SINGAPORE, Nov. 23, 2023 /PRNewswire/ -- On November 17, 2023, the "TradFi and DeFi Unite: From Asia Pacific to the World" APRTP Summit was successfully held at the Sands Expo & Convention Centre in Singapore. The event, co-hosted by ChainUp, SGTOX, and Alibaba Cloud, drew experts from prominent businesses and institutions from Singapore and the surrounding regions.

The summit's highlight was the joint announcement by the 17 founding members of the "Asia Pacific RWA Tokenization Platform" (APRTP) of the organization's establishment, followed by a collective inaugural conference.

Discussing the significance of real world asset tokenization, Mr. Nathan Ma, Chairman of the Board at SGTOX, underscored its impact within the FinTech and Web3.0 sectors. He spotlighted international success stories, including MakerDao's tokenization of $5 billion in bonds, the Hong Kong government's issuance of HK$760 million in green bonds, and the innovative tokenization projects in Singapore's private funds and credit sectors. Mr. Ma also addressed the existing challenges such as achieving interoperability among private blockchains operated by large financial institutions, creating unified technical standards, and the critical need for establishing more compliant and secure trading platforms.

The platform gathers asset owners, brokers, investors, and well-known FinTech companies from the Asia Pacific region, aiming to:

• Develop an RWA ecosystem that enables seamless information exchange between recognized asset tokenization participants and traditional institutions.
• Establish standardized tokenization procedures and protocols across different asset categories.
• Construct reliable and secure blockchain infrastructure.
• Promote practical applications and business cases for asset tokenization, as well as improve legal compliance and ethical standards.

Representatives from ChainUp, Alibaba Cloud, and the Blockchain Association, reflecting their unique perspectives on the summit's theme and their company's attributes:

ChainUp CEO Sailor Zhong stated, "Blockchain technology is redefining the frontiers of traditional finance. Our innovative technology and services lay the groundwork for the tokenization of RWAs, enhancing the transparency and efficiency of transactions."

The Alibaba Cloud representative mentioned, "As a leading global cloud service provider, we are confident in supporting APRTP by offering a secure, stable, and efficient cloud computing platform for the tokenization of RWAs."

The Blockchain Association representative emphasized, "We are committed to promoting the growth and regulation of the blockchain industry. We support APRTP in setting tokenization standards and ethical guidelines to ensure the industry develops in a healthy and stable manner."

The Asia Pacific region has long been a global leader in dynamism, growth, and innovation in finance, technology, and green development. With the formation of APRTP, there is an intention to collaborate with industry leaders to deepen innovation and compliance within the region, setting international standards and aspiring to become the global leader in the RWA field. The members believe that through strengthened cooperation and shared knowledge and experience, they can significantly contribute to the future development of the RWAs tokenization domain.