Bosera Asset Management (International) Co., Limited
Bosera and HashKey said the SFC had approved tokenised classes of the Bosera HKD and USD Money Market ETFs, issued on HashKey Chain and distributed through HashKey Exchange, as a use case in the HKMA's Project Ensemble sandbox.
- Status
- Live
- Announced
- (announcement)
- Stage
- Production
- Chain or network
- HashKey Chain (Ethereum layer 2)
- Participants
- HashKey Group, BOCI-Prudential Trustee, CMB Wing Lung (Trustee)
- Next review
Scorecard
As of the review on . How pilots are scored
| Ledger | Permissioned tokens on a public chain |
|---|---|
| Settlement | Off-ledger cash |
| Access | Open |
| Legal standing | Mirrors an off-ledger record |
| Scale | Repeat |
What they said they would do
- MetThe two tokenised money market ETF classes, approved by the SFC, will be formally launched in April 2025. (by )
Review history
Live Production
The April 2026 key facts statement reports the USD tokenised class's ongoing charges for 8 April to 31 December 2025, showing it launched in April 2025 and dealt daily since. It names HashKey Chain, a public layer 2 on Ethereum, with whitelisting in the contract and the off-chain register as the official record. No assets or contract address are published.
Evidence: bosera.com.hk, prnewswire.com
What was announced
On 28 March 2025 HashKey Group and Bosera Asset Management (International) said the Securities and Futures Commission (SFC) had approved tokenised classes of two existing funds, the Bosera HKD Money Market ETF and the Bosera USD Money Market ETF, to launch in April. The tokens are issued on HashKey Chain, and HashKey Exchange is the main distributor. The release described the funds as a use case in the HKMA’s Project Ensemble sandbox. BOCI-Prudential Trustee and CMB Wing Lung (Trustee) act as custodians for the USD and HKD funds.
How it works
The April 2026 key facts statement for the USD class sets out the design. HashKey’s platform operator issues tokens on HashKey Chain, which it describes as a public, permissionless layer 2 network on Ethereum. Tokens are permissioned: they are minted or burned only with approval from both Bosera and the custodian, and the contract whitelists wallets. The custodian, acting as registrar, keeps the off-chain register that is the official record of ownership, so legal is twin and ledger public-permissioned.
Subscriptions settle in cash off-chain and shares are offered only in the primary market, with no secondary trading, so settlement is offchain. The class is part of an SFC-authorised public fund with a minimum of USD 1, sold through distributors, so access is open.
Record so far
The launch claim is met. The key facts statement reports the USD tokenised class’s ongoing charges for 8 April to 31 December 2025, so the class was live from April 2025 and has dealt daily since, with no end date. That gives repeat scale and stage production. Bosera has published neither class’s assets nor a contract address, and this review found no current document for the HKD class.
Project Ensemble’s own record is under HKMA Project Ensemble.
For Ethereum
This is a deployment on an Ethereum layer 2: a permissioned token with a contract-level whitelist on a public network, with the legal register off-chain. Minting and burning need two approvals, from the manager and the custodian, so issuance stays under the fund’s control even though anyone can read the chain. A published contract address would allow supply and holders to be checked on the HashKey Chain explorer.
What to watch
Published assets for the tokenised classes, a contract address, or secondary trading on a licensed platform under the SFC’s April 2026 rules, the Regulatory Wire item linked above.