TechFlow news: On February 13, according to the official WeChat account of China Asset Management (Hong Kong), the Securities and Futures Commission (SFC) of Hong Kong has approved the launch of the China Asset Management HKD Digital Currency Fund. The fund will officially list at the end of February, becoming the first retail tokenized fund in the Asia-Pacific region.
This fund is the first retail fund approved following the SFC's issuance of the "Tokenization of SFC-Authorized Investment Products" circular in November 2023. It primarily invests in short-term deposits denominated in Hong Kong dollars and high-quality money market instruments. Standard Chartered Bank, serving as tokenization agent, digital platform operator, and token custodian, will tokenize the fund through its Libeara platform under SC Ventures.
Timothy Kan, CEO of China Asset Management (Hong Kong), stated that this fund represents a key step in the company's Web 3.0 strategy, leveraging blockchain technology to provide investors with transparent and secure settlement services. Key features include blockchain-based ownership issuance, transparent settlement, and investment opportunities in the Greater China market. However, it also faces challenges such as blockchain technology risks and digital asset security risks.
