High end Dialogue "Hengfeng International Chairman Qian Fenglei: The development of the Web3.0 industry has shifted from the grassroots era to the institutional era
The development of Hong Kong dollar stablecoins is of great significance to Hong Kong's position in the Web3.0 field. It not only serves as a bridge between traditional finance and DeFi ecosystems, but also has the potential to become an indispensable part of the global financial system.
Article author: 0x9999in1
Article source: MetaEra
Recently, MetaEra Hong Kong launched a series of events titled "Hong Kong Cryptocurrency New Policy Second Anniversary Celebration", with an important part being "High end Dialogue: Hong Kong Web3.0 Influential Figures". The person interviewed in this issue is Qian Fenglei, Chairman of Hengfeng International Holdings Limited.
Qian Fenglei, a well-known entrepreneur, senior investor, and philanthropist. Currently, he is the chairman of Zhejiang Hengfeng International Holdings Co., Ltd., whose industries are spread all over Chinese Mainland, Macao, Hong Kong, Southeast Asia and other places. Qian Fenglei is renowned for his generous donations to charity, having won the "Top Ten Charity Stars" award and been shortlisted for multiple charity lists.
Essence viewpoint
The core values of Web3.0 lie in openness, privacy, and co construction. It achieves decentralization through technologies such as blockchain and smart contracts, bringing new possibilities to financial services.
I believe that the policies and measures taken by the Hong Kong government to promote the development of Web 3.0 are very proactive and forward-looking.
The development of Hong Kong dollar stablecoins is of great significance to Hong Kong's position in the Web3.0 field. It not only serves as a bridge between traditional finance and DeFi ecosystems, but also has the potential to become an indispensable part of the global financial system.
Hong Kong dollar stablecoins and digital Hong Kong dollars (CBDCs) can complement each other in development. The digital Hong Kong dollar is suitable for internal circulation in Hong Kong, while the Hong Kong dollar stablecoin is more suitable for cross-border trade and service payment settlement.
The development of the Web3.0 industry has also shifted from the grassroots era to the institutional era, from a disordered state to a gradually integrated regulatory system
The application of blockchain technology in charity and public welfare not only improves transparency and efficiency, but also enhances public trust, which is crucial for the sustainable development of charity.
● Our vision for external output is to become a great company like Alipay in the currency circle!
Interview transcript
MetaEra: Mr. Qian, your subsidiary Hengfeng International has always been relatively low-key, and there are few related media reports online. This interview with our Web3.0 new media is a major change in the company's external strategy?
Qian Fenglei: Hengfeng International has always focused on investment management in traditional finance and virtual fields. Currently, the company is undergoing an important transformation to become a technology finance company driven by product technology, especially in the payment field based on Web3. The industry is still in the early and rapid development stage, facing many challenges and uncertainties in technological development, commercial application scenarios, compliance, and regulation. It is necessary to integrate more resources, including capital and manpower investment. Through this interview, we are pleased to inform everyone that we have just completed a special financing of 100 million US dollars and plan to integrate more resources from upstream and downstream industries to bring a new force to the development of the payment industry.
MetaEra: As an asset manager who has been deeply involved in traditional finance for many years, how do you view Web3.0? What opportunities and challenges do you think it will bring to you or the traditional asset management industry, and how will you respond?
Qian Fenglei: Web3.0 is generally regarded as the next generation Internet that keeps all data and content on the chain and is owned by users. Its core appeal is to create a more decentralized and user friendly environment, and effectively counter the centralized Internet monopoly giant. The core values of Web3.0 lie in openness, privacy, and co construction. It achieves decentralization through technologies such as blockchain and smart contracts, bringing new possibilities to financial services.
I believe that the opportunities provided by Web3.0 are multifaceted. In the investment field, Web3.0 offers new investment areas such as cryptocurrency, NFTs, DeFi, etc. These emerging fields have brought new growth points to the traditional asset management industry. In terms of improving efficiency, Web3.0, through smart contracts and blockchain technology, can reduce transaction costs, enhance efficiency, and enable assets to be traded globally with low barriers to entry and high liquidity. In terms of data assetization, Web3.0 helps with data assetization, achieving efficient circulation of data and supporting high-quality development of the digital economy.
