Flow Capital is seeking to raise an additional $30 million in tokenized shares by the end of 2026. The fund's chief investment officer, Jacky Tian, previously served as a senior vice president at Oaktree Capital Management, where he was a founding member of the firm's Asia investment team. He also held roles in Goldman Sachs's Investment Banking Division covering technology, media, and telecommunications sectors. Flow Capital launched the Asia Credit Master Fund in July 2025 at $125 million in assets under management and is targeting $300 million by year-end 2026.

The fund initially concentrated on Hong Kong and China credit, including exposure to Chinese property developers, a sector that offered high yields but carried significant volatility. It has since broadened its mandate to include renewable energy projects and wider pan-Asian credit opportunities, reflecting a deliberate reorientation toward more diversified, ESG-adjacent strategies.

DigiFT, the distribution partner for the tokenized shares, holds dual regulatory licenses from the Monetary Authority of Singapore (MAS), where it operates as a Recognized Market Operator (RMO), and Hong Kong's Securities and Futures Commission (SFC), making it the first regulated real-world asset platform licensed by both authorities. The platform handles the full tokenization stack: issuance, distribution, secondary market trading, and compliance infrastructure including smart contracts with embedded know-your-customer and anti-money-laundering controls. The specific public or private blockchain underlying the Flow Capital product has not been disclosed. DigiFT has raised $25 million in total funding, with its most recent strategic round led by SBI Holdings, Japan's largest financial group. Institutional partners include UBS Asset Management, Invesco, CMB International Asset Management, and Wellington Management. The firm has previously tokenized UBS's uMint money market fund and an Invesco senior private credit product, so the Flow Capital transaction extends an established pattern rather than representing a first attempt.

The broader market for tokenized real-world assets (RWAs, meaning financial instruments whose ownership is recorded on a blockchain) has reached $23.6 billion on public blockchains as of March 2026, excluding stablecoins, according to DefiLlama and RWA.xyz. Tokenized U.S. Treasuries account for approximately $11 billion of that total. Onchain private credit sits at roughly $2.6 billion, up 82 percent between December 2024 and October 2025. Analysts project the broader RWA market could reach between $100 billion and $300 billion by the close of 2026.

Hong Kong has spent several years building regulatory scaffolding to support these products. The city ran Project Evergreen in 2022, a pilot covering the full bond lifecycle on distributed ledger technology. Its Project Ensemble, now in the EnsembleTX phase launched in November 2025, is running through 2026 and focuses on tokenized money market fund transactions and real-time treasury management. The HKMA described the program's initial focus as "empowering market participants to utilise tokenised deposits in tokenised money market fund transactions, and to manage liquidity and treasury needs in real time." The Digital Asset Policy Statement 2.0, issued in June 2025, directed the Financial Services and the Treasury Bureau (FSTB) and the HKMA to conduct legal reviews facilitating tokenized bonds and cross-border capital flows. The Securities and Futures Commission's ASPIRe Roadmap, published in February 2025, set out a framework for expanding virtual asset trading platform licenses and broadening the scope of permitted products. Pending legislation on virtual asset dealers and custodians is expected to reach Hong Kong's Legislative Council in 2026.

The significance of this transaction extends well beyond Hong Kong. For investors across Southeast Asia, tokenization reduces the minimum ticket sizes that have historically locked smaller family offices and high-net-worth individuals out of private credit funds. Secondary market trading on a regulated platform adds a liquidity layer that traditional fund structures do not offer. In India, where the performing credit market is projected to reach $89 billion in 2026, institutional credit products remain inaccessible to most domestic investors due to fragmented intermediation. India's securities regulator, SEBI, has not yet issued a comparable tokenization framework, though the Reserve Bank of India's Project Pravaah and India's central bank digital currency pilots provide adjacent infrastructure precedents. In Sub-Saharan Africa, the structural case is more acute. The continent's SME financing gap stands at $331 billion, rooted in the absence of verifiable credit histories and collateral records. Brookings Institution research notes that tokenized credit infrastructure could allow African small businesses to convert government arrears into tradeable digital tokens and build on-chain credit histories over time. Pilot programs in Nigeria, Kenya, and South Africa remain at the proof-of-concept stage. Regulators in those markets have not yet issued tokenization-specific guidance, and both Brookings and the World Economic Forum, in a March 2026 publication, identify regional regulatory coordination as a prerequisite for scaling.

Flow Capital's target of doubling its AUM to $300 million by year-end 2026 will test whether tokenized distribution can meaningfully expand the investor base for Asian private credit. If the $30 million tokenized raise closes on schedule, it will supply one of the clearest data points yet on institutional and high-net-worth appetite for onchain credit products in the Asia-Pacific region.