Exciting developments from the opening day of Hong Kong FinTech Week 2024!
On Monday, the HKMA hosted the Project Ensemble Roundtables, bringing together over 100 global leaders from finance, technology, regulators, industry associations, and international organisations to explore the tokenisation landscape.
Discussions centred around three areas, highlighting both the opportunities and challenges of tokenisation:
🌱 Green and Sustainable Finance (Moderated by George Chou, Chief Fintech Officer of the HKMA)
Tokenisation can enhance transparency, liquidity, and trust in green finance projects and carbon credit markets, paving the way for innovative solutions in sustainable financing and investing.
📦 Trade and Supply Chain Finance (Moderated by Lucy Wong, Advisor at the Bank for International Settlements – BIS (BISIH) Hong Kong Centre)
The tokenisation of electronic bills of lading (eBL) and the digitalisation of trade processes can significantly reduce cost, improve transparency, and create new trade financing opportunities by enabling a vibrant secondary market for trade finance products.
💰 Financial Assets (Moderated by Elizabeth Wong, Director and Head of Fintech Unit, Intermediaries at the Securities and Futures Commission (SFC)
Tokenising financial assets can further improve market efficiency, liquidity, and transparency, leading to better capital allocation, and ultimately benefiting all market participants.
To harness these benefits, collaboration is essential. The industry needs to continue working together on:
✅ Defining technical interoperability standards for new digital asset platforms, and between these new platforms and existing financial market infrastructures;
✅ Establishing a robust legal and regulatory framework for the tokenisation market;
✅ Educating and supporting financial market participants and the public in adopting these innovative solutions.
The insights gained from the Project Ensemble Roundtables will inform the HKMA’s exploration of tokenisation use cases in the Ensemble Sandbox as well as our research for the interoperability report, underscoring our commitment to “tokenise together, today and tomorrow”.
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