ChainCatcher reports live: Celine Tan, Head of Liquidity Distribution at BNY Mellon Investment Management Hong Kong Limited; Kelly Sohn, Head of Digital Assets Strategy at Mirae Asset Securities (HK) Limited; Victor Jung, Head of Digital Assets at Hamilton Lane; and Xu Ping, Managing Director of Global Investment Banking at JPMorgan Chase, jointly participated in the HK Web3 Feastival roundtable discussion titled “The RWA Moment in Asia-Pacific: Hong Kong vs. Singapore.” Participants generally agreed that RWA is now transitioning from proof-of-concept to broader real-world deployment, driven primarily by advancing technology, increasingly clear regulatory frameworks, and rising market demand for stable, yield-generating assets. Kelly Sohn noted that this wave of RWA enthusiasm differs from previous cycles—it is not driven by a single factor, but rather by the combined forces of technology, regulation, and capital flows. She also highlighted that currently suitable assets for tokenization include standardized products such as money market funds and commodities, and that the integration of stablecoins with tokenized assets will further enhance on-chain trading and settlement efficiency. Xu Ping stated that Singapore has become more cautious following the FTX incident, with a stronger focus on institutional investors. In contrast, Hong Kong holds advantages in retail access, licensing frameworks, and market innovation tolerance, making it more attractive to exchanges, stablecoin issuers, and custodians. She also emphasized that banks will play a critical role in the RWA ecosystem as infrastructure providers, custodians, and payment and settlement processors. Victor Jung pointed out that the market has previously overemphasized institutional narratives, but retail demand is equally vital to tokenization. He categorized current demand into two types: one seeking higher yields through on-chain mechanisms, and the other aiming to reduce costs through improved efficiency. In his view, industry drivers have gradually shifted from early-stage technology supply to genuine investor demand. The roundtable also noted that for RWA to expand further in its next phase, key challenges remain: enhancing regulatory clarity, improving institutional infrastructure readiness, and advancing investor education—factors that continue to be critical variables influencing market development.
HK Web3 Feastival Panel Discusses RWA Development in Hong Kong vs Singapore
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Summary
At the HK Web3 Feastival, a panel examined the progress of real-world assets (RWA) in Hong Kong and Singapore. Panelists noted that RWA is transitioning from early-stage pilots to broader adoption, supported by improved technology, clearer regulations, and growing demand for income-generating assets. Xu Ping highlighted Hong Kong’s retail advantages and innovation, contrasting with Singapore’s cautious approach following FTX. Victor Jung emphasized retail demand and institutional trends as critical drivers of tokenization. CFT compliance is also viewed as instrumental in shaping liquidity and crypto markets in both regions.
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