Hong Kong Monetary Authority Taps JPMorgan, HSBC, UBS to Scale Tokenized Bond Market

The Hong Kong Monetary Authority has formed an expert group to support tokenized bond market development, comprising JPMorgan Securities, HSBC, Standard Chartered Bank, UBS, Ant Digital, and HashKey Group. The group, which held its first discussions in May, will examine policy measures, market practices, and technical innovations to enable wider adoption and scalability.

The initiative builds on Hong Kong's prior tokenized bond issuances, including HK$800 million in digital green bonds issued in February 2023 and HK$6 billion in multi-currency digital green bonds in 2024. The expert group's early work focuses on Hong Kong's legal and regulatory regime as it applies to issuance, trading, custody, and settlement of tokenized bonds.