Ant CEO Eric Jing says asset tokenization is essential for economic transformation

Published on November 1, 2024
By: Ertix Truepatch
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Eric Jing Xiandong, CEO of Ant Group —one of the largest tech companies in China and globally— recently highlighted that asset tokenization could greatly enhance real-time cross-border payments.

Notably, tokenization and AI emerged as two of the hottest topics at Hong Kong Fintech Week, which typically covers blockchain, financial regulations, digital payments, and cybersecurity technologies.

Asset tokenization converts the rights to real assets into digital tokens stored on a blockchain. This process enables the tokenization of RWAs, including cash, stocks, and bonds. For more information, we recommend checking out this post.

It’s worth mentioning a panel discussion at Hong Kong Fintech Week. Eric Jing debated tokenization with Howard Lee, Deputy Executive Director of the Hong Kong Monetary Authority (HKMA). According to the South China Morning Post, Jing shared his thoughts:

“With tokenised deposits, that’s a really, really, really huge value for cross-border payments. If we can really solve cross-bank, cross-currency issues, then we are really moving to real-time settlement on a global scale”.

It’s no coincidence that tokenization took center stage at this year’s Hong Kong Fintech Week. According to the South China Morning Post, the crypto sector had lost some momentum in last year’s edition. During this year’s opening session, HKMA CEO Eddie Yue Wai-man commented:

“Tokenization has the potential to create seamless connections between users, data, and services—key elements in driving economic progress”.

Eric Jing sees tokenization as a potential cornerstone for cross-border transactions—a key focus for Ant Group, which operates Alipay, one of the largest mobile payment platforms in China and around the globe.

Alipay has ramped up its efforts in Hong Kong, striving to make mobile payments via its mainland service the norm. Jing reported that AlipayHK now partners with 90% of local merchants and has 4.2 million users, which is more than half of Hong Kong’s population and nearly a million additional users compared to two years ago. He also highlighted that Alipay has integrated with 14 other mobile wallet platforms across nine countries.

“We’re always looking for ways to partner with others to make life easier for cross-border travelers and help them feel more at home during their journeys”.

Meanwhile, Alipay’s main rival, WeChat Pay, owned by Tencent Holdings, has also seen impressive growth in cross-border payments. According to Forest Lin, head of Tencent Financial Technology, the platform’s inbound payment volume has quadrupled, thanks to a surge in visitors to China following the pandemic.

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