Web3.0 Pioneering a New Financial Era: Successful Dialogue Between Financial Institutions and Web3.0 Leadership

HONG KONG,Nov. 1, 2024/PRNewswire/ -- Amid the surge of global fintech advancements, Web3.0 technology is progressively reshaping the financial landscape and ushering in an era of boundless possibilities through its decentralized nature, intelligent capabilities, and seamless integration of real-world data. OnOctober 31, the"Transforming Financial Ecosystems: A High-Level Dialogue between Financial Institutions and Web3.0 Leadership", co-hosted by Hong Kong Compliance Association (HKCA), Chinese Financial Association ofHong Kong(HCFA), Matrixport and GPTX, was successfully held inHong Kong. This gathering brought together political representatives, academic authorities, leaders of financial institutions and technology experts, to collaboratively explore the ways in which Web3.0 is shaping the future of finance and invigoratingHong Kong'sevolution as an international financial center.

Exploring Web3.0: A Comprehensive Upgrade from Technological Transformation to Policy Support

Kicking off the proceedings was an opening address by ProfessorGuo Yike, Provost ofHong Kong University of Science and Technology(HKUST) and Director of Hong Kong Generative AI Research and Development Center (HKGAI). His address focused on the potential of decentralized AI, emphasizing the challenges of computational monopolies and the importance of scaling existing algorithms. He stated:"To break the monopolistic hold in AI, we need to leverage decentralized systems that allow for the collaborative use of diverse computational resources worldwide. This approach not only democratizes access to AI but also enhances privacy, security, and fosters innovation."Professor Guo highlightedHong Kong'sunique position to lead this shift, utilizing its technological infrastructure and strategic geopolitical advantage.

Duncan Chiu, HKSAR Legislative Council Member representing the Technology and Innovation Constituency, highlighted the transformative integration of blockchain technology with traditional and digital financial systems. He noted,"In the next two decades, we expect to see all traditional financial products, such as money markets, debts, bonds, and equities, transition to blockchain due to the efficiency and integration benefits. This transformation will include the co-development of Central Bank Digital Currencies (CBDCs) and stablecoins, which will serve as easy and efficient bridges in the exchange between fiat and crypto." He emphasized the ongoing trials and future regulatory frameworks for stablecoins inHong Kong, aiming to foster a stable environment that supports digital assets within a structured and trustworthy framework. Chiu's vision includes a fully digitized and blockchain-based financial system, where traditional and emerging financial products coexist and interact seamlessly within a regulated, efficient, and transparent ecosystem.

Hong Kong Compliance Association: Enhancing Financial Innovation and Compliance Practices

As the global financial landscape evolves at an unprecedented pace, the demand for robust compliance and regulatory frameworks has become increasingly urgent. Against this backdrop, the official establishment of HKCA marks a significant milestone in financial compliance inHong Kong.

HKCA will serve as an essential platform for fostering exchanges, sharing experiences, and promoting information sharing across finance, technology, Web3.0, and artificial intelligence sectors, etc. It targets to promoting dialogue and cooperation in compliance, leading innovation, and focusing on localized development while embracing globalization, solidifyingHong Kong'scompetitiveness and influence as an international financial center.

Hong KongWeb3.0: Navigating Opportunities and Challenges

This event brought together industry leaders from various fields, featuring three key panel discussions that concentrated on pressing issues in the Web3.0 landscape. Attendees exchanged invaluable insights, illuminating the opportunities and challenges facingHong Kong'sWeb3.0 and financial ecosystems while exploring pathways to cultivate a more dynamic financial future that adheres to regulatory requirements.

The first panel discussion,"Hong Kong'sArt of Balance: Leading the Future of Web3.0", delved into howHong Kongnavigates the delicate balance between fostering rapid innovation in Web3.0 and establishing a robust regulatory framework. Participants underscored the critical importance of advancing industry development in tandem with regulatory innovation to sustainHong Kong'scompetitiveness in the global financial arena.

In the"Blockchain Technology: Pushing the Boundaries of Financial Markets"themed panel, attendees focused on one of the key driving forces of financial transformation — blockchain technology. The discussion explored the transformative impact of blockchain on financial markets, emphasizing its vast potential to enhance financial transparency and efficiency, thereby unlocking limitless possibilities for market development.

The burgeoning cryptocurrency ETFs market presents both opportunities and challenges. The panel discussion titled"Crypto ETFs inAsiaand the U.S.: New Opportunities and Challenges"gathered leaders from financial institutions and association representatives to examine the latest developments and emerging trends in the cryptocurrency ETFs markets inAsiaand the U.S.. Participants expressed confidence that the rise of cryptocurrency ETFs will reshape the investment landscape.

