Hong Kong Approves the World's First 24/7 Trading of Tokenized Money Market Funds

Published October 26, 2026, 4:45 PM PKT. Based on the Hong Kong Securities and Futures Commission announcement of October 26, 2026 (primary source), and reporting by Fintech News Hong Kong, TokenPost, Cryptopolitan, TradingKey and HK Businesswire on October 26, 2026 (secondary sources). This is the first MABOnChain article on secondary trading of tokenized funds in Hong Kong.

Hong Kong has opened the world's first secondary market for tokenized public funds. The Securities and Futures Commission announced on October 26, 2026 that it has approved secondary trading of tokenized SFC-authorized funds on a licensed virtual asset trading platform, and two existing tokenized money market funds began trading around the clock the same day, according to Fintech News Hong Kong and HK Businesswire. Until now, investors in Hong Kong's tokenized funds could only subscribe or redeem through the fund itself in the primary market. From now on they can buy and sell tokenized fund shares with each other on a licensed exchange, at any hour, in the same way they trade other listed products.

The October 26 approval: the world's first secondary market for tokenized public funds

The SFC described the approval as the world's first secondary trading of tokenized public funds on a licensed virtual asset trading platform, according to Fintech News Hong Kong. The venue is PantherTrade, a virtual asset trading platform licensed by the SFC and wholly owned by Futu Holdings, according to TokenPost. Trading runs 24 hours a day, 365 days a year, including weekends and public holidays, subject to PantherTrade's platform rules, according to the same report. Retail users can buy or sell the shares alongside professional investors, according to TokenPost, which makes this a retail-accessible secondary market rather than a wholesale-only pilot.

Elisa Ng, the SFC's executive director of investment products, said the launch marks an important milestone in Hong Kong's digital asset development, according to Fintech News Hong Kong and HK Businesswire. She said it puts the SFC's regulatory framework through its paces and adds 24/7 trading capability to Hong Kong's evolving tokenization ecosystem, according to the same reports. The SFC said it will monitor trading activity closely and consider broadening the product scope over time, taking into account market developments and experience gained, according to HK Businesswire. The initial rollout is deliberately narrow: tokenized money market funds only, with other product types to be considered later.

The two funds: ChinaAMC's HKD and USD digital money market funds

The first batch covers two funds from ChinaAMC (HK): the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund, according to TokenPost and Fintech News Hong Kong. On PantherTrade they trade as CAMFF-HKD and CUMFU-USD, according to Cryptopolitan and TradingKey. Each token represents a full or fractional share in the underlying fund, according to TradingKey. Ownership is officially recorded off-chain, while PantherTrade does not allow users to deposit or withdraw the tokens themselves, according to the same report, which means the tokens stay inside the platform's trading environment rather than moving to outside wallets.

The size of the two funds gives a sense of the scale, with one important caveat. The USD fund was valued at about $564.33 million and the HKD fund at about $98.40 million, for a combined total of about $662.73 million, according to TradingKey citing HKEX data. Those figures describe the whole funds, not the tokenized share classes or the volume trading on PantherTrade, according to the same report, so they should not be read as the size of the new secondary market itself. No first-day trading volume for the tokenized shares has been published yet, and the SFC said it will watch activity before expanding the scheme.

One date in the coverage needs care. Reporting based on the SFC announcement says the two funds began trading around the clock on October 26, according to Fintech News Hong Kong, while PantherTrade's own listing records cited by TradingKey and Cryptopolitan show the two tokens began trading on October 15, 2026, at 17:00 Hong Kong time. The October 26 announcement therefore formalizes and publicizes trading that the platform's records show was already underway, and readers checking PantherTrade's listing history will see the earlier date.

