The Hong Kong Monetary Authority is accelerating the construction of a tokenization ecosystem in the local fintech sector through four major growth strategies.
The Hong Kong Monetary Authority stated in a release on Wednesday during Hong Kong Fintech Week that its "Fintech 2030" strategy will focus on "four strategic pillars," known as "DART." These four pillars encompass data, artificial intelligence, resilience, and tokenization, involving a total of 40 initiatives.
The Hong Kong Monetary Authority will take the lead in accelerating the tokenization of real-world assets (RWA) and financial assets, promoting the normalization of tokenized government bond issuance, while also exploring the concept of tokenizing foreign exchange fund notes.
To promote the tokenization process, the Hong Kong Monetary Authority will also launch a new stablecoin, e-HKD, having recently completed related pilot projects.
The pilot project has achieved the completion of asset settlement, offline payments, and programmable applications using stablecoins.
The latest statement indicated that these assets will be settled on the blockchain using new digital currencies such as e-HKD, tokenized deposits, and regulated stablecoins.
In addition, the Hong Kong Monetary Authority plans to collaborate with industry participants and various central banks to test its tokenization solutions through the upcoming pilot project, Project Ensemble, which is expected to officially launch soon.
Besides focusing on blockchain and digital currencies, the strategy also emphasizes the important role of artificial intelligence technology. The announcement stated that by leveraging artificial intelligence, the Hong Kong Monetary Authority aims to enhance the accessibility, responsiveness, and customization of banking services while maintaining transparency and accountability to ensure public trust.
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Original: “Tokenization Becomes Core of Hong Kong Fintech 2030 Strategy”
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