China Asset Management (Hong Kong) Limited
ChinaAMC (HK) received SFC approval for a tokenised HKD money market fund open to retail investors, with tokenised share classes on a public permissioned blockchain, due to launch by the end of February 2025.
- Status
- Live
- Announced
- (announcement)
- Stage
- Production
- Chain or network
- Public permissioned blockchain via Libeara (chain not named by ChinaAMC)
- Participants
- Standard Chartered Bank (Hong Kong), Standard Chartered Trustee (Hong Kong)
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. 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 ChinaAMC HKD Digital Money Market Fund is expected to debut by the end of February 2025. (by )
Decisions
Expanded
ChinaAMC (HK) launched USD and RMB digital money market funds alongside the HKD fund, distributed through brokers, banks and licensed virtual asset trading platforms.
Source: chinaamc.com.hk
Expanded
Under the HKMA's EnsembleTX, a subscription to the tokenised fund was paid with a tokenised deposit moved from Bank of China (Hong Kong) to Standard Chartered; separately, Ant International subscribed and redeemed a private tokenised HKD fund 24/7 using tokenised deposits.
Source: chinaamc.com.hk, chinaamc.com.hk
Expanded
The fund's underlying HKD and USD bank deposits are now tokenised using HSBC's tokenised deposit capability, with Standard Chartered as custodian.
Source: chinaamc.com.hk
Review history
Live Pilot
The fund launched on 28 February 2025 as announced, with retail minimums of HKD 10. One fund at launch with no activity data, so scale is single. Legal is recorded as twin because ChinaAMC does not say whether the on-chain record is the unitholder register.
Evidence: chinaamc.com.hk
Live Production
Two more tokenised funds in USD and RMB joined the HKD fund, sold as ongoing products with no end date. Scale moves to repeat and stage to production.
Evidence: chinaamc.com.hk
Live Production
First subscriptions paid with tokenised deposits, one under EnsembleTX and one in a separate private fund. Ordinary retail subscriptions still settle in fiat through distributors, so settlement stays offchain.
Evidence: chinaamc.com.hk
Live Production
On 21 September 2026 ChinaAMC said the fund's underlying deposits are tokenised with HSBC. It reports tokenised products above USD 800 million as of June 2026 across all its tokenised products, with no fund-level figure, so scale stays repeat.
Evidence: chinaamc.com.hk
What was announced
On 13 February 2025 China Asset Management (Hong Kong) said the Securities and Futures Commission (SFC) had approved the ChinaAMC HKD Digital Money Market Fund, which it called the first retail tokenised fund in Asia-Pacific, and that it would launch by the end of February. Standard Chartered would act as tokenisation agent, digital platform operator and token custodian, using Libeara, a tokenisation platform incubated by SC Ventures.
How it works
The fund invests in short-term HKD deposits and money market instruments. Its tokenised share classes sit on what ChinaAMC calls a “public permissioned blockchain”, so ledger is public-permissioned. ChinaAMC’s own releases do not name the chain; third-party trackers list the HKD class as an Ethereum ERC-20 token, but no issuer page gives a contract address, so none is recorded. Tokens are offered only in the primary market, through brokers, banks and SFC-licensed trading platforms, with a minimum of HKD 10, so access is open for retail investors through those distributors. Subscriptions are paid in fiat, so settlement is offchain. The releases do not say whether the token is the legal register of units, so legal is twin.
Record so far
The fund launched on 28 February 2025, meeting the only dated claim. On 17 July 2025 ChinaAMC added USD and RMB funds, calling the RMB fund the first tokenised fund in that currency.
On 13 November 2025, when EnsembleTX launched, Futu moved a tokenised deposit from Bank of China (Hong Kong) to Standard Chartered to pay for a subscription to the tokenised fund. The same day Ant International subscribed and redeemed a separate private tokenised HKD fund around the clock using tokenised deposits.
On 21 September 2026 ChinaAMC said the fund’s underlying HKD and USD deposits are now tokenised through HSBC and remain ordinary bank deposits in law. It reports more than USD 800 million across all its tokenised products as of June 2026, which includes its digital gold ETF.
For Ethereum
If the trackers are right, this is a retail fund token on Ethereum with transfers limited to permissioned wallets, the design the SFC requires for tokenised funds on public chains. ChinaAMC has not confirmed the chain or published a contract address.
What to watch
Secondary trading on licensed platforms, allowed by the SFC in April 2026, would test whether the tokens trade at all. A published contract address would let this entry cite on-chain supply. Paying for ordinary subscriptions in tokenised deposits or licensed stablecoins would move settlement on-ledger.