Hong Kong pulls JPMorgan, HSBC and UBS into its tokenized bond push

Hong Kong's monetary authority is broadening its tokenized bond program, this time by assembling some of the world's largest financial institutions to help shape the rules. The Hong Kong Monetary Authority (@hkmagovhk) announced on June 5 that it has convened a Tokenised Bond Expert Group, bringing together industry representatives to drive further adoption and scalability of tokenised bonds in Hong Kong.

Members include major lenders such as HSBC, Standard Chartered, UBS, Bank of China (Hong Kong) and JPMorgan Securities, alongside law firms including A&O Shearman, Clifford Chance and Linklaters, as well as Ant Digital Technologies, digital asset firm HashKey Group and market infrastructure operator CMU OmniClear.

Shaping Policy, Law and Market Practice

The HKMA said the group will study policy measures, market practices, and emerging innovations that could support wider use of tokenized bonds in the financial system. The initiative will also look at how tokenized deposits and central bank money can make settlement faster and more efficient for tokenized bonds and other assets.

In May, the HKMA hosted the first series of Expert Group discussions, where views were exchanged on Hong Kong's current legal and regulatory regime and its application to tokenised bond issuance and transactions. Feedback gathered during these discussions is expected to assist the HKMA and the Financial Services and Treasury Bureau in reviewing potential enhancements to Hong Kong's legal and regulatory framework.

HashKey Group chairman and CEO Xiao Feng summed up the challenge plainly. "Scaling up the commercial adoption of tokenized bonds is not merely a matter of technology implementation, but a systematic undertaking that requires the coordination of legal and regulatory frameworks, underlying infrastructure and the broader industry ecosystem," he told The Block.

Building on Years of Government-Led Issuances

The HKMA's bond tokenisation journey began in 2021 with a joint proof-of-concept study with the Bank for International Settlements Innovation Hub. That was followed by three landmark government issuances: the world's first tokenised government green bond in 2023, the first multi-currency digital bond in 2024, and in 2025 the largest digital bond issuance at the time, which was also the first to integrate tokenised central bank money in the form of e-CNY and e-HKD.

That 2025 offering achieved a record issuance size of HK$10 billion, with total subscriptions across four currency tranches reaching over HK$130 billion. The HKMA also offers a subsidy through its Digital Bond Grant Scheme to cover a large part of issuance costs, which has helped attract foreign issuers from China, the Middle East, and Korea.

The HKMA said the group will continue meeting regularly to examine issues related to tokenised bond development and may adjust its membership as the market evolves.

Sources:
HKMA Official Press Release: Tokenised Bond Expert Group (June 5, 2026)
The Block: Hong Kong taps JPMorgan, HSBC for expert group to scale tokenized bonds
Ledger Insights: JP Morgan, HSBC, StanChart in Hong Kong tokenized bond expert group