With backing from the Shanghai Technology Exchange and China’s Ministry of Science and Technology, the Hong Kong-based digital asset exchange HKbitEX collaborates with Shanghai to create asset tokenization (RWA) solutions for tech firms.
An agreement for strategic cooperation was signed on December 28 by the Shanghai Technology Exchange and Hong Kong Digital Asset Exchange (HKbitEX), a noteworthy development commemorating the 20th anniversary of the Shanghai-Hong Kong cooperation mechanism.
This event represents a significant milestone in Shanghai and Hong Kong’s cooperative efforts in the digital economy space, with the shared goal of advancing the digital revolution and superior development of the Chinese economy.
The pact describes a thorough partnership between the two organisations to use asset tokenization to offer financial solutions for creative and innovative businesses. The main objective is to address these organisations’ financing concerns, which include misaligned financing requests, challenges with valuation, and subpar investment exit channels.
The goal of the partnership between HKbitEX and the Shanghai Technology Exchange is to create a platform that is transparent, open, and capable of providing tokenized tech enterprises with a full range of financial options. In order to promote coordinated growth of the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, as well as high-quality development in the Chinese economy, this cooperative endeavour aims to go beyond regional boundaries.
Shanghai and Hong Kong have actively pursued innovation over the past 20 years, strengthening their cooperation and exchanges. Both cities are stepping up their cooperation in the booming digital economy era as vital engines of Chinese economic development in order to promote mutual growth and further the country’s economy as a whole.
Remarkably, when the Hong Kong Securities and Futures Commission issued the licence for a virtual asset trading platform in September of this year, HKbitEX was one of the first applicants.
The Shanghai government disclosed plans in August to create a state-of-the-art blockchain technology hub by 2025, enabling seamless connectivity between Singapore and Hong Kong. By utilising blockchain technology, this effort seeks to develop a cutting-edge urban digital infrastructure with a range of industrial uses, better public services, and greater municipal government.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
