitting a three-layer architecture for "cross-chain interoperability" to the BIS to aim for global standards, with a timeline set—starting the secondary market for tokenized REITs in October 2025, targeting an average daily settlement of 500 million Singapore dollars in XSGD, and in Q1 2026, allowing foreign enterprises to issue "Lion City REITs" and pilot cross-currency settlements with USD and AUD stablecoins. Singapore plans to create a model before selling infrastructure, allowing global capital to follow its standards.
3. Market Echo: Institutions "Vote with Their Feet," Differentiated Layouts Emerge in Both Regions
Institutions have drawn a clear line with their "feet": HSBC operates dual headquarters, moving $300 million in green bonds on-chain for Foshan City Investment in Hong Kong while managing REITs in Singapore to reach 1 billion Singapore dollars within the year; Ant Group in Hong Kong has obtained licenses 1, 4, and 9 to focus on "Mainland Assets—Hong Kong Issuance," while Singapore applies for payment licenses as an XSGD settlement channel; JPMorgan Onyx only dares to do retail-level REITs in Singapore, where regulation is transparent and standards are easily exportable, while Hong Kong remains at the institutional pilot stage to avoid foreign exchange and stablecoin uncertainties. As a result, high-yield funds are flocking to Hong Kong, while global asset management seeking stability and liquidity views Singapore as an RWA testing ground.
4. Conclusion: There Can Be Multiple Winners, Routes Determine Ecosystems
Who crosses the "hundred billion market value" finish line first depends on two routes: Hong Kong, with its deep pool of mainland assets, may achieve its target six months early with the potential tokenization of Hong Kong Stock Connect in 2026, while Singapore, with its retail participation and cross-chain standards, could catch up if recognized by the BIS. On the surface, it appears to be a race between the two regions, but in essence, it is a collision of two financial philosophies: "compliance + assets" versus "standards + technology." In the short term, there are two parallel tracks—mainland green assets/Hong Kong dollar stablecoins and Singapore REITs/cross-chain standards. In the medium to long term, the asset side and the standard side will inevitably merge. Ultimately, the winner will not be the city but the ecosystem that first successfully runs the "assets—standards—capital" closed loop. Investors betting on the track is more stable than betting on the city.
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