
RWA Training Series - RWA Fund Tokenization: From Concept to Strategy -A boardroom-level guide to understanding and implementing Real World Asset strategies (Cyberport as the supporting organisation)
About the Course
Course Description : This course provides a strategic, non-technical roadmap for senior executives navigating the convergence of traditional finance and real-world asset (RWA) tokenization. Led by practitioners with deep expertise in both TradFi and Web3, the program cuts through the technical jargon to focus on the business case, market dynamics, and regulatory pathways. Through analysis of landmark cases in money market funds, private credit, gold, and stablecoins, participants will learn to evaluate opportunities and structure a winning strategy. The course introduces a high-level Implementation Playbook and the Global Blockchain Business Council's Risk Mitigation Framework (RMF) to govern non-financial risks. As a key value-add, participants will gain exclusive access to private sessions with Cyberport's leading RWA fintech firms, offering a firsthand look at the institutional-grade ecosystem partners who can execute the strategy you define.
Audience: This program is exclusively designed for C-suite executives and senior strategy leaders—including Chief Operating Officers, Chief Risk Officers, Heads of Legal & Compliance, Chief Financial Officers, and Heads of Digital Strategy—who are responsible for setting direction. The course assumes participants have a basic understanding of blockchain concepts. For those without this foundational knowledge, we recommend first completing the course : ”Course - Blockchain Basics for Finance and Fund Professionals". This advanced program focuses on the strategic implications of tokenization, enabling you to make informed decisions, guide your teams, and engage with regulators and partners.
Duration: 6-Hour intensive class
Course Fee : HK$5,000 (Includes a pre-class networking refreshment and light sandwich lunch with coffee and tea, allowing participants to warm up and connect with peers and instructors)
Course Material – Hard Copy Only (no softcopy)
Discount : AFA members - 15% off, members of AFA’s partner associations - 10% off, Alumni of HKU Space Fund Administration course - 10% off
Lecturer : Raymond Chung and Andrew Wong
Guest Speakers – Web3 firms
Venue : CyberPort Smart Living Lab3
Language: The course is taught primarily in English, with Cantonese used as a supplementary language when needed
Class size: A minimum of 5 participants is required to start the course, and the maximum capacity is 20 participants per session
Date : 16 May (Sat) 10am – 5pm (with pre-class networking refreshments from 9:30am and a 45-minute lunch break)
Application Deadline : 13May (Wed) 5pm
Who Should Attend & What You Will Gain
For | You will learn |
Product Teams | How traditional product structuring concepts apply to tokenized funds—from mutual funds to ETFs to master/feeder structures, and from FX-hedged to stablecoin-denominated share classes. |
Compliance Professionals | How to navigate the new landscape of on-chain investors, evolving distribution and disclosure requirements, and emerging non-financial risk dimensions. |
Legal Counsel | What changes when funds go digital—from service provider roles (traditional vs. digital TAs) to fund documentation (PPMs to token terms) and key domicile legal frameworks. |
Risk Professionals | How to govern the non-financial risks of public blockchain infrastructure using the Institutional-Grade Risk Mitigation Framework (RMF) —a practical tool for identifying, assessing, and managing risks, giving you the confidence to proceed. |
Operations Leaders | How fund operations are transforming—from sequential, batched off-chain reconciliation to real-time on-chain lifecycle monitoring and smart contract automation. |
Curriculum
Module 1 : RWA Tokenization for Leaders – The Strategic Imperative : We establish a common language for the boardroom, clarifying that tokenization is a new way of managing fund shareholder records, not a change to underlying assets. We then frame tokenization as a strategic lever to achieve tangible business outcomes: enhanced liquidity, operational efficiency, global investor access, and programmable products.
Module 2: Mapping the New Web3 Ecosystem – Roles and Vendor Selection – This module provides a helicopter view of the new web3 professional services landscape. We identify critical new partners—tokenization agents, digital custodians, VATPs, smart contract audit, compliance (KYT) vendors etc—and clarify their distinct roles. The key takeaway is a practical due diligence questionnaire framework to evaluate and select institutional-grade ecosystem partners with confidence.
Module 3: The Hybrid Operating Model - Fund Administrators Bridging Old and New – We examine how traditional pillars like fund administrators are adapting to work with blockchain-native services. The core takeaway is the "hybrid operating model"—a dual framework where off-chain systems (NAV calculation) and on-chain smart contracts (shareholder records) operate in a synchronized, controlled manner.