However, Web3.0 still faces many challenges, with the three main ones being regulatory uncertainty, technological risk, and market volatility. Regulatory uncertainty refers to the multiple financial regulatory policies involved in the actual operation of decentralized lending. Regulatory policies in various countries are still in the research and exploration stage, and there is no mature regulatory model, so the industry faces the risk of regulatory policy uncertainty. Technical risks include the risks that may arise from technical issues such as smart contract vulnerabilities and blockchain network scalability. In addition, market volatility is also a concern for many people. Decentralized lending is based on the logic of rising coin prices and relies on infinite loop staking for leverage arbitrage, which may expand the price volatility of the entire market during periods of price increase and decrease.
Our response strategy includes strengthening regulatory cooperation, collaborating with regulatory agencies, actively participating in the establishment of regulatory frameworks to ensure business compliance. As you may have seen, we are currently actively cooperating with relevant regulatory agencies of the Hong Kong government, and all business operations are carried out in compliance; Another point is technological innovation and risk management, continuously focusing on and investing in key technologies such as blockchain and smart contracts, and establishing corresponding risk management systems to address technological risks.
MetaEra: We have seen that Hengfeng International, as a licensed asset management company in Hong Kong, has sent a positive signal to virtual assets. Could you please let us know what virtual asset allocations you have made? Does Hengfeng International, as an asset management company that has managed billions of assets, have an estimated ratio of cryptocurrency assets?
Qian Fenglei: Hengfeng International will enter this emerging market as a physical company specializing in the Web3 field. We have actively allocated to mainstream virtual assets in the current market and expect to further increase our position in the future. However, this is only our most basic asset allocation. Our core direction in the future will still be financial technology, that is, we will invest heavily in the infrastructure construction of Web3, especially in products and practices in the payment field. At present, we have started active actions through self research and mergers and acquisitions. We will soon announce our series of merger and acquisition plans to achieve rapid integration of resources and industries.
MetaEra: Given the positive attitude and policy support shown by the Hong Kong government towards the Web 3.0 industry since the announcement of its encryption policy in October 2022, as well as frequent private industry events, how do you evaluate the policies and measures taken by the Hong Kong government to promote the development of Web 3.0 for traditional financial practitioners in Hong Kong? What other aspects do you think can be further strengthened?
Qian Fenglei: As a traditional financial practitioner in Hong Kong, I believe that the policies and measures taken by the Hong Kong government to promote the development of Web 3.0 are very proactive and forward-looking. Here are my evaluations of Hong Kong government policies and areas that I believe can be further strengthened.
Firstly, let's take a look at policy support and market response. Since the release of the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in October 2022, the Hong Kong government has shown a positive attitude and policy support towards the Web 3.0 industry. This series of policies not only demonstrates the government's policy stance and direction towards Web 3.0, but also sets the direction for future policy development, such as policies on stablecoins and tokenized assets (RWA). The market has responded enthusiastically to this, demonstrating the positive impact of policies
Next is the essential regulatory framework and industry development. The Hong Kong government has successively introduced a series of supportive and regulatory policies, including the establishment of the Web3.0 Association, Web3Hub Fund, and the implementation of a new licensing system for virtual asset service providers. These measures provide a new starting point for the development of the Web 3.0 ecosystem, and help establish a more standardized and healthy market environment, promoting the sustainable development of the industry.
In order to ensure the stable development of Web 3.0, talent policies and resource investment are also important. The Hong Kong government has proposed a number of talent related policies in the policy address, such as establishing a "Talent Service Office" and expanding the "High end Talent Pass Scheme". These policies will help attract and cultivate the technology talents needed by the Web 3.0 industry. At the same time, the government has allocated HKD 62 billion to invest in fields that contribute to the future economy, including fintech (including virtual assets, Web3), which demonstrates the government's emphasis and investment in the Web 3.0 industry.
In summary, the Hong Kong government has taken a series of proactive policies and measures to promote the development of Web 3.0, but there is still room for further improvement and enhancement, especially in regulatory coordination, international cooperation, and public education.
