On September 25, 2025, Hong Kong’s financial authorities launched an ambitious 10-point roadmap aimed at enhancing the city’s position as a leading global hub for fixed income and currency markets. The initiative focuses primarily on tokenization and digital advancements, setting the stage for significant growth in the financial sector while responding to evolving market needs.
Roadmap Announcement and Core Objectives
The highly anticipated roadmap was unveiled at the Fixed Income and Currency Forum 2025, co-hosted by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA). Aimed at positioning Hong Kong as a premier global FIC hub, it is structured around four foundational pillars: expanding primary market issuance, strengthening secondary-market liquidity, enhancing offshore renminbi capacity, and investing in next-generation infrastructure. This comprehensive approach illustrates a committed effort to foster demand, liquidity, and innovation within the city’s financial landscape.
Dr. Kelvin Wong, a key figure in the SFC, elaborated on the roadmap’s significance, stating,
“As vital engines for global capital flows, Hong Kong’s FIC markets are central to the city’s international stature and long-term development. The roadmap is poised to guide our market evolution that will benefit issuers, investors, and intermediaries alike for years to come.”
This framework is designed not only to capitalize on current market strengths but also to enhance the city’s appeal as a fundraising platform for both local and international issuers.
Key Initiatives and Tokenization Efforts
Central to the roadmap are initiatives aimed at deepening the renminbi (RMB) markets, advancing the tokenization of assets, and integrating seamlessly with innovations in central bank digital currency infrastructure like the e-HKD+ and Project Ensemble. This integration signifies a shift towards a more digitized financial ecosystem. Notably, since 2019, Hong Kong has issued an impressive HK$386 billion worth of multi-currency bonds. Recent successes in tokenized green bonds, which raised US$100 million in 2023 and a staggering US$750 million in 2024, are testaments to the growing trust and investor interest in innovative financial instruments.
The roadmap indicates plans for a third batch of tokenized green bonds as well, coupled with rigorous testing of settlement operations on both asset and funding aspects. Additionally, a stablecoin licensing regime, which took effect in August 2025 under the supervision of the HKMA, is anticipated to further enhance market accessibility and user confidence. Authorities are considering tax incentives to encourage the growth of tokenized exchange-traded funds (ETFs), which could significantly lower costs for investors and issuers alike.
Implementation and Future Vision
The development of this roadmap involved extensive consultations with key industry stakeholders, ensuring that it is reflective of current market trends and needs. As the SFC and HKMA work toward implementing these strategies, they are committed to supporting sustainable growth within Hong Kong’s capital markets. Mr. Eddie Yue, Chief Executive of the HKMA, emphasized the importance of continual innovation, stating,
“To position Hong Kong as a global FIC hub and further cement our position as the premier offshore RMB business center, we will continue to build on our strengths, adapt to market changes and innovate, and capitalize on emerging trends, including RMB internationalization and the digitalization of the FIC market.”
By aligning policy initiatives with industry realities, the roadmap aims to reinforce Hong Kong’s already substantial appeal as an investment and fundraising nexus.
Ms. Julia Leung, the SFC’s Chief Executive Officer, echoed the collaborative theme, noting,
“Strengthening Hong Kong’s FIC markets is essential to advancing its position as an investment and fundraising hub. The roadmap reflects our close collaboration and shared commitment with the HKMA, industry partners, and other stakeholders to enhance Hong Kong’s vital role in bridging the Mainland and international capital markets.”
This highlights the importance of collaborative effectiveness in achieving the roadmap’s key objectives, fostering a robust market ecosystem.
The Road Ahead: Perspectives on Progress
As Hong Kong embarks on this transformative journey towards becoming a leader in tokenized financial instruments and robust capital markets, the roadmap will serve as a vital blueprint for guiding future initiatives. Its integrated approach aims not just to enhance liquidity and investor confidence, but also to drive global interest in Hong Kong’s unique financial offerings. Stakeholders across the industry are increasingly looking toward this evolving landscape with optimism and anticipation.
As these initiatives take shape, Hong Kong’s position may shift from a traditional financial center to a cutting-edge digital finance hub, setting an example for other markets worldwide. With the commitment to adapt and innovate, the city’s financial future appears brighter than ever, inviting both investors and issuers to engage in this new chapter of financial evolution.
