Author: James Shen, Hash Global Founder
Based on the speech content organized from the event at Digital Harbour, Hong Kong on August 27, 2026
Note: This article is for informational exchange only and does not constitute any investment advice or recommendations regarding any securities, tokens, or crypto assets. The assets, ecosystems, and projects mentioned in the text are for the purpose of illustrating relevant industry trends and infrastructure discussions.
In the past thirty years, Hong Kong has played the core role of connecting Chinese assets with global capital as an international financial center. Through IPOs, bonds, funds, and professional services such as banking, brokerage, legal, accounting, and custodial services, Hong Kong has organized local and Asian assets into financial products that global institutions can understand, purchase, and hold.
This is Hong Kong's International Financial Center IFC 1.0: centered on "asset productization" and "capital globalization", driving Chinese enterprises and Asian assets into the global institutional allocation system.
Today, the global capital market is entering a new stage, with blockchain, stablecoins, RWA, and DeFi changing the underlying architecture. The internet is evolving from connecting information and businesses to connecting assets. The generational upgrade of technology will promote all financial and non-financial assets to complete issuance, registration, circulation, settlement, and operations on-chain. In my view, this also represents the core of current Web3 development.
Over the next decade, the most important theme of the capital market is likely to be "everything on-chain". On-chain capital markets are inherently global, no longer limited to fragmented regional markets; Hong Kong has the opportunity to connect Asian assets with global on-chain capital, upgrading to IFC 2.0 in response.
I. From Information Internet, Business Internet, to Web3 Asset Internet
The first generation of the internet addressed information connectivity, focusing on content publishing, distribution, and traffic monetization; the second generation of the internet addressed business connectivity, moving commodity transactions and user relationships online through e-commerce, payments, and platform economies.
The third generation of the internet, Web3, aims to solve asset connectivity: incorporating asset issuance, rights circulation, capital settlement, and commercial operations into a truly internet-based architecture.
Blockchain provides a globally unified accounting standard. On-chain assets inherently possess characteristics such as programmability, accessibility, composability, divisibility, verifiability, and 24/7 circulation. The technological foundation of the capital market will gradually shift from traditional account systems and centralized trading systems to open, transparent, and programmable on-chain financial networks.
RWA (Real World Assets) is a key entry point for this transformation: it does not simply tokenize traditional assets, but enables the rights confirmation, issuance, settlement, utilization, and financing of real assets to collaborate on-chain, incorporating assets, cash flow, commercial rights, and user relationships into a sustainably operating network, thusopening the second lifecycle of assets on-chain.
II. "Everything on-chain" goes beyond financial assets
Currently, when discussing RWA, the market typically thinks of government bonds, funds, money market funds, private credit, real estate yield rights, gold, and commodities. Their cash flows and yield structures are clear, compliance, rights confirmation, and disclosure requirements are explicit, and they can relatively easily be incorporated into custodianship, valuation, and risk management systems, making them the easiest starting point for on-chain capital markets.
However, more long-term increments may come from non-financial RWA, including entertainment IP, membership and ticketing rights, collectibles, gaming, consumer rights, user behavior, and data assets. Historically, these assets have been hard to standardize and circulate globally; Web3 has the potential to combine user relationships, rights certificates, consumption scenarios, IP value, and asset flow to form new business closed loops. The five projects that Hash Global has participated in incubating in the past two years all fall within this realm. We have also invested in some RWA-related projects, fortunate to work alongside many institutional partners and entrepreneurial teams.
Financial RWA provide the foundation for institutional allocation, while non-financial RWA unlock the increment of user assets and commercial scenarios. The combination of the two can promote Web3 from financial innovation to commercial infrastructure.
III. Hong Kong has already established institutional foundations for developing RWA
In recent years, Hong Kong has gradually formed a digital asset policy, licensed regulatory systems, practices for tokenized bonds, Project Ensemble, and other infrastructure explorations, as well as a regulatory framework for stablecoin issuers.
More importantly, Hong Kong possesses long-accumulated financial expertise: banking, brokerage, funds, insurance, legal, accounting, auditing, custodial, tax, cross-border capital services, and a network of professional investors. These capabilities together constitute the basis for credible asset issuance, continuous disclosure, and institutional distribution.
