PANews reported on November 3 that Anna Liu, CEO of HashKey Tokenisation, pointed out in her keynote speech at Hong Kong Fintech Week 2025 that when facing the "impossible triangle" of returns, efficiency, and risk control, the real breakthrough will come from RWA's transformation of assets from simple "digital on-chaining" to a "programmable economy." Anna stated, "We are at the most transformative stage of RWA—shifting from the traditional 'asset on-chain' model to a dynamic, programmable stage that leverages smart contracts to reshape the entire asset lifecycle." She pointed out, "Innovations such as programmable collateral, atomic settlement, embedded compliance, and automated allocation mechanisms will drive RWA to build a 'programmable economy'; even though the dynamic balance of the 'impossible triangle' of returns, efficiency, and risk control still exists, RWA's 'programmability' can build a more resilient and inclusive financial system." Anna also pointed out that "Hong Kong's Stablecoin Ordinance, a forward-looking regulation, provides necessary guidance for the industry. By formally recognizing the systemic balance between efficiency, practicality, and user benefits, it provides a clear path for the next generation of financial innovation to achieve truly sustainable growth within a regulatory framework." She stated, "The development of the industry requires candid dialogue between innovators and regulators, drawing on the wisdom of traditional finance while embracing the potential of blockchain. HashKey will continue to strengthen digital asset infrastructure and work with industry partners to jointly promote the realization of RWA's transformative vision." PANews reported on November 3 that Anna Liu, CEO of HashKey Tokenisation, pointed out in her keynote speech at Hong Kong Fintech Week 2025 that when facing the "impossible triangle" of returns, efficiency, and risk control, the real breakthrough will come from RWA's transformation of assets from simple "digital on-chaining" to a "programmable economy." Anna stated, "We are at the most transformative stage of RWA—shifting from the traditional 'asset on-chain' model to a dynamic, programmable stage that leverages smart contracts to reshape the entire asset lifecycle." She pointed out, "Innovations such as programmable collateral, atomic settlement, embedded compliance, and automated allocation mechanisms will drive RWA to build a 'programmable economy'; even though the dynamic balance of the 'impossible triangle' of returns, efficiency, and risk control still exists, RWA's 'programmability' can build a more resilient and inclusive financial system." Anna also pointed out that "Hong Kong's Stablecoin Ordinance, a forward-looking regulation, provides necessary guidance for the industry. By formally recognizing the systemic balance between efficiency, practicality, and user benefits, it provides a clear path for the next generation of financial innovation to achieve truly sustainable growth within a regulatory framework." She stated, "The development of the industry requires candid dialogue between innovators and regulators, drawing on the wisdom of traditional finance while embracing the potential of blockchain. HashKey will continue to strengthen digital asset infrastructure and work with industry partners to jointly promote the realization of RWA's transformative vision."