HKbitEX Collaborates with Shanghai Technology Exchange for Asset Tokenization Solutions

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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Last updated: 

December 27, 2023

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The Hong Kong-based digital asset exchange, HKbitEX, partners with Shanghai Technology Exchange to develop asset tokenization (RWA) solutions for tech companies, supported by China’s Ministry of Science and Technology and Shanghai municipal government.

On December 28, in a significant development marking the 20th anniversary of the Shanghai-Hong Kong cooperation mechanism, the Shanghai Technology Exchange and Hong Kong Digital Asset Exchange (HKbitEX) signed a memorandum for strategic cooperation. This event signifies a crucial step in the collaborative efforts between Shanghai and Hong Kong within the digital economy sector, aimed at jointly propelling the digital transformation and high-quality development of the Chinese economy.

The memorandum outlines a comprehensive collaboration between the two entities to provide financial solutions for innovative and entrepreneurial companies, leveraging asset tokenization. The primary goal is to address the financing challenges faced by these companies, including mismatched financing demands, valuation difficulties, and imperfect investment exit mechanisms.

The alliance between the Shanghai Technology Exchange and HKbitEX seeks to establish an open, transparent, and efficient platform, offering comprehensive financial solutions for tokenized tech companies. This collaborative initiative is designed to transcend regional boundaries, contributing to the coordinated development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, thereby fostering high-quality development in the Chinese economy.

Over the past two decades, Shanghai and Hong Kong have actively pursued innovation, deepening exchanges and cooperation. As critical engines for Chinese economic development, both cities are intensifying collaboration in the flourishing digital economy era to drive mutual growth and contribute to the overall advancement of the Chinese economy.

Shanghai Technology Exchange and HKbitEX Partner to Advance Web3.0 Ecosystem

The Shanghai Technology Exchange, established by the Ministry of Science and Technology and the Shanghai Municipal People’s Government, is joining forces with HKbitEX, a part of the Tykhe Capital Group, to advance the development of a compliant Web 3.0 ecosystem in Hong Kong. The collaboration aims to leverage their respective strengths in fostering digital innovation and financial services.

The partnership between the Shanghai Technology Exchange and HKbitEX has plans to promote financing services for tokenized scientific and technological innovation enterprises jointly. This collaboration is expected to contribute to financial cooperation and technological innovation between Shanghai and Hong Kong, thereby supporting the high-quality development of the Chinese economy.

Notably, HKbitEX was among the initial applicants for the virtual asset trading platform license announced by the Hong Kong Securities and Futures Commission in September of the current year.

In August, the Shanghai government revealed plans to establish a cutting-edge blockchain technology hub by 2025, fostering seamless connectivity between Hong Kong and Singapore. This initiative aims to build a state-of-the-art urban digital infrastructure, leveraging blockchain for enhanced city governance, improved public services, and diverse industrial applications.

As part of this vision, Shanghai intends to create a cross-chain exchange hub node in the prestigious Lingang Special Area, with a specific focus on digital assets, finance, and shipping. Collaborations with Hong Kong and Singapore are actively being explored to launch interoperable blockchain pilots, facilitating seamless connectivity across multiple regions.