TechFlow News, March 26: Anna Liu, CEO of HashKey Tokenisation, was invited to speak at an industry event hosted by the Hong Kong Venture Capital and Private Equity Association (HKVCA). As a long-established financial industry association in Hong Kong, HKVCA brings together prominent institutions including Blackstone, EQT, and Morgan Stanley. Alongside representatives from Crypto.com Capital, Yunfeng Financial, and Unicorn Capital, Anna participated in a panel discussion titled “Tokenisation, Venture Capital, and Investment Choices in the Digital Ecosystem,” exploring future trends in tokenisation, DeFi, and investment.
“Tokenisation is about laying railway tracks—not building trains,” Anna stated during the roundtable, emphasizing that the core of tokenisation lies in the “evolution” of traditional finance’s underlying infrastructure. Its primary objective is to enhance operational efficiency and accessibility for existing assets—such as private equity—by addressing pain points like long lock-up periods and high investment minimums. Fundamentally, tokenisation represents an upgrade and refinement of institutional markets.
According to Anna, the direction in which tokenisation is steering change is already clear: embedding ownership rights, compliance rules, and transfer logic directly into the asset itself—enabling high-quality assets to circulate more efficiently and transparently, while reaching investors previously excluded due to structural barriers. “To date, what tokenisation has achieved is already highly meaningful—lowering investment barriers and creating new distribution channels. Yet the broader vision—true on-chain liquidity and real-time cross-border settlement—still requires maturation across infrastructure, legal frameworks, and market participants,” Anna noted. “We are advancing steadily and systematically toward this goal.”
Anna further elaborated on the pathway to scaling tokenisation. She believes the asset management industry should begin with strictly regulated, relatively simple products—such as money market funds (MMFs) and ETFs—and then naturally progress to support more complex assets. “Throughout this process, building institutional trust and investor familiarity remains the central driving force propelling industry advancement.”
