HashKey Group Xiao Feng: Efficiently connecting global capital and assets through digital financial infrastructure will reshape the landscape of international financial centers.

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Dr. Xiaofeng, Chairman and CEO of HashKey Group, attended the Cyberport Venture Capital Forum (CVCF) today and delivered a keynote speech titled "From International Financial Center to Global Financial Network." Dr. Xiaofeng pointed out that under the impetus of blockchain, tokenization, and AI technology, global international financial centers are facing a new round of upgrading and transformation, which requires evolving from traditional international financial centers based on regions to a global financial network operating in digital cyberspace that transcends geographical limitations. The competition for future financial centers will depend on the ability to establish digital financial infrastructure that supports the efficient circulation of global funds and assets.

Dr. Xiaofeng stated that the construction of a global financial network will provide significant financing support for large-scale AI infrastructure investment in the next decade. The United States is actively promoting the transition of financial markets to operate 7×24 hours, in response to the expected demand for $10 trillion in AI infrastructure investment over the next decade. As the new round of AI and industrial infrastructure construction globally brings enormous financing needs, the competition for funds and liquidity among international financial centers will further intensify. The financial center that first establishes an all-weather tokenized financial market is expected to attract more global liquidity and further enhance its influence in asset issuance, trading pricing, and market rule formulation.

Dr. Xiaofeng pointed out that the next generation of digital financial systems will exhibit four major characteristics: real-time clearing and settlement based on distributed ledgers, comprehensive tokenization at the funding and asset ends, a complete on-chain financial business closed loop, and continuous operation 7×24 hours. As financial assets such as stocks, bonds, funds, and currencies gradually become tokenized, traditional financial markets will also accelerate their evolution toward an all-weather, on-chain operational model. Regarding the development direction of the tokenized financial market, Dr. Xiaofeng proposed that the four core criteria for measuring the competitiveness of the next-generation financial market are efficient trade matching, efficient clearing and settlement, a sound credit creation mechanism, and deep liquidity. Tokenization cannot only stay at the asset issuance and trading level; it also needs to develop financial instruments that enhance capital efficiency, such as margin and pledge financing, and promote secure interconnection among public chains, consortium chains, and private chains to avoid fragmentation of the financial network. HashKey’s existing capabilities in digital asset trading and on-chain financial services provide a business foundation for further participation in institutional-level tokenized financial infrastructure construction.

Dr. Xiaofeng mentioned that Hong Kong, backed by the mainland Chinese market, has a unique advantage in "Chinese assets." On one hand, some assets such as stocks, bonds, funds, and derivatives from mainland China can be offered to global investors through the Hong Kong market; on the other hand, the interconnected mechanisms such as Stock Connect, Bond Connect, and Cross-border Wealth Management Connect provide a foundation for Hong Kong to connect mainland funds with international markets. Hong Kong needs to fully leverage its unique advantages at both the asset and funding ends, actively participate in the construction of the tokenized financial market, and promote the upgrade from an international financial center to a global financial network.

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