The advantage of Hong Kong lies not in merely conducting technical experiments, but in organizing real assets into trustworthy, compliant, investable, disclosable, custodial, and settlement-ready financial products. This is precisely the institutional foundation of IFC 2.0.
IV. Hong Kong IFC 2.0: Connecting Asian Assets with Global On-chain Capital
Understanding IFC 2.0 requires first grasping the successes of IFC 1.0: Hong Kong has utilized its institutional credit, professional services, and experience in international capital markets to transform Chinese enterprises and Asian assets into standardized products comprehensible, purchasable, and holdable by global institutions. This capability did not form overnight but is the result of long-term institutional building and market practice. IFC 2.0 does not negate IFC 1.0, but rather migrates this capability to the era of on-chain capital markets.
The next stage of opportunity for Hong Kong lies in leveraging credible regulation, financial expertise, and RWA technology to organize high-quality Asian assets, completing compliant structures and tokenized issuance, subsequently connecting with global stablecoin funds, on-chain users, and liquidity networks. Hong Kong is responsible for establishing a trustworthy asset entry point, while the on-chain ecosystem is responsible for expanding the global reach, utilization, and circulation of assets. The path can be broken down into three steps:
First step, organize Asian assets. Filter for financial assets, industrial assets, IP assets, and commercial rights that can be productized.
Second step, compliant issuance and productization in Hong Kong. Utilize legal and fund architectures, custodianship, auditing, information disclosure, and investor suitability arrangements to transform assets into trustworthy, compliant, and investable products.
Third step, connect global on-chain capital, users, and liquidity. Achieve global reach, 24/7 circulation, and continuous operation through stablecoins, wallets, trading, and lending protocols.
Hong Kong does not aim to compete with on-chain finance but to become the center for organizing Asian assets for global on-chain finance:IFC 1.0 connected Chinese assets with global capital,IFC 2.0 connects Asian assets with global on-chain capital.
V. The realization of RWA value hinges on liquidity
Currently, many RWA projects focus on “issuance,” but true value begins post-issuance. Prior to issuance, asset filtering, compliance structures, product design, custodianship, investor access, and information disclosure are all required; after issuance, wallet distribution, stablecoin settlement, DEX trading, collateralized lending, user scenarios, market operations, and scale growth are required. Both ends of capability are essential.
If an asset is simply tokenized but lacks real users, liquidity, usage scenarios, and the ability to sustain transactions and financing, it remains merely a static token on-chain.
The challenge of RWA is not whether assets can go on-chain, but whether they can achieve global liquidity after going on-chain.
VI. Public chain ecosystems like BNB are an indispensable global on-chain liquidity layer for IFC 2.0
Within the framework of Hong Kong's IFC 2.0, public chain ecosystems do not replace the Hong Kong financial system but provide global users, funds, distribution channels, and liquidity for assets issued in compliance through Hong Kong. Different public chains have their advantages: ETH represents long-termism, a decentralized developer ecosystem, and open infrastructure; the BNB ecosystem showcases advantages in user scale, trading activity, wallet entry, stablecoin funds, trading liquidity, and connections to Asian markets; Hong Kong also has excellent on-chain ecosystems like HSK Chain. Collaboration among multiple public chains also helps Hong Kong maintain technological neutrality and open connections.
Transitioning RWA from concept validation to commercialization relies heavily on user reach, trading habits, stablecoin funds, and application layer synergy. The BNB ecosystem has formed an on-chain financial matrix consisting of Binance, BNB Chain, CoinMarketCap, Binance Wallet, Trust Wallet, PancakeSwap, Venus, ListaDAO, Aster, etc., covering exchanges, public chains, wallets, data, DEX, lending, stablecoins, and user networks. For Asian assets, such a complete global entry and application system carries significant practical value.
The BNB ecosystem features characteristics of internet-driven financial infrastructure, capable of providing a globally unified capital liquidity layer for assets. Hong Kong enables Asian assets to be credibly brought on-chain, while the BNB ecosystem facilitates the movement of assets within the global network.
VII. On-chain capital markets require a new capability system
Traditional financial product design tends to be standardized, with distribution dependent on banks, brokerages, and wealth management channels, marketing relying on financial media, and user operations segmented by institutions, high net worth individuals, and retail clients.