The April framework: market makers, price alerts and trading bands

The approval rests on a framework the SFC built in stages. In November 2023 the SFC set out its first tokenization framework, which enabled primary subscription and redemption of tokenized products, and in a circular dated April 20, 2026 it extended that framework to secondary trading, according to TradingKey and MondoVisione. The April framework draws on existing rules for exchange-traded funds and for licensed virtual asset trading platforms, according to Fintech News Hong Kong, and it covers trading channel operations, fair pricing, liquidity provision and investor disclosure, according to HK Businesswire.

The safeguards are specific to the risks of trading fund shares outside normal hours. Providers must use best efforts to appoint at least one market maker per fund, with three months of termination notice, and platforms must run price deviation alerts against indicative net asset value, surveillance, trading bands with cooling-off periods, and disclosures about thin liquidity and net asset value deviations before clients can trade, according to Cryptopolitan. The logic is straightforward: a money market fund share has a published net asset value, so a secondary price that drifts far from it is a warning sign, and the framework forces the platform to flag it rather than let it slide. The SFC's chief executive Julia Leung said in April that the initiative allows a traditional securities product, once tokenized, to be traded in the evening and on weekends, according to TradingKey.

The framework arrived after rapid growth in Hong Kong's tokenized fund shelf. As of March 2026, 13 tokenized products were offered to the public in Hong Kong, with assets under management of their tokenized classes rising about sevenfold over the past year to about HK$10.7 billion, according to the SFC's April framework announcement as reported by MondoVisione. That growth explains why the SFC moved from primary-only tokenization to a secondary market: the products existed, but holders had no regulated way to trade out of them between subscription windows.

What comes next: tokenized deposits and Project Ensemble

The SFC's next step is to connect tokenized funds to tokenized money. The regulator said tokenized public funds could further use tokenized deposit capabilities being developed with the Hong Kong Monetary Authority under Project Ensemble, according to HK Businesswire. That would let investors sell tokenized assets around the clock and instantly transfer the proceeds to other investment opportunities, according to the same report, closing the loop between trading and settlement instead of leaving sale proceeds stuck until banking hours resume. Fintech News Hong Kong reported the same direction, noting that such integration could improve settlement efficiency.

The open question is liquidity, and the coverage is honest about it. Cryptopolitan noted that Hong Kong's real test is whether these markets can attract enough trading activity to provide reliable liquidity, particularly outside regular market hours. Money market funds are a cautious first choice for exactly that reason: they are low-volatility, short-duration products that investors use as cash parking, so their prices move little and market makers can quote them tightly. If secondary trading works for these funds, the SFC has a template for riskier products. If volumes stay thin, the 24/7 window will matter less than the headline suggests, and the SFC's promise to expand the scope only after watching the data gives it room to pause.

For the wider tokenization race, Hong Kong has now put a publicly offered, regulator-authorized fund onto a licensed platform for continuous trading, while most other financial centers are still at the wholesale or pilot stage for tokenized funds, according to BigGo Finance. Singapore, the Middle East and European centers have all tested tokenized bonds, deposits and funds, according to the same report, but Hong Kong's move links a live secondary market to a tokenized deposit settlement path, which is the combination other regulators will now be measured against.

This article is news reporting and is not investment advice.

Sources

• Hong Kong Securities and Futures Commission, announcement on secondary trading of tokenised public funds (October 26, 2026), primary source
• Fintech News Hong Kong, SFC Approves 24/7 Trading of Tokenised Public Funds (October 26, 2026), secondary source
• TokenPost, ChinaAMC and PantherTrade Launch 24/7 Trading in Tokenized Fund Shares (October 26, 2026), secondary source
• Cryptopolitan, Hong Kong clears secondary trading of tokenized money-market funds (October 26, 2026), secondary source
• TradingKey, Hong Kong clears secondary trading of tokenized money-market funds (October 26, 2026), secondary source
• HK Businesswire, HK gets world-first secondary tokenised funds trading (October 26, 2026), secondary source
• MondoVisione, Hong Kong SFC Unveils New Regulatory Framework for Secondary Trading of Tokenised Products (April 2026), secondary source