BCG波士顿咨询&Aptos：2026年数字货币：香港基金行业倍增式发展机遇研究报告（英文版）

For decades, global fnance has operated through message-based systems that, ratherthan transmitting value directly, simply convey instructions. Originating in the era of notes,etters, and faxes-the framework has served the world well, supporting economic growthand the expansion of global trade. Yet, messages are inherently inefficient; a function ofther dependence on intermedianes, exposure to settlement delays, fragmented liquidity,and reconciliation overheads that constrain efficiency and c