Hong Kong’s Securities and Futures Commission has approved what is described as the first round-the-clock trading of a retail tokenized money market fund. Trading in the ChinaAMC Digital Money Market Fund, denominated in both U.S. dollars and Hong Kong dollars, has now started on PantherTrade, the crypto exchange owned by Nasdaq-listed digital broker Futu Holdings.
The launch gives retail investors a way to buy and sell eligible fund shares outside traditional subscription and redemption windows. At the same time, the setup remains tightly controlled: only one retail share class is available, tokens stay inside the exchange environment, and the fund’s official ownership record continues to be maintained off-chain.
Fund size and eligible shares
The ChinaAMC Digital Money Market Fund currently has roughly $660 million in assets under management, according to the source article. About 16% of that total is in retail share classes.
For trading on PantherTrade, only the fund’s Class F shares are available. That means the 24/7 model is being introduced in a limited form rather than across all classes of the fund.
How the trading model works
A key change is that investors do not need to wait for conventional subscription or redemption windows in order to leave a position. They can sell at any time through the platform, although the source notes there will always be a cost to doing so.
Despite the use of tokenization, the structure is not one where investors can freely move tokens on-chain. Tokens cannot be withdrawn from PantherTrade, and legal ownership remains tied to the fund’s off-chain register. In practice, this makes the arrangement an order-book trading system inside a closed loop, rather than an open transfer model for tokenized fund units.
Part of a broader SFC tokenization plan
The approval follows earlier policy direction from Hong Kong regulators. When the SFC outlined its plans in April, it said settlement could involve tokenized deposits and stablecoins, indicating that tokenized fund trading would be linked to regulated digital cash instruments rather than treated as a standalone experiment.
That wider framework helps explain why the new trading service combines retail access with restrictions on transferability and record-keeping. The regulator appears to be allowing continuous trading while keeping core investor ownership records within established fund administration structures.
Recent steps by ChinaAMC and banking partners
Developments over the past two months show that the fund manager has already been testing the infrastructure around tokenized cash settlement. Last month, ChinaAMC (Hong Kong) began incorporating tokenized deposits into the fund itself using HSBC’s tokenized deposit capabilities.
In September, the firm also completed a subscription and redemption use case using the Standard Chartered Anchorpoint regulated HKD stablecoin. Those earlier steps provide context for the PantherTrade launch, which is now the first approved retail-facing 24/7 trading implementation mentioned in the source.
What is confirmed next
For now, the confirmed live product is limited to USD and HKD trading of the ChinaAMC Digital Money Market Fund on PantherTrade, with only Class F retail shares available on the platform. The source article does not say whether other tokenized funds, additional exchanges, or broader withdrawal functionality will follow.
What is clear is that Hong Kong has moved from discussing tokenized fund settlement in principle to permitting continuous retail trading under a regulated structure. The next observable step will be whether this closed-loop model expands to other products or payment rails already referenced by the SFC and participating firms.
Source: www.ledgerinsights.com