Hong Kong promotes asset tokenization, directly attacking the three major pain points of cross-border transfer

HKMA announced the development of innovative financial marekt infrastructure through the Ensemble project to advance the development of the tokenization market in Hong Kong, and partnered with the Bank of Thailand to explore cross-border tokenization use cases. Jing Xiandong, chairperson and CEO of Ant Group, believes that tokenization has a great impact on global cross-border transfer. At present, SMEs have many pain points in the payment experience when doing cross-border business, such as expensive and time-consuming processing fees. In the future, it can be improved through tokenization technology. Tokenization is point-to-point payment. There is no intermediary, 24-hour online, programmable and executable. Cross-currency payment would be good if there is a token collateral. This is of great significance for the realization of cross-border, cross-currency, and cross-bank global real-time payment. ( Securities Times)