This high-level dialogue served as a platform for industry professionals to engage in meaningful exchanges and collaborations, articulating a clear vision for the future development ofHong Kong'sfinancial sector. Attendees reaffirmed their commitment to enhancing communication and cooperation, working collaboratively to drive innovation and elevate the financial industry inHong Kong.

Looking ahead, with the continuous development and proliferation of Web3.0 technology,Hong Kong'sposition as an international financial center is poised for further consolidation. At the same time, emerging technologies such as blockchain and artificial intelligence will present additional opportunities and challenges forHong Kong'sfinancial sector. Therefore, the industry must remain vigilant in tracking the evolution of these technologies, intensify its efforts in technological research and development, as well as foster innovative applications. By fostering a seamless integration of finance and technology, while adhering to regulatory compliance, it can propelHong Kong'sfinancial sector toward a vibrant future, infused with renewed momentum.

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About Hong Kong Compliance Association

Hong Kong Compliance Association (HKCA), advised by the Deans of three top law schools inHong Kong, stands as a rising star inHong Kong'scompliance sector.

HKCA promotes dialogue and cooperation between compliance and other industries, leads innovation, and focuses on localized development while embracing globalization. In fields like finance, technology, Web3.0, and artificial intelligence, it demonstrates forward-thinking insight, drives integration of finance, technology and compliance, in the meanwhile, advocates ESG principles.

Looking ahead, HKCA will continue leading the industry, deepening compliance culture, education, and technology innovation. It will also strengthen ESG practices, collaborate with members and global partners, jointly address new challenges posed by finance, technology and ESG, and collectively write a new chapter inHong Kong'scompliance industry, contributing to the compliance governance and development ofHong Kongand beyond.

AboutChinese Financial Association ofHong Kong

The Chinese Financial Association ofHong Kong(HCFA) was established in 2008 and is one of the patriotic andHong Kong-loving professional organizations inHong Kongwith a large membership, significant influence, and the broadest coverage across the financial sector. Since its inception, HCFA has gathered over a thousand outstanding and professional elites fromHong Kong'sfinancial industry, becoming an important professional force and influential group withinHong Kong'sfinancial community. It has made positive contributions to facilitating exchanges betweenHong Kongand the Mainland as well as overseas financial circles, and promoting the reform and development of the financial industry. Looking ahead, the Association will continue to supportHong Kong'sintegration into the overall national development strategy, maintains its international characteristics, expands further its network, and contributes to consolidating and enhancingHong Kong'sstatus as an international financial center. It will also strive to maintainHong Kong'slong-term prosperity and stability.

HCFA official website:https://www.hcfa.org.hk/.

AboutMatrixport

Founded in 2019, Matrixport is the world's leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With$6 billionin AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.

As a Group and through its local subsidiaries, Matrixport has obtained the Trust and Company Service Provider (TCSP) and Money Lender Licenses inHong Kong, and the FINMA Asset Management License inSwitzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member ofSwitzerland'sFINMA SRO-VFQ. It was recognized by CB Insights as one of the"50 Most Promising Blockchain Companies"and featured in the Hurun"2024 Global Unicorn List."Additionally, Matrixport's subsidiary, Fly Wing, has obtained IPA for the MPI License inSingapore.

Matrixport official website:https://www.matrixport.com.

AboutGPTX

GPTX Investment Management Limited (GPTX) targets as the leading global expert in digital investment. Incorporated inHong Kong, having obtained uplifted licenses for Type 1, 4, 9 from the Securities and Futures Commission ofHong Kong(SFC) to engage in corresponding regulated activities (CE No.：BTV456), GPTX balances its position in traditional assets and digital assets, bridging the Web2.0 and Web3.0.

In 2024, GPTX launched its 1^stAI Incubation Fund in April, and 1^stFixed Income Plus (+VA) Fund in May, entered EAM strategic collaboration with Bank ofSingapore(private banking of OCBC Bank) in July, managed 1^stMining-related Fund in September, and 1^stFixed Income Fund in October, embarked strategic cooperation with Hong Kong Generative AI Research and Development Center (HKGAI). Next quarter, we plan to navigate AI Industry Fund, Money Market Fund, and Virtual Asset Index ETFs, exploring more private banking channels, to provide clients with more diversified, flexible, and secure financial solutions.

GPTX official website:https://www.gptxim.com.hk/.

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SOURCE Matrixport