金融服务的变革：资产代币化的影响

February 2025 Contents Global Initiatives on Blockchainand Tokenization18 Executive Summary3 Asset Tokenization:Current State of Play4 Other Digital Asset Highlights atSFF 202419 Key Benefits of Asset Tokenization5 Conclusion21 Applications of Asset Tokenization9 Contributors22 Challenges of Asset Tokenization10 References23 Insights:Unlocking the TransformativeRole of Asset Tokenization14 Financial Services15 Financial Market InfrastructureTransformation15 Pathways to Scale16 ExecutiveSummary Tokenization refers to the process of representing an assetas a digital record or token on a common programmableplatform using distributed ledger technology (DLT) or similartechnology, according to the Financial Stability Board(FSB,2023)and the Bank for International Settlements(IñakiAldasoro,2023).Asset tokenization has emerged as atransformative force in the financial industry, fundamentallyreshaping how assets are structured, owned, and exchanged.By converting real-world assets—such as real estate, stocks, andfixed income—into digital tokens on a blockchain, tokenizationprovidesunprecedented efficiency,transparency,andaccessibility. It enables fractional ownership, allowing investorsto participate in markets that were traditionally restricted tohigh capital barriers. This approach has opened opportunitiesfor broader investor participation and has increased liquidityacrossmarkets.Furthermore,tokenization leverages smartcontractsto streamline processes,reduce the need forintermediaries, and enhance security, ultimately driving downcostsand enabling seamless transactions across digitalplatforms. Key discussions from the Singapore FinTech Festival (SFF)2024emphasise the importance of commercial viabilityalongside technological advancements, with initiatives likeProject Guardian showcasing successful pilot programs acrossvariousasset classes.The findings indicate that whilechallengesremain,particularly regarding regulatoryframeworks and industry collaboration, the industry is startingtomove to commercialisation and realising the potentialbenefits of asset tokenization, including lower costs, higherliquidity, and improved transaction security. “I think everyone sees the potential of asset tokenization,”saidChia Der Jiun,Managing Director at the MonetaryAuthority of Singapore, speaking at the Singapore FinTechFestival (SFF) 2024.In Project Guardian, “where we've workedwith a variety of global financial institutions, also those inSingapore.They've experimented and piloted acrossdifferent kinds of assets. They've tokenized them, they'vesettled them, they've exchanged them across fixed income,foreign exchange, funds, and so on. The economic benefitsare also clear to all the participants, it is going to cut intointermediation, cut costs, increase speed. The use cases arealso very clear across multi-currency payment settlement,treasury management, collateral management, and of course,security settlement.” MD Chia explained that the challenge now is to achieve thatpotential, which is where MAS collaborative approach withindustry comes into play. “There's an industry consortium,there's Project Guardian, there's also a Global Layer One (GL1initiative). The idea is to inform us what are the problems thatneed to be solved in order to scale this, and to get this tocommercial scale.” Chia Der Jiun,Managing Director,Monetary Authority of Singapore Asset Tokenization:Current State ofPlay (UBS, 2023), driven predominantly by emerging markets. Aswealth grows, investors are increasingly demanding moreefficient,transparent,and diversified investmentopportunities. Assettokenization is one of the most promisingdevelopments. Virtually any asset can be tokenized, whethertangible like real estate or intangible like corporate sharesand intellectual property. This lowers barriers to entry for awider range of investors, making the markets for such assetsmore liquid and accessible. Tokenized assets are projected toreach USD 16 trillion, or 10% of global GDP by 2030 (BCG, 2022),with the potential to reshape industries such as healthcare,education, real estate, and finance. Thefinancial industry has undergone significanttransformationas new technologies are reshapingtraditional processes and opening up opportunities inasset and wealth management.A recent study by UBShighlights that global wealth, including assets such as realestate, stocks, and shares, is expected to surge 38% by 2027 Tokenizedassets areprojected toreach USD16trillion, or 10%of global GDPby 2030 Asset tokenization involves creating digital tokens thatrepresentownership of an asset on a blockchain ordistributed ledger technology (DLT).This process ensuresthat,once tokens are issued,ownership records areimmutable and cannot be altered by any single authority(PWC 2021). The technology helps democratize access toinvestment opportunities by allowing fractional ownership,which can increase liquidity in traditionally illiquid marketssuch as real estate and art (Ch