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The Hong Kong Monetary Authority (HKMA) is looking to grow the tokenization ecosystem as part of its four-point growth strategy for its fintech sector over the next five years.
In a declaration On Wednesday during Hong Kong Fintech Week, HKMA said its Fintech 2030 strategy will focus “on four strategic pillars” called “DART”, covering data, artificial intelligence, resilience and tokenization across 40 initiatives.
“The HKMA will accelerate the tokenization of real world assets (RWA), including financial assets, and lead by example regularizing the issue of tokenised Government bonds and exploring the concept of tokenizing the Exchange Fund papers,” he said.
Accompanying the push for tokenization will be the launch of a new stablecoin, e-HKD, issued by HKMA, which recently. carry out a pilot program.
The pilot program saw the use of the stablecoin for the liquidation of tokenized assets, offline payments and programmability.
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“Their settlements on blockchains will be enabled by new forms of digital money, including e-HKD, tokenised deposits, and regulated stablecoins,” the latest statement reads.
In addition, the HKMA is also looking to collaborate with industry players and central banks as it works to test its tokenization plans through the next pilot, Project Ensemble, which will be launched “soon.”
Part of the Fintech 2030 strategy also includes the integration of AI, which the HKMA aims to incorporate into the financial system.
“By leveraging AI, the HKMA aims to enhance accessibility, responsiveness and personalization in banking services while maintaining transparency and accountability to ensure public trust,” the announcement said.
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