What is RWA? It's not about 'speculation', but about making real assets more liquid
Many traditional executives associate “RWA” and “tokenization” with speculative crypto trading.
CHWH takes a much simpler view:
The asset itself doesn’t change: it’s still receivables, warehouse receipts, real estate, equipment or infrastructure income rights;
The registry changes: from paper or legacy databases to compliant on-chain or new digital registries;
The way it trades and moves changes: assets can be fractionalised, transferred and pledged with better traceability and automation.
In short:
RWA = rebuilding the registry + transfer + risk-control system with new tech, not creating value from thin air.
Why should physical enterprises pay attention to RWA? Three driving forces of reality
From CHWH’s vantage point, three forces drive real-sector interest in RWA:
Idle but high-quality assets on the balance sheet
Receivables, inventory and fixed assets are often under-utilised in financing.
Tightening traditional credit channels
Banks are more conservative, with higher collateral and guarantee requirements.
Institutional appetite for asset-backed products
Many investors avoid pure virtual assets but are open to digital instruments backed by real cash flows and clear risk models.
Opportunities in Hong Kong: Building bridges at the intersection of regulation, technology, and institutions
RWA is not merely a technical issue; it’s a systems project where regulation, technology and institutions intersect — an area where Hong Kong excels:
Forward-looking regulation:
pilot rules and sandboxes for virtual assets and tokenised bonds/funds;
Technology and infrastructure:
licensed venues building the plumbing for tokenised asset issuance and trading;
High institutional participation:
banks, brokers, asset managers and family offices piloting RWA projects.
CHWH believes that RWA will not overturn everything overnight, but will increasingly serve as a new interface between traditional finance and the real economy.
What can physical enterprises do? A small step test of the water starting from the 'experimental project'
For most real-sector companies, RWA should start with a pilot:
Select a relatively standardised asset type
e.g. a pool of receivables, standardised warehouse receipts or rental income streams.
Clarify ownership and risks
Any existing pledges or legal encumbrances?
Historical default rates, volatility and recovery profiles?
Partner with licensed platforms and institutions in Hong Kong
Work with appropriately licensed tech and trading venues;Design sensible tranching, tenor and risk terms.
Define project objectives
Is it a learning experiment, or a precursor to larger-scale securitisation?
CHWH’s role is to translate between technology and business/regulatory languages, striking a balance between innovation and prudence.
The Medium - and Long Term Landscape from the CHWH Perspective
In the medium to long term, CHWH sees RWA as:
A new “asset language” for real-sector companies, helping their assets be better understood and priced by capital markets;
A missing puzzle piece in Hong Kong’s next-generation financial infrastructure, bridging traditional securities and purely virtual assets;
An opportunity for CHWH to act as a bridging advisory platform, helping real businesses and financial institutions co-build this infrastructure in Hong Kong.
