Elisa Ng, the Securities and Futures Commission's executive director of investment products, said on November 2 that 17 tokenised retail products are now approved in Hong Kong, spanning money market funds, gold products and ETFs, with US$1.3 billion in assets under management. She gave the figure in a keynote at Hong Kong FinTech Week , where she described the next stage as generating "traffic" on the digital rails the city has built.
Ng named two near-term use cases: secondary trading and treasury management. On secondary trading, she said the SFC approved the first batch of tokenised money market funds for trading on SFC-licensed platforms last week, and that tokenised gold ETFs "may form the next pilot." On treasury management, she said connecting tokenised money market funds with digital money could cut settlement and reconciliation friction for corporates, and that the money market instruments the funds hold could eventually move onchain too.
The "innovation pathway" she announced is a regulatory mechanism, not a product. It draws on the SFC's existing powers: where a new feature of a tokenised product delivers meaningful benefits and gives Hong Kong a first-mover advantage, the SFC will consider regulatory flexibility and guidance to support controlled pilots and timely launches, Ng said, and it can extend beyond tokenisation.
Ng also tied tokenisation to Hong Kong's role as an offshore RMB hub. She said e-CNY could interact with tokenised funds through subscriptions and redemptions of RMB-denominated tokenised money market funds, or through fund investments in government bills settled in e-CNY, subject to regulatory and cross-border arrangements. The SFC has also recently issued guidance to let retail funds hold and deal in regulated stablecoins and tokenised deposits.
The speech gives the total as US$1.3 billion, about HK$10.1 billion at the peg, with no Hong Kong dollar figure or growth rate. CLB reported that an SFC executive said last month that assets had grown 78% over 12 months. The regulator said in April that, as of March 2026, 13 tokenised products had HK$10.7 billion in their tokenised classes, up around sevenfold in a year, according to Ledger Insights , and the SFC's annual report put the same count at 13 products and HK$10.8 billion. Four more products have been approved since, yet the total looks slightly lower. The speech calls the US$1.3 billion total AUM and does not say whether it counts only tokenised classes, so the figures may not be like-for-like, and the SFC has not explained the change.
On secondary trading, our earlier coverage of the Hong Kong build-out noted that the SFC opened 24/7 secondary trading of tokenised authorised products on virtual asset trading platforms in an April circular, and the first approvals went to two ChinaAMC funds. The same day Ng spoke, the HKMA announced 24/7 interbank settlement in central bank digital currency, and we reported that Standard Chartered launched tokenised deposits in Hong Kong as EnsembleTX moved to 24/7 settlement. Ng said that together with digital money, the proceeds of a secondary trade could be redeployed across the digital asset ecosystem immediately. Under Project Ensemble, the SFC and HKMA are also jointly exploring how tokenised deposits or tokenised currencies could be used to invest in tokenised funds.
Hong Kong's approach has been to move product approvals and money rails together. Blockhead covered Franklin Templeton's launch of a tokenised money market fund in the city in 2025, when it brought the product to Hong Kong , and the HKMA's real-value tokenised deposit pilot a week later. In March, SFC chief Julia Leung argued that banks and asset managers must adopt tokenisation to meet 24/7 demand.
The details that will show whether the pathway matters are the first product the SFC approves for a controlled pilot under it, whether a tokenised gold ETF follows the money market funds, and whether secondary trading attracts volume beyond the first two funds.
