Singapore's DigiFT Expands to Hong Kong, Aiming to Be Leader in Tokenized RWAs
DigiFT, the Singapore-based exchange specializing in real-world asset (RWA) tokenization, has announced its strategic expansion into Hong Kong. This move positions DigiFT to become a leading player in the city's burgeoning market for tokenized assets.
DigiFT's expansion is marked by its membership in Cyberport's Incubation Programme. Cyberport is a prestigious incubator for tech startups in Hong Kong, with over 2,000 members including over 900 onsite and close to 1,100 offsite start-ups and technology companies.
DigiFT's inclusion highlights its innovative approach to real-world asset tokenization, the firm said in announcement today, adding that it aligns with Hong Kong's aspirations to be a global leader in financial innovation, particularly within the digital asset space.
Building Strong Leadership in Hong Kong
To spearhead its Hong Kong operations, DigiFT has appointed seasoned executives Kevin Loo and Shen Hao. Loo becomes the CEO of DigiFT (Hong Kong), while Hao takes on the role of managing director and chief development officer. Both bring extensive experience in finance and digital assets, bolstering DigiFT's leadership team in the region.
The expansion comes as Hong Kong establishes a clear regulatory framework for the digital asset market. The Hong Kong Monetary Authority (HKMA) recently outlined supervisory standards for tokenized products, demonstrating the city's commitment to fostering a compliant and thriving digital asset ecosystem.
"Being selected to be a member of the Cyberport Incubation Programme is a testament to our unique business proposition of constant innovation. The programme also resembles Hong Kong's unique vibrancy as one of the leading fintech hubs of the world. Our expansion into the market is a natural next step in our growth plans as we look to facilitate broader access to tokenised real-world assets," DigiFT CEO Henry Zhang, said.
"We believe this is an opportune moment to provide global Web3 financial solutions to continue helping Hong Kong and APAC stay at the forefront of global finance," Kevin Loo, CEO of DigiFT (Hong Kong), added.
DigiFT was approved as a Recognised Market Operator (RMO) and awarded the Capital Markets Services (CMS) license by the Monetary Authority of Singapore in December 2023.
The company plans to solidify its position as a thought leader by participating in key industry events in Hong Kong throughout April, including Liquidity 2024, the Hong Kong Web3 Festival, and the Digital Economy Summit.