Module 4: The Hong Kong Regulatory Compass: SFC Rules and Structuring Options – This module offers a strategic briefing on the regulatory environment, using Hong Kong as a central case study. We decode the SFC's framework and compare legal structures—OFC, LPF, and Cayman alternatives—framing the discussion around the business implications and governance trade-offs for a tokenized fund.
Module 5: Market Intelligence – A Strategic Review of Tokenized Funds – Learning from the successes of others, we analyze the landscape of tokenized funds (MMF, private credit, commodity gold, and stablecoin) issuers, the underlying strategies employed, and the go-to-market ecosystems forming around the products. From CeFi-to-DeFi, from fiat-to-stablecoins, we will spotlight emerging trends and implementations in the marketplace.
Module 6: The Executive Implementation Playbook – From Vision to Launch - This module delivers the complete implementation playbook for tokenized funds, walking through the Design phase (asset selection, legal structure, blockchain choice, vendor selection), the Launch phase (smart contract audit, investor onboarding, distribution), and the Run phase (daily operations, risk management, ongoing costs) —to guide your own tokenization initiative from whiteboard to mainnet.
Module 7 : Institutional-Grade Risk Mitigation Framework (RMF) - We introduce the Risk Mitigation Framework (RMF), an industry-led initiative by the Global Blockchain Business Council (GBBC). Developed by a global working group of banks and market infrastructures, the RMF offers a practical framework for governing the non-financial risks of using public blockchain infrastructure, providing the tools to proceed with confidence.
Certificate: Upon completion, participants will receive a "Certificate of Attendance" officially issued by AFA.
Your Lecturers
Raymond Chung

Expertise in:
• Next-Generation Fund Solutions: Translating blockchain, tokenization (RWA), and digital asset innovation into operational reality.
• Strategic Complex Sales: Architecting and winning multi-million-dollar, multi-jurisdictional deals in securities services and fund administration.
• Transformational Execution: Leading large-scale system, digitalization, and operational change projects from vision to ROI.
• Regulatory & Market Insight: Deep expertise in the Greater China (HK & China) fund ecosystem and global securities markets, with a direct line to regulatory dialogue.
Company Experience
• HSBC Securities Services
• HSBC Asset Management
• Nomura International
• UBS
Qualification
• MBA
• MSc
• BBUS
Professional Membership
• Fellow member of Hong Kong Securities and Investment Institute
• The Association of Fund Administrators of Hong Kong and Greater Bay Area
- General Manager
- Co-Chair of Technical & Regulatory Sub-Committee
Why Learn from Raymond Chung?
• Proven Thought Leadership: Co-authored the AFA's landmark Best Practice White Paper on tokenized funds—a critical industry reference that led to direct engagement with the Hong Kong SFC.
• Deep Industry Pedigree: 30+ years in global securities services, fund management, and digital transformation at institutions like HSBC, Nomura, and UBS.
• The Bridge Between TradFi and Web3: Possesses a unique dual-expertise as both a traditional finance veteran and a Web3 native, providing a pragmatic and strategic bridge for institutions navigating the convergence of these two domains.
• Sought-After Trainer: Regularly delivers executive certificate course in HKU Space, CPT-accredited training and trainings experience for major financial institutions like HSBC, audit firm, and major Chinese financial institutions.
Training Engagements – A Trusted Voice
Hong Kong
- Executive Certificate Course on Fund Administration and Regulatory Compliance – jointly organized by HKU Space and the Association of Fund Administration Hong Kong and the Greater Bay Aare
- Corporate Accounting to Fund Accounting workshop – HKU Space
- Virtual Asset Fund Administration workshop – HKU Space
- CPT lecturer for the Hong Kong Securities Association on “從基金行政管理角度看基金代幣化”
Shanghai and Shenzhen – delivered tailored training for leading financial institutions in China
• KPMG (Beijing/Shanghai/Shenzhen) - Global Custody and Sub-Custody Overview
• China Merchants Bank (Shenzhen) – RFP Overview and Best Practices
• Guotai Junan (国泰君安) Shanghai – RFP Overview and Best Practices
• Everbright Securities (光大证券) Shanghai - RFP Overview and Best Practices
HSBC – Global internal trainer to design and deliver digital banking portal on custody and fund administration services across 15+ Asia Pacific and Middle East markets (Beijing/ Shanghai/ Guangzhou/ Hong Kong/ Taipei/ Singapore/ Kuala Lumpur/ Jakarta/ Ho Chi Minh/ Mumbai/ Bangalore/ Bangkok/ Tokyo/ Manila/ Dubai)
Andrew Wong

