The Hong Kong-based digital asset trade, HKbitEX, companions with Shanghai Expertise Alternate to develop asset tokenization (RWA) options for tech firms, supported by China’s Ministry of Science and Expertise and Shanghai municipal authorities.
On December 28, in a big improvement marking the twentieth anniversary of the Shanghai-Hong Kong cooperation mechanism, the Shanghai Expertise Alternate and Hong Kong Digital Asset Alternate (HKbitEX) signed a memorandum for strategic cooperation. This occasion signifies an important step within the collaborative efforts between Shanghai and Hong Kong throughout the digital economic system sector, geared toward collectively propelling the digital transformation and high-quality improvement of the Chinese language economic system.
The memorandum outlines a complete collaboration between the 2 entities to offer monetary options for progressive and entrepreneurial firms, leveraging asset tokenization. The first aim is to deal with the financing challenges confronted by these firms, together with mismatched financing calls for, valuation difficulties, and imperfect funding exit mechanisms.
The alliance between the Shanghai Expertise Alternate and HKbitEX seeks to determine an open, clear, and environment friendly platform, providing complete monetary options for tokenized tech firms. This collaborative initiative is designed to transcend regional boundaries, contributing to the coordinated improvement of the Guangdong-Hong Kong-Macao Better Bay Space and the Yangtze River Delta, thereby fostering high-quality improvement within the Chinese language economic system.
Over the previous twenty years, Shanghai and Hong Kong have actively pursued innovation, deepening exchanges and cooperation. As crucial engines for Chinese language financial improvement, each cities are intensifying collaboration within the flourishing digital economic system period to drive mutual development and contribute to the general development of the Chinese language economic system.
Shanghai Expertise Alternate and HKbitEX Accomplice to Advance Web3.0 Ecosystem
The Shanghai Expertise Alternate, established by the Ministry of Science and Expertise and the Shanghai Municipal Folks’s Authorities, is becoming a member of forces with HKbitEX, part of the Tykhe Capital Group, to advance the event of a compliant Web 3.0 ecosystem in Hong Kong. The collaboration goals to leverage their respective strengths in fostering digital innovation and monetary companies.
The partnership between the Shanghai Expertise Alternate and HKbitEX has plans to advertise financing companies for tokenized scientific and technological innovation enterprises collectively. This collaboration is anticipated to contribute to monetary cooperation and technological innovation between Shanghai and Hong Kong, thereby supporting the high-quality improvement of the Chinese language economic system.
Notably, HKbitEX was among the many preliminary candidates for the digital asset buying and selling platform license introduced by the Hong Kong Securities and Futures Fee in September of the present yr.
In August, the Shanghai authorities revealed plans to determine a cutting-edge blockchain know-how hub by 2025, fostering seamless connectivity between Hong Kong and Singapore. This initiative goals to construct a state-of-the-art city digital infrastructure, leveraging blockchain for enhanced metropolis governance, improved public companies, and numerous industrial functions.
As a part of this imaginative and prescient, Shanghai intends to create a cross-chain trade hub node within the prestigious Lingang Particular Space, with a selected deal with digital property, finance, and delivery. Collaborations with Hong Kong and Singapore are actively being explored to launch interoperable blockchain pilots, facilitating seamless connectivity throughout a number of areas.