HONG KONG SAR, CHINA Trends and Developments Contributed by: Sam Wu and Beverly Fu, YYC Legal LLP
Outlook and conclusion Hong Kong’s fintech landscape has undergone a clear transformation to become a regulated, stable and mature ecosystem. The simultaneous development of licensing regimes for VA and stablecoins, combined with pioneering RWA tokenisation projects, creates a comprehensive and attractive environment. This strategic approach positions Hong Kong to lead the next wave of digital finance, integrating it safely and effectively into the heart of its global financial system.
tokenised green bond in February 2023. This HKD800 million one-year bond was a proof of concept that demonstrated Hong Kong’s conducive legal and reg - ulatory environment for innovative bond issuances. Following this success, the Hong Kong government respectively issued the approximately HKD6 billion multi-currency tokenised green bond in February 2024 and the approximately HKD10 billion multi-currency tokenised green bond in November 2025, further solidifying the market’s foundation. Following the public sector’s lead, in August 2024, Longshine Group and Ant Digital Technologies com - pleted what is recognised as China’s first cross-border RWA financing based on new energy physical assets, conducted within the Project Ensemble Sandbox framework. The project tokenised future revenue streams from electric vehicle charging stations into a real-world asset fund token, raising approximately RMB100 million. This innovative structure used IoT devices to stream operational data onto a blockchain, ensuring transparency and trust for investors regard - ing the asset’s performance. Most recently, in November 2025, the Hong Kong and China Gas Company Limited (Towngas) completed its first RWA tokenisation project. Towngas utilised a HKD100 million credit facility provided by Chong Hing Bank for its subsidiary, Towngas Telecom (TGT), as the underlying asset. Ant Digital Technologies’ Jovay Layer 2 blockchain platform provided the technologi - cal backbone, ensuring the secure and reliable circu - lation of tokenised information. Through this process, key financial and operational data is uploaded onto the blockchain in real time for verification by author - ised institutions. The credit facility for TGT will be deployed to develop artificial intelligence data centres and cross-border infrastructure projects, demonstrat - ing how RWA tokenisation can create an innovative financing channel for core business expansion. These collective efforts, from government pilots to corporate adoption, signal a strong and practical commitment to making Hong Kong a leading global centre for RWA innovation.
334 CHAMBERS.COM
Powered by FlippingBook