On February 28, 2024, the Greaterbay Financiers Association (GFA) successfully hosted a summit on “How Chinese Financial Institutions Can Help Hong Kong to Become an International Web3 Center – What Should We Prepare for Moving from Traditional Finance to Web3 Finance?” at China Merchants Tower in Hong Kong. xWhale, as one of the leading Web3 platforms in the industry, actively participated in the summit, utilizing its expertise in blockchain and crypto, and providing valuable ideas and insights into the future direction of Web3 and Hong Kong’s role in it.
The event also attracted many heavyweight guests and experts from traditional finance and Web3 industries, providing valuable ideas and insights into the future direction of Web3 and Hong Kong’s role in it. Chen, Founder/CEO of xWhale, had the honor to join as the host of the summit, injecting vibrancy and depth into the entire event. Terence, CSO of xWhale, as a sharing guest, delved into the key challenges and solutions in the transition between traditional finance and blockchain, sparking broad resonance and attention among attendees.
Chen raised key questions in the roundtable session titled “Are Tokenized Securities the Future Form of Securities?” Traditional financial institutions usually conduct sufficient AML and KYC checks on their clients, but this approach may not be effective enough in the blockchain environment, and how to address the compliance and regulatory risks currently faced through on-chain solutions in terms of counterparty risk.
Terence, CSO of xWhale, said that in the transition between traditional finance and blockchain, controlling asset flows and meeting regulatory requirements has become more complex. The advantages of blockchain technology lie in its traceability and transparency, which can help regulators better track capital flows and historical records. However, blockchain technology also brings new challenges, such as ensuring the legitimacy of asset ownership during asset transfers. xWhale’s team is exploring a variety of solutions, including leveraging blockchain features for identity verification and asset tracking, as well as leveraging technology such as smart contracts to ensure compliance. Adapting to these new technology solutions will not be complicated for traditional financial institutions and users, who may consider combining blockchain technology with traditional financial resources to improve efficiency and security. xWhale will continue to explore and lead the way in applying the latest technologies to improve compliance and user security on the exchange.
In addition, the Summit also gathered many heavyweight guests, including Mr. King Leung, Head of FinTech and Financial Services of InvestHK, renowned angel investor Mr. Cai Wensheng, as well as renowned economists Mr. Zhou Hao and Mr. David (Tianshi) Qu. Their brilliant speeches and in-depth discussions presented a comprehensive and in-depth blueprint for the future of Web3. The success of this summit marks the official establishment of the Web3 Professional Committee of the Greater Bay Area Financiers Association. xWhale’s Founder/CEO Chen and other renowned Web3 experts have become core members of the committee, and we will work together with all parties to build the future of Web3 in Hong Kong.
Under the trend of the Web3 era, xWhale will continue to play the role of a builder, dedicated to promoting the innovative application of blockchain and cryptography, and bringing a more open, fair and efficient financial system to Hong Kong and the whole world.
Let’s work together to create a better future for Web3!