Xu Zhengyu: Hong Kong's tokenization is moving from experimentation to practical implementation

According to etnet, the Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated that Hong Kong's progress in tokenization is moving from the experimental stage to the implementation stage. Currently, Hong Kong has gathered over 1,400 fintech companies, including 8 virtual banks, 4 virtual insurance companies, and 12 licensed virtual asset trading platforms.

Christopher Hui mentioned that in the future, the government will leverage its advantages to build a more complete financial ecosystem, inject new momentum into the development of the financial industry, and adhere to a forward-looking strategy. The Hong Kong Stock Exchange is committed to launching a pilot program for tokenized warehouse receipt financing next year, collaborating with designated banks to utilize distributed ledger technology to promote the use of commodity warehouse receipts as collateral and establish a multi-asset tokenization platform covering recognized warehouse commodity warehouse receipts.