MetaEra: The Hong Kong government is exploring the possibility of turning the digital Hong Kong dollar (e-HKD) into a stablecoin. We have seen that Hengfeng International has also strategically invested in one of the first three institutions to conduct the "sandbox" testing of Hong Kong dollar stablecoins. Could you please provide more details? And how do you view the development of Hong Kong dollar stablecoins?
Qian Fenglei: We have signed a confidentiality agreement with the investor, and it is currently not convenient to disclose more details.
The development of Hong Kong dollar stablecoins is of great significance to Hong Kong's position in the Web3.0 field. It not only serves as a bridge between traditional finance and DeFi ecosystems, but also has the potential to become an indispensable part of the global financial system.
Although the stablecoin market is currently dominated by tokens backed by the US dollar, with the consolidation of regulatory frameworks, stablecoins backed by more fiat currencies are expected to grow. The development of Hong Kong dollar stablecoins faces challenges in competing with US dollar stablecoins, but at the same time, it also has enormous market potential, especially in areas such as cross-border payments and trade financing.
Hong Kong dollar stablecoins and digital Hong Kong dollars (CBDCs) can complement each other in development. The digital Hong Kong dollar is suitable for internal circulation in Hong Kong, while the Hong Kong dollar stablecoin is more suitable for cross-border trade and service payment settlement.
The development of Hong Kong dollar stablecoins is a complex but opportunity filled field. The Hong Kong government has taken a series of positive measures to promote the development of this field, but more exploration and innovation are still needed in areas such as technology implementation, market promotion, and regulatory coordination.
MetaEra: Faced with the continuous innovation of Web3.0, the speed of new projects emerging is very fast. Has your company or individual considered increasing investment in the primary sector? Will a venture capital firm specializing in investing in the Web3.0 field be established?
Qian Fenglei: Hengfeng International has entered this field through special fundraising, especially Web3 payments. Both the company and myself will continue to adopt an ALL-IN attitude in this field and promote industry development in the future. At present, we have started investing in companies related to the upstream and downstream industries, and establishing a professional investment institution focused on the Web3 field is within our planning scope.
MetaEra: Considering the rapid development and widespread application of Web 3.0 technology, what strategic plans does your enterprise have for the next five years to ensure competitiveness in this emerging field?
Qian Fenglei: First of all, we will strategically focus on the Web3 payment field. The industry's development from infrastructure, public chains, and protocols to the prosperity of DAPPs requires payment, which is the same as the development path of Web2. This is a big race track, which requires a lot of resource input. The development of this industry has also moved from the grassroots era to the institutional era, from a disorderly state to a state of gradual integration into the regulatory system. Hengfeng is also born at such a time node. We have just raised 100 million dollars of financing relying on the past senior background and resources in the traditional financial industry, and this is just the beginning of our integration of traditional industries and the encryption industry. Our vision for export is to become a great company like Alipay in the currency circle!
MetaEra: You are passionate about philanthropy and have been listed on Forbes' charity list, ranking among the top 100 philanthropists. In the era of Web 3.0, do you think blockchain technology can better serve charity and public welfare?
Qian Fenglei: Blockchain technology provides a decentralized database, and its transparency and immutability make the donation and resource allocation process more transparent and trustworthy. The public can track the flow of funds, ensure that donations are used correctly, and reduce the risk of corruption and improper use of funds.
Blockchain technology can create a decentralized fundraising platform, allowing donations to flow directly to beneficiaries and reducing intermediaries. Smart contracts can ensure that donations are automatically released according to agreed upon conditions, eliminating trust issues on traditional platforms.
Smart contracts can be programmed to record and execute charitable donation agreements. Once specific conditions are met, such as raising a certain amount, donations can be automatically released to beneficiaries. This not only reduces the risk of manual intervention, but also improves the efficiency of the donation process
The traceability capability of blockchain can ensure the traceability of donations. Donators can track how their donations are used to ensure that they are properly invested in projects, thereby increasing public trust in charitable organizations and promoting the sustainable development of public welfare.
In summary, the application of blockchain technology in charity and public welfare not only improves transparency and efficiency, but also enhances public trust, which is crucial for the sustainable development of charity. With the further development of technology, we have reason to believe that blockchain will play a more important role in social welfare and charity.
(责任编辑:财富观察)
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