Chinese fund house giant launches tokenized money market fund in Hong Kong
The Hong Kong arm of ChinaAMC has introduced a tokenized money market fund in a bid to expand blockchain-based investment options for retail investors.
China Asset Management (Hong Kong), a subsidiary of one of China‘s largest fund houses, has launched Hong Kong‘s first retail tokenized money market fund in a collaboration with Hong Kong-based crypto exchange OSL.
The so-called ChinaAMC HKD Digital Money Market Fund, approved by the Securities and Futures Commission, offers retail investors blockchain-based access to money market assets, the South China Morning Post reports.
Standard Chartered Bank (Hong Kong) serves as the tokenization agent, digital platform operator, and administrator, while Standard Chartered Trust (Hong Kong) acts as the custodian. While no timeframe was given, ChinaAMC (HK) plans to expand the fund to more trading platforms in the future.
“As the first asset manager in the Asia-Pacific region to launch a retail tokenized fund, ChinaAMC (HK) remains committed to the development and strategic expansion in the web3 investment space.”
Tian Gan, CEO of ChinaAMC (HK)
Hong Kong officials are betting on tokenization to attract global liquidity as the city ramps up its digital asset efforts. Financial Services Secretary Christopher Hui recently called tokenization one of the “defining trends” that could reshape traditional finance and push Hong Kong further into web3.
The move follows other tokenization efforts in the city. In August 2024, the Hong Kong Monetary Authority launched Project Ensemble Sandbox to test tokenized money for interbank settlements. Earlier in March, HSBC introduced its first retail tokenized gold product, the HSBC Gold Token.
