In early August, Caocao Travel (02643.HK) officially signed a strategic cooperation memorandum with Victory Securities (08540.HK), a licensed Hong Kong securities firm, focusing on deep collaboration in three major directions: RWA, stablecoin payment, and compliant digital currency issuance. This marks the first systematic exploration of RWA and digital finance integration in the domestic travel industry, signaling that traditional industries are actively embracing blockchain financial transformation and providing a concrete, implementable application sample for the RWA industry.
Gong Xin, Executive Director and CEO of Caocao Travel, stated that through blockchain technology and Web3.0 innovative models, they will accelerate the asset tokenization process of the Robotaxi industry.
As a Hong Kong-listed platform under Geely Holding Group, Caocao Travel is rapidly deploying Robotaxi business, having launched pilot programs in Suzhou and Hangzhou in February 2025, planning to introduce L4-level customized autonomous driving vehicles and build an automated operational system covering maintenance, battery swapping, and energy replenishment. With high predictability, stable cash flow, and green attributes, Robotaxi naturally aligns with RWA's underlying asset standards of "measurable, auditable, and divisible".
More importantly, this collaboration extends RWA from financial assets to travel industry scenarios, broadening the industry's perception of "chainable assets". Previously, RWA primarily focused on traditional financial assets like bonds, real estate, and gold. This attempt demonstrates the possibility of structurally chaining operational assets, providing a path model for asset liquidity transformation for more industrial companies.
Collaboration Background: Financial Technology Reshaping Travel Asset Value
Robotaxi, as the core scenario of autonomous driving commercialization, is approaching a rapid scaling window. Industry predictions suggest the Chinese Robotaxi market will grow from $54 million in 2025 to $47 billion by 2035. As the largest technological travel platform in the Hong Kong stock market, Caocao Travel is continuously expanding its autonomous driving fleet and plans to launch L4-level customized vehicles to build an automated operational system covering maintenance and energy replenishment. In this process, its operational revenue rights and green carbon reduction assets all possess on-chain value.
On the other hand, Hong Kong is actively building compliant financial infrastructure for stablecoins and RWA. Victory Securities, as one of the oldest comprehensive full-license securities firms in Hong Kong, has obtained key qualifications such as Discretionary Account Management Services (DAMS) and physical settlement virtual asset structured products in 2025, capable of serving institutional-level clients and developing RWA innovative structures. Their collaboration forms a closed loop in technology, regulation, and asset sides, creating a foundation for RWA implementation.
The collaboration also signals further expansion of RWA application scenarios. It will promote Caocao Travel's packaging of Robotaxi operational rights and green assets on-chain to improve financing efficiency; introduce stablecoin payment on the service side to simplify settlement processes; meanwhile, Victory Securities can expand high-net-worth client groups through the VictoryX platform, enhancing its competitiveness in Web3 asset management.
Collaboration Significance: Providing Verification Paradigm for RWA Industry
For the entire RWA industry, this collaboration has three key significances:
Verifying On-Chain Paths for Physical Operational Assets: Converting Robotaxi assets into tradable on-chain financial products, opening space for future large-scale "asset digital native" transformation.
Promoting Diverse Asset Standards: This case will encourage regulators and the industry to jointly explore compliant standards for new underlying assets like travel and energy, helping RWA industry transition from "single asset structure" to "composite asset system".
Strengthening RWA + Stablecoin Synergy Mechanism: Integrated layout of stablecoin payment, RWA issuance, and physical asset liquidity provides real business scenario verification for Web3 financial product forms, enhancing RWA's connection efficiency with the real economy.
Conclusion
Caocao Travel's partnership with Victory Securities is more than a cross-industry collaboration; it could become a crucial watershed for the Chinese travel industry's journey into blockchain finance. It not only provides a demonstration for physical asset digitization but also moves the RWA industry from "conceptual heat" to "scenario reality", offering a genuine path for more traditional enterprises to enter RWA. As Robotaxi enters scaled operations, its service capabilities are gradually transforming into tradable digital assets, accelerating the arrival of a new era where "travel equals assets".
