Hong Kong, November 7, 2025 — During Hong Kong FinTech Week, Mulana Investment Management Limited (MULANA IM) successfully hosted the summit "Building the Next-Generation Asset Network: Practice and Outlook of RWA X DAT", in collaboration with HashKey Group and NVT, and with support from the Hong Kong Virtual Asset Industry Association.
The closed-door forum brought together nearly one hundred executives from financial institutions, family offices, Web3 venture capital firms, wealth management platforms, virtual asset exchanges, and listed companies. Through moderated discussions, case studies and audience engagement, participants explored cutting-edge practices and future opportunities in Real World Asset (RWA) tokenization and Digital Asset Treasury Companies (DAT).
Mulana IM : A Regulated Financial Services Provider Empowering the RWA & DAT Ecosystem
Licensed by the Hong Kong Securities and Futures Commission (SFC) (License Type 1, 4, 5, and 9), Mulana IM have completed virtual asset license upgrades. It is authorized to arrange and distribute RWA products under its Type 1 license and can manage tokenized funds under its Type 9 license.
“At the intersection of TradFi and digital assets, we are seeing rapid convergence,” said Ms. Gillian Wu, Chief Executive Officer of Mulana IM. “Leveraging our full-suite licenses, Mulana has built an end-to-end capability across asset due diligence, compliant structuring, and secondary market enablement.”
Industry Leaders Share RWA Implementation Insights
Speakers highlighted the latest developments RWA developments and practical implementations:
- Mr. Zhao Jiangong, Founder of NVT, revealed that an "RWA White Paper" co-authored with Frost & Sullivan will be released by year-end, featuring best-practice case studies. As a leading technology firm, NVT has supported multiple projects in achieving "on-chain financialization", enhancing foreign exchange settlement, risk control, and capital appreciation aspects for cross-border enterprises.
- Mr. Gilbert Ng, Head of Compliance at Mulana IM, outlined the SFC's regulatory framework for RWA initiatives, noting: "Tokenization can unlock scenarios such as asset backed lending and on-chain composibility. As account abstraction matures, blockchains can serve as the foundational infrastructure – much like the internet."
- Mr. Zhao Xiaobao, General Manager of Hainan DongFang Yilin Investment, shared insights from the world's first Dalbergia Odorifera (Huanghuali) RWA project, which secures one-chain property rights through a "One Tree, One Certificate, One Code" approach, targeting sustainable development by transforming “lucid waters and lush mountains” into economic value through RWA collaboration with a listed company.
- Mr. Liu Haoran, Chairman of Reynold Lemkins Group China, noted that high-quality RWA projects with stable underlying cash flows may deliver 10~15% annualized returns, with potential upside from public blockchain ecosystem incentives such as airdrops.
- Mr. Andy Peng, representing HashKey Exchange, shared that HashKey is actively engaging with the SFC to support the RWA sector, and that listing process for qualified RWAs on its platform can be more straightforward than for other virtual assets.
DAT Strategy: An All-Weather Investment Approach
In the DAT panel moderated by Colin, founder of WuBlockchain,, experts discussed the evolution of digital asset treasury strategies:
Marco, Director at Boyaa Interactive, used Boyaa’s Bitcoin journey as an example to explain how companies balance long-term business operation with digital asset treasury management.
Kyu, Chief of Staff at DDC Enterprise, observed that US market approvals for DAT capital raising have exceeded expectations, and that DAT business models will continue to innovate.
Qingwen, Co-founder of Mulana IM, analysed how leading DATs build moats through low financing costs and local tax advantages, emphasizing the importance of stable, cash-generating operating businesses to navigate bear markets.
Andy, Tokenisation Business Partner at HashKey, explored the possibility of equity tokenization and innovative DAT models from an exchange perspective.
Mulana IM Unveils Comprehensive RWA Service Stack
For the first time, Mulana IM presented its full-spectrum RWA service offering:
Issuance: Compliant structure design, regulatory notification and approvals
Asset: Underlying asset due diligence, cash flow modelling
Liquidity: Market maker, VATP and Institutional investor matching
Additionally, Mulana IM provides investment and advisory services for DAT strategies.
About Mulana IM
Mulana Investment Management Limited (MULANA IM) is licensed by the Hong Kong Securities and Futures Commission (SFC) (License No.: BTL126). The firm bridges virtual assets and traditional finance, providing professional services in the novel field of RWA issuance, DAT strategy advisory, and tokenized fund management.