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BIS to Explore Potential Advantages of Defi on Small & Medium Enterprises in H.K.

As part of its research plans, the Bank for International Settlements (BIS) will explore whether decentralized finance (DeFi) technologies can enhance financing for small and medium enterprises in Hong Kong.

The BIS – an umbrella group for central banks – said in a report Wednesday that in 2022, its Innovation Hub will “launch new projects into CBDCs, DeFi and next-generation payments systems”. Other agendas include new projects in green finance, regulatory and supervisory technology and cyber security, it added.

The BIS said that the “Hong Kong Centre will continue to work on mBridge”, referring to “multiple CBDC bridge” in detail. Primarily, to test the integration of wholesale CBDCs from four central banks; on Aurum, a retail CBDC prototype; and on a second phase of the Genesis prototypes. Ultimately, that will further explore the intersection between technology, the financing of green projects and how countries can achieve their carbon reduction targets, it added.

Agustín Carstens, BIS General Manager, said:

“With an expanded network of Hub Centres and exciting new projects, the BIS Innovation Hub is now in a stronger position to innovate in a sound, sustainable way, harnessing the benefits of digital technology, serving the public interest, and working cooperatively with the central bank community, academia and the private sector,”

The BIS Innovation Hub is expanding in 2022 with first projects in the London and Nordic Hub Centres, the expected opening of the Eurosystem and Toronto centres and also the advancement of the strategic partnership with the Federal Reserve System.

“CBDCs and improvements in payments systems continue to be an area of exploratory focus, accounting for 13 out of 17 projects that were active in 2021 or will be launched in 2022,” the BIS report stated.

According to the CBDC Tracker, at least 64 central banks were looking into a retail CBDC by the end of 2021. Among them the most successful was the Nigerian central bank’s launch of eNaira last October, meanwhile, the European central bank has kicked off a two-year experiment into a retail CBDC.

Meanwhile, Hong Kong, the global financial hub, is also actively exploring the possibility of introducing crypto for trading activities, the financial watchdog resumed the discussion of the regulation of stablecoins recently, proposing 5 options to the public.

Hong Kong to Host One of Asia's Largest NFT Exhibitions in June

One of Asia’s largest non-fungible tokens (NFTs) exhibitions titled “ARTAVERSE” will be hosted in Hong Kong starting on June 3.

NFT marketplace has become more dynamic in this global financial hub, and more online and on-site virtual exhibitions have been hosted amid the COVID-19 pandemic.

The exhibition will be held at Central Harbourfront and over 100 exhibitors will be joining this event, including blockchain and gamification giant Animoca Brands, Taiwanese NFT project Alpacadabraz and RAZE – NFT Fi platform provider.

Daniel Chang, Chief Marketing Officer and organizer of ARTAVERSE, shared his motivation for organising the event, saying that the team aims to provide more platforms for artists to promote their artworks. He believes the project will potentially lay a subversive foundation for the future development of the Metaverse, and further expand the sustainable development of the digital art and cultural industry:

“With Hong Kong being a central hub of the international art technology market, and we hope to take advantage of this to make “ARTAVERSE” a bridge to connect with the international counterparts. It gathers experts from different industries from all over the world, with the aim of thrusting ahead the popularization of blockchain technology from Asia to the globe,”

The exhibition will be divided into three main areas for the public to participate. One of the areas will have over 20 unique exhibition spaces, where the public can enjoy NFT art collections worth over $300 million US dollars, including an example of “Shocked Doge” – one of the most expensive NFT collections in the world.

According to the official statement, the organising team has invested an 8-figure sum into this event.

The organiser said it has invited a Chinese-language music NFT artist to join as the expert consultant and art technology ambassador to “inspire local art enthusiasts to create diversified artworks by leveraging new technologies and to promote local arts to the world.”

“With the rapid expansion of the digital universe of art under Web 3.0, ARTAVERSE represents one of Asia’s largest NFT art exhibitions. I wish to leverage my past experience in listed companies and in investment to synergize with the expertise of Yin Wing Live in organizing performance and entertainment events, to create a platform to push forward Asian art technology development,” said Rocky Wong, CEO of Right Grace Entertainment.

The organiser is promoting VIP tickets and early booking discounts by offering an opportunity to win a limited exclusive NFT.

Image source: ARTAVERSE

Hong Kong-based Grand Cru Cellar to Offer First Redeemable Wine NFT in Asia

Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has announced plans to enter the non-fungible token (NFT) industry.

Following the completion of the plan, GCC will become the first wine distributor in Asia to offer a wine NFT. The move will also potentially revolutionise the wine industry in Asia through blockchain and NFT technologies.

The company announced that the wine NFTs would be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform.

Alex Lee, Founder and CEO of SOLARR, said, “SOLARR’s NFT-as-a-Service (NFTaaS) takes the complication out of NFT-commerce. Our one-stop, end-to-end NFT services offer a highly efficient way for GCC’s wine collections to