HONG KONG SAR - Media OutReach Newswire - 28 October 2025 - Retail investors in Hong Kong and Chinese Mainland may double their asset allocation to funds, leveraging digital money and advanced features enabled by tokenization, according to new research commissioned by Aptos Labs, core contributor to the Aptos Layer-1 blockchain, and Boston Consulting Group (BCG). This follows a successful joint pilot with Hang Seng Bank conducted under Project e-HKD+.

With the rapid evolution of digital money and tokenization worldwide, the Hong Kong Monetary Authority (HKMA) renamed Project e-HKD as Project e-HKD+ in 2024 and commenced Phase 2 of the e-HKD Pilot Program (Phase 2), expanding its coverage from e-HKD only to a more comprehensive exploration of the digital money ecosystem in Hong Kong. Under Phase 2, Hang Seng Bank, Aptos Labs, and BCG collaborated on a joint pilot to explore new business features and investor use cases, which was followed by the Digital Money & Tokenized Assets Hong Kong Survey, conducted by Aptos Labs and BCG, to validate the commercial viability of these features.

Conducted between May and June 2025, the Digital Money & Tokenized Assets Hong Kong Survey engaged over 500 retail fund investors to assess their behavior, perceptions, and demand for tokenized fund products. The findings revealed strong investor interest and confirmed that these innovative features are not only feasible but also highly valued by retail investors.

Innovative Features Fuel Investor Appetite

The survey findings highlight strong momentum for tokenized funds, with 61% of retail investors in Hong Kong and the Chinese Mainland planning to double their allocations – driven by innovative features enabled by tokenization. In particular, Chinese Mainland respondents expressed a high demand for cross-border investment avenues. The results also signal a shifting investor landscape, where attributes such as liquidity, transparency, and faster access to capital are becoming increasingly valued alongside traditional performance metrics.

"The survey results underscore the scale of opportunity in tokenized funds and programmable digital money," said Solomon Tesfaye, Chief Business Officer of Aptos Labs. "These technologies are transforming the investment landscape and investor expectations – unlocking efficiency, transparency, and new possibilities. Aptos Labs is honored to be part of Phase 2 of the e-HKD+ pilot program and the e-HKD Industry Forum in partnership with Hang Seng and BCG, contributing to building the infrastructure that helps bring these opportunities to life."

David Chan, Managing Director and Partner at BCG, added, "Our global experience in digital money initiatives and business builds suggests that successful digital money adoption depends on delivering a clear value proposition for each client segment. Firms need a holistic operating model to orchestrate rapidly evolving technologies for effective value delivery. We hope our survey findings help guide healthy and responsible industry growth."

Distinctive Needs and Opportunities Between Investor Groups

The survey has identified four distinct investor personas, each showing a strong willingness to increase fund allocations to tokenized products – provided the features align with their specific investment needs:

• - Hong Kong Frequent Traders – A dynamic cohort of young to mid-aged investors focused on active trading for amplified returns. They anticipate increasing fund allocations from 10% to 26%, drawn to features like 24/7 trading access and greater allocation flexibility, which enable faster cycles and opportunities.

• - Hong Kong Wealth Legacy Planners – Investors with significant assets under management, focusing on wealth transfer strategies and trust creation, are especially attracted to programmable fund structures that support tailored trust setups and transparent fund management. Their average allocation is expected to grow from 5% to 16%.

• - Hong Kong Long-Term Investors – Discerning mid-aged investors who value security, transparency, and liquidity in their investment choices. They see strong utility in tokenized funds for instant capital redemption and using tokenized funds as collateral for short-term financing needs. Their planned allocation increase is from 8% to 25%.

• - Chinese Mainland Investors – Affluent individuals seeking diversification beyond mainland markets into promising Hong Kong investment avenues. Their average allocation is set to rise from 11% to 24%, with tokenized funds offering a strategic route around capital controls. Programmability features allow flexible investment across Hong Kong fund products, utilization of profits locally, and seamless overseas transfers.

The survey revealed that tokenization unlocks a wide range of capabilities, with each investor persona valuing different features based on their unique investment goals. While programmability emerged as a universally appreciated benefit, preferences varied from wealth transfer solutions to global diversification strategies, highlighting how tokenization can flexibly meet diverse investor needs. This signals a strong opportunity for targeted adoption and product innovation.

Regulatory Tailwinds and Mature Technology Accelerate Digital Money Adoption

These insights align with Hong Kong's growing momentum in digital asset development. Following the passage of the Stablecoins Bill by the Legislative Council, the city now hosts a formal licensing regime for fiat-referenced stablecoin (FRS) issuers.

As a member of the e-HKD Industry Forum and the Programmability Working Group established by HKMA, Aptos Labs works alongside leading financial institutions to address challenges in scaling the adoption of new digital money formats and shaping future institutional standards. The company also brings extensive global experience, supporting major stablecoin ecosystems with over US$60 billion in monthly transactions facilitated through the Aptos blockchain.

Together, these regulatory and institutional tailwinds provide a strong foundation for the investor demand reflected in the survey, signaling a market ready for large-scale adoption, redefined capital flows, and a new generation of financial infrastructure powered by blockchain technology.