This report is jointly researched and authored by BCG and Aptos Labs, with contributions from Hang Seng Bank. The Aptos Labs author team includes Solomon Tesfaye, Ryan Zega, and Emilio Rivero Coello.
Tokenized finance is reshaping the infrastructure of global capital markets through blockchain technology by representing money and assets as digital tokens. This enables instant settlement, automated compliance checks, and highly efficient processes without manual reconciliation. Such transformation has the potential to address the long-standing challenges of traditional messaging-based systems in efficiency, liquidity, and risk management, while enhancing transparency and security across the financial system. As an international financial center, Hong Kong is actively embracing this trend and exploring localized applications of tokenized finance.
From a technical validation perspective, a pilot project jointly conducted by BCG and Aptos Labs in collaboration with Hang Seng Bank successfully demonstrated the capability of blockchain systems to meet institutional-grade requirements for security, privacy, and high-performance operations. The results show that tokenized finance is not only technically viable, but also capable of embedding compliance logic and enabling granular control over data disclosure in real-world business scenarios. In parallel, market research indicates strong investor recognition of the flexibility, instant settlement, and 24/7 accessibility offered by tokenized funds, providing solid support for the industry’s scalable growth.
To achieve the full-scale adoption of tokenized finance, Hong Kong must advance in a coordinated manner across technology deployment, regulatory development, and business model innovation. The year 2026 is widely regarded as a critical inflection point for the development of tokenized finance. Decisions made over the next 12 to 18 months will determine Hong Kong’s leadership position in the global on-chain financial system and support its vision of becoming the world’s largest cross-border wealth management center.