ISLAMABAD: Pakistan Hong Kong tokenisation talks have opened a potentially significant financial-technology channel as Islamabad seeks international expertise to digitise government securities, sukuk and other real-world assets.
Bilal Bin Saqib, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority, held back-to-back meetings in Hong Kong this week with three of the city's most influential financial and political figures. The high-level meetings aimed at strengthening cooperation in digital finance, tokenised capital markets, regulatory innovation and frontier technologies.
During the visit, Bilal Bin Saqib met Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority; Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government; and Duncan Chiu, Member of the Legislative Council representing the technology and innovation functional constituency.
Pakistan Eyes Hong Kong’s Tokenisation Playbook
The talks carried more weight than a conventional diplomatic exchange because Hong Kong already operates one of Asia’s most advanced tokenisation programmes. Its government has completed three tokenised bond issuances, including a record HK$10 billion multi-currency digital green bond offering in November 2025. Hong Kong described that transaction as the world’s largest digital bond issuance at the time.
The HKMA also runs Project Ensemble, an initiative that connects tokenised deposits with digital assets and tests real-value transactions through modern settlement infrastructure. Pakistan wants to study that experience as it considers potential tokenisation models for sovereign debt, Islamic sukuk and other financial assets.
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Theoretically, it would be able to speed up settlements, minimize administrative hassle, encourage investors to participate, and create a record of ownership that is clear and accessible. But technology in itself would not be able to achieve that. Pakistan requires some enforceable investor protection mechanisms, good digital identity system, cyber security measures, and custody of assets regulations.
Meetings Target Investment, AI and Cybersecurity
Saqib and Christopher Hui discussed institutional roundtables, technical exchanges and specific tokenisation cases that Pakistani and Hong Kong institutions could examine jointly. They also explored ways to connect Hong Kong financial institutions with investment opportunities in Pakistan.
The meeting with Duncan Chiu widened the agenda beyond virtual assets. Both sides discussed artificial intelligence, cybersecurity, fintech legislation and possible links between Pakistani technology companies and investors across Hong Kong and China’s Greater Bay Area.
As noted by Saqib, “Hong Kong has shown how regulation, financial infrastructure and government can come together to harness new technologies for the world of finance.”
Pakistan has passed its Virtual Assets Act, 2026, through which it has set up a legal regime for the virtual asset businesses. Now PVARA is responsible for issuing licenses and supervising the service providers. The regulator also notified detailed virtual-asset regulations in August, moving the country from broad policy promises towards operational oversight. PVARA
The Hong Kong discussions produced no investment commitment, pilot project or binding agreement. That distinction matters. The visit signals serious intent, but Pakistan must now convert meetings into named projects, responsible institutions and firm timelines.
Saqib recognized this challenge, stating that Pakistan sought tangible cooperation rather than formal arrangements. In case both parties found feasible commercial projects, Hong Kong could provide Pakistan with access to the regulatory know-how, sophisticated investors, and access to one of the most influential technology and capital networks in Asia.