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Tokenized real-world assets (RWA) exchange DigiFT has officially announced its expansion into Hong Kong. This venture is led by two seasoned professionals, Shen Hao, stepping in as managing director and chief development officer, and Kevin Loo, appointed as chief executive officer of DigiFT HK, the company said in a LinkedIn update on Thursday.
DigiFT describes itself as the "first regulated exchange for on-chain real world assets," and holds a Capitals Markets Services and Recognised Market Operator license from the Monetary Authority of Singapore (MAS).
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Seasoned professionals at the helm
The expansion into Hong Kong represents a pivotal moment for DigiFT, as the company seeks to tap into new market opportunities and catalyze growth within the digital asset industry. The leadership and expertise of Shen and Loo are expected to play a crucial role in achieving these objectives.
Shen, with a rich background spanning over two decades in corporate and commercial banking, treasury management, and trade finance, has held pivotal roles at global banking giants such as Citi, HSBC, Deutsche Bank, and East West Bank. Her recent tenure at Air8, a supply chain finance fintech company, saw her successfully building the Greater China franchise. At DigiFT, Shen's focus will be on fostering partnership collaborations and driving the company's growth and innovation forward.
Loo brings to the table over 20 years of experience that bridges the gap between traditional institutional asset management and the burgeoning field of digital assets. Loo's investment expertise spans across PIMCO, Fidelity International, and BNP Paribas, with a specialization in fixed income, EM Debt, Asia Credit, and FX. His transition from IDEG, where he was instrumental in overseeing digital asset management services, to DigiFT, marks a significant leap towards navigating investment cycles in the digital asset domain.
Burgeoning crypto space
The move comes at a time when Hong Kong's regulators are actively shaping a conducive environment for virtual assets and related products, providing market certainty and fostering innovation.
Hong Kong's licensing regime for digital asset trading was rolled out in mid-2023. Currently, only OSL and HashKey hold VATP licenses in Hong Kong, with 14 more awaiting approval from the city's Securities and Futures Commission (SFC).
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