Hong Kong Could Double Asset Management Through Tokenization Shift: Report

TLDR

• 61% of surveyed investors would double fund allocations with instant settlement and 24/7 access.

• 97% of surveyed investors are interested in tokenized funds and digital currencies.

• HKMA’s Project e-HKD+ pilot showed commercial and technical success in token finance.

• BCG says tokenized finance is ready to move from pilots to commercial scale.

A new whitepaper released by Boston Consulting Group (BCG), Aptos Labs, and Hang Seng Bank suggests that Hong Kong could double the size of its asset management industry through tokenization. The findings are based on a successful pilot conducted under Phase 2 of the Hong Kong Monetary Authority’s (HKMA) Project e-HKD+.

The report outlines a strategic framework for how the city can scale tokenized financial infrastructure. It emphasizes that this transition can help reduce operational inefficiencies, enable continuous liquidity, and decrease risks in fund management operations.

Pilot Validates Token-Based Finance Model

The HKMA-led pilot, supported by Aptos and Hang Seng Bank, tested the technical and commercial feasibility of token-based finance. According to the report, the pilot proved successful in demonstrating the practical value of tokenized products across multiple use cases, including funds and programmable rewards.

Hang Seng Bank ran two separate tests during the programme. One involved programmable digital money used as rewards vouchers for small and medium-sized businesses. SMEs in the pilot reported better cash flow management due to instant settlement enabled by e-HKD and tokenized deposits.

Aptos Labs participated as the only public blockchain member in the HKMA’s Programmability Working Group. This involvement allowed them to test solutions on shared blockchain infrastructure, providing broader insight into token-based finance within both public and institutional frameworks.

Investor Survey Shows Strong Demand

The whitepaper includes findings from a survey of 500 retail investors across Hong Kong and Mainland China, conducted in mid-2025. According to the report, 61% of participants expressed readiness to double their fund allocations if tokenized products offered features such as 24/7 trading and instant settlement.

Additionally, 97% of surveyed investors indicated interest in enhanced financial products involving tokenized assets, stablecoins, and central bank digital currencies. The study reflects growing cross-border interest, although the report does not claim any formal cross-border initiative.

David Chan, managing director and partner at BCG, said,

Call for Industry Collaboration

The report identifies three main areas that need to be addressed to enable industry-wide adoption: regulatory compliance, business model transformation, and scaling of technology to institutional levels. The whitepaper emphasizes that coordinated efforts among regulators, banks, and technology providers are necessary to implement these systems successfully.

Yue Hong Zhang, also a managing director at BCG, stated,

The HKMA has already initiated the next step through Project Ensemble, which aims to transition tokenized deposits from sandbox trials to real-value applications by 2026. The shift marks a move toward embedding value, ownership, and transaction compliance directly into digital tokens, reducing reliance on traditional message-based settlement systems.

This development positions Hong Kong at the forefront of digital asset integration in the traditional finance sector, as other regional financial centers continue to assess similar frameworks.

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