Hong Kong’s Securities and Futures Commission (SFC) has approved the world’s first secondary trading of tokenised public funds on a licensed virtual asset trading platform (VATP). Round-the-clock trading of two existing SFC-authorised tokenised money market funds began on 26 October 2026: the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund. The funds trade on PantherTrade, Futu’s licensed platform, and are open to retail and professional investors. The launch is the first product under a pilot framework the SFC introduced in April 2026. Prices may diverge from net asset value, particularly outside normal hours.
Key Overview
- Regulator: Securities and Futures Commission (SFC).
- Funds: ChinaAMC HKD and USD Digital Money Market Funds.
- Trading pairs: CAMFF-HKD and CUMFU-USD.
- Platform: PantherTrade, an SFC-licensed VATP wholly owned by Futu.
- Trading hours: 24/7, open to retail and professional investors.
- Framework: Pilot regime introduced in April 2026.
- Key risk: Market prices may differ from net asset value, especially outside normal hours.
Hong Kong Approves a Global First
The SFC has approved the world’s first secondary trading of tokenised public funds on an SFC-licensed VATP. Investors can now buy and sell shares of two tokenised money market funds managed by China Asset Management (Hong Kong), known as ChinaAMC, at any hour, including weekends.
Until now, investors in tokenised funds could only subscribe for or redeem shares directly with the fund. Secondary trading lets them sell to other investors on a platform, much as they would trade an exchange-traded fund. This gives faster access to cash and an always-on market.
SFC Executive Director of Investment Products Elisa Ng described the launch as an important milestone in Hong Kong’s digital asset development. She said it puts the regulator’s framework through its paces and adds “an important building block – 24/7 trading capability” to the city’s tokenisation ecosystem.
How Trading Works on PantherTrade
The two funds trade on PantherTrade under the pairs CAMFF-HKD and CUMFU-USD. Each token represents one fund share, and fractions of a token represent fractions of a share, so investors can trade small amounts.
Several features set these tokens apart from typical crypto assets:
- Off-chain ownership: Official ownership is recorded in an off-chain register rather than solely on a blockchain.
- No transfers: PantherTrade does not support token deposits or withdrawals.
- Frequent NAV updates: The SFC framework requires real-time or near-real-time indicative net asset value (NAV) disclosures, typically refreshed at least every 15 seconds during trading hours.
PantherTrade is Futu’s wholly owned virtual asset trading platform. It began full-scale licensed operations in March 2026 and integrates with Futu Securities, the group’s Hong Kong retail brokerage. At that launch, PantherTrade said it was already engaging regulators on a tokenised money market fund with 24/7 secondary trading, which this approval now delivers.
Built on the April 2026 Pilot Framework
The approval did not come out of nowhere. The SFC built on its existing regimes for exchange-traded funds and VATPs. It introduced a new framework in April 2026 to pilot secondary trading of tokenised SFC-authorised funds on licensed platforms. The SFC issued the circular setting out the rules on 20 April 2026.
The regime includes safeguards designed to keep trading orderly. According to Crypto Economy, these include market makers, trading limits and temporary trading suspensions.
The SFC is starting narrowly. The first batch of products is limited to tokenised money market funds. The regulator says it will monitor trading closely and consider broadening the product scope over time, based on market developments and experience gained.
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Why 24/7 Trading Matters
Money market funds hold short-term, high-quality debt and are often used as a place to park cash while earning a yield. Making them tradable around the clock gives investors, including crypto holders, a regulated way to hold yield-bearing assets and move in and out at any time.
The SFC sees a bigger opportunity ahead. Tokenised public funds could link up with tokenised deposit capabilities developed with the Hong Kong Monetary Authority (HKMA) under Project Ensemble. Tokenised funds and tokenised money on digital rails could make trade settlement faster and assets more mobile. Investors could sell tokenised assets at any hour and instantly move the proceeds elsewhere.
The Funds Behind the Pilot
ChinaAMC has built one of Asia’s broadest tokenised money market fund ranges. The firm launched USD and RMB tokenised money market funds to complement its existing HKD fund. It described itself as the first asset manager in Asia to offer tokenised money market funds in three major currencies. Standard Chartered supported the launches.
Futu’s relationship with ChinaAMC predates this approval. Futu had already partnered with the asset manager to offer its tokenised money market funds through the Futubull app.
Crypto Economy reports the two ChinaAMC funds manage about $662.73 million in total. That figure covers the entire funds, not only their tokenised share classes. Trading volumes and order-book depth on PantherTrade have not been independently verified.
Risks Investors Should Weigh
Secondary trading brings new risks alongside convenience. Market prices on PantherTrade are set by supply and demand, so they can differ from the fund’s NAV. The SFC framework flags that this gap may widen outside normal trading hours and at weekends, when underlying markets are closed.
Liquidity is the second consideration. A 24/7 market is only useful if there are enough buyers and sellers. Market makers help, but early trading in a new product can be thin, which can widen spreads.
Outlook
The SFC’s approval gives Hong Kong a global first and a working test of its pilot framework. By starting with low-risk money market funds on a single licensed platform, the regulator can observe how pricing, liquidity and NAV tracking behave before widening the scope.
The next signals to watch are trading volumes on PantherTrade, how closely token prices track NAV at weekends, and whether other platforms and fund managers join. Integration with tokenised deposits under Project Ensemble could ultimately deliver the instant settlement the SFC describes. Any extension beyond money market funds will show whether Hong Kong’s tokenisation ambitions can scale.
FAQs
1. What did Hong Kong’s SFC approve?
The world’s first secondary trading of tokenised public funds on an SFC-licensed virtual asset trading platform. Two ChinaAMC tokenised money market funds now trade around the clock.
2. Which funds can be traded, and where?
The ChinaAMC HKD Digital Money Market Fund (CAMFF-HKD) and the ChinaAMC USD Digital Money Market Fund (CUMFU-USD), on Futu’s licensed platform PantherTrade.
3. Who can trade them?
Both retail and professional investors are eligible.
4. What are the main risks?
Trading prices may differ from the fund’s net asset value, particularly outside normal trading hours and at weekends. Liquidity may also be limited in the early stages.
Sources: FX News Group | Securities and Futures Commission | TokenPost | Fintech News Hong Kong | Crypto Economy | Markets Media
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