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As part of the government’s Cyberport Blockchain & Digital Asset Pilot Subsidy Scheme, a collaborative initiative involving DigiFT, Chainlink, and UBS has been authorized in Hong Kong to establish a regulated blockchain framework for automating operations related to tokenized funds.
DigiFT, a licensed platform for tokenized real-world assets (RWA), has announced the initiation of a collaborative project with blockchain oracle provider Chainlink and UBS Tokenize, the tokenization arm of UBS. This initiative is designed to automate the processes of subscription, redemption, and lifecycle management for tokenized funds.
The project will enable investors to submit requests for purchasing or redeeming UBS tokenized products through DigiFT smart contracts, which are integrated with Chainlink’s Digital Transfer Agent. All transactions will be recorded on the blockchain, automatically initiating the issuance or redemption of tokens in accordance with the standards established by the Capital Markets Technology Association (CMTA).
The press release states that the global asset management sector is valued at $132 trillion, and tokenization is perceived as a method to significantly transform this industry.
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DigiFT CEO Henry Zhang remarked that the initiative unites institutional partners, regulated infrastructure, and blockchain technologies, facilitating the development of an open economy where financial products can operate across various countries and platforms.
Fernando Vazquez, President of Capital Markets at Chainlink Labs, highlighted that the collaboration between DigiFT and UBS with Chainlink’s Digital Transfer Agent signifies a new phase in the distribution of institutional funds. He noted that the project guarantees transparency, security, and regulatory compliance within Hong Kong’s jurisdiction, establishing a foundation for the future of capital markets.
Kevin Loo, Hong Kong CEO of DigiFT, pointed out that involvement in the Cyberport Blockchain & Digital Asset Pilot Subsidy Scheme reinforces the company’s long-term dedication to advancing tokenized finance infrastructure in the region. He stated that collaborating with UBS and Chainlink will not only fulfill institutional standards but also enhance Hong Kong’s position as a global center for digital asset regulation.
Hong Kong authorities have been proactively developing digital asset regulations for several years, positioning the jurisdiction among the leaders in independent rankings of Web3 technology development in 2024.
Сообщение Hong Kong Launches Project to Automate Management of Tokenized Funds появились сначала на CoinsPaid Media.