RWA requires products to possess multilayered, combinable tokenization structures; distribution extends to exchanges, wallets, and on-chain entry points; marketing involves KOLs, communities, and global user networks; user operations are built around product functions, on-chain rights, and usage scenarios to construct a long-term ecosystem. This signifies not just a change in channels, but a reconstruction of product organization and customer relationships.
For Hong Kong to achieve IFC 2.0, it not only requires regulatory and financial capability but also a group of service institutions possessing on-chain operational abilities—essentially, the "asset management" and "investment banking" of the new era.
VIII. Hash Global is committed to connecting Hong Kong's financial capabilities with global on-chain ecosystems like BNB
Hash Global has long invested in Web3 infrastructure, financial payments, stablecoins, DeFi, RWA, user assets, and application ecosystems, and has also been involved in BNB ecosystem development. We have come to understand that institutions directly participating in BNB investments face operational inconveniences related to account opening, fund security management, and ecosystem profit sharing. Thus, we partnered with YZi Labs to launch a BNB income fund targeting institutions and third-party custodians, helping traditional financial institutions invest in and participate in the BNB ecosystem in a safer, more convenient, lower-cost, transparent, and institutionalized manner.
This fund should not be seen merely as an investment product; its more important goal is to build a bridge for traditional financial and Web2 institutions to enter the BNB ecosystem. We look forward to seeing a mutually beneficial drive for institutional investment in BNB and the execution of RWA business within the BNB ecosystem. The fund serves as a deployment tool and can also be a starting point for institutions to understand the BNB ecosystem, establish partnerships, and explore business opportunities, while facilitating institutions to gain shared benefits from the growth of the BNB ecosystem.
Through investment funds and ecosystem collaboration, these institutions can reduce learning, compliance, and operational friction when entering the BNB ecosystem; the BNB ecosystem can also gain long-term capital, real assets, and business scenarios, creating a reciprocal value exchange between traditional institutions and on-chain ecosystems.
This is a long-term collaborative mechanism of "investment + business". Hash Global is also in discussions with excellent teams like BNB Chain, aiming to connect Hong Kong's financial capabilities and promote real business landing.
IX. From Concept to Implementation: Asian Assets Entering the On-chain Ecosystem
Hong Kong's IFC 2.0 cannot remain at the conceptual level; the key is to form a verifiable and replicable demonstration pathway. Asian real estate, private trust shares, regional financial products, entertainment IP, trading cards, collectibles, and user rights can all explore entry into the on-chain ecosystem under compliance prerequisites. Different assets should choose different product structures based on rights confirmation, cash flow, investor suitability, and circulation boundaries. We are promoting three projects, with assets sourced from Japan, Taiwan, and Hong Kong. These assets all require Hong Kong's institutional and financial capabilities and support from the global on-chain ecosystem for operational backing.
Hong Kong provides a credible institution, Asia provides high-quality assets, global users, stablecoin funds, and on-chain liquidity are provided by ecosystems like BNB, and institutions like Hash Global can assist in connecting all parties and promoting implementation. The combination of these four elements forms a closed loop, making IFC 2.0 an executable industrial strategy.
X. Conclusion: Hong Kong Can Become the Gateway for Asian Assets to Enter Global On-chain Capital
IFC 1.0 has proven that Hong Kong can connect Chinese assets with global capital; IFC 2.0 can prove that Hong Kong can also connect Asian assets with global on-chain capital. This does not replace the positioning of traditional financial centers but upgrades: transforming from structuring various assets into products understandable, purchasable, and holdable by global capital markets to becoming a center for digital assets accessible, tradable, usable, and operationally sustainable by global on-chain capital.
RWA is the most suitable mainline for Hong Kong to penetrate into digital assets; stablecoins are the settlement foundation for global on-chain funds; DeFi and wallets are the application layer for asset usage and liquidity; public chain ecosystems like BNB serve as the foundational network of global on-chain capital markets.
When I first entered the workforce, I was an investment banking employee in the Hong Kong IFC 1.0 ecosystem. I am honored to have the opportunity to contribute to the realization of Hong Kong's IFC 2.0 in this "everything on-chain" new era. Thank you all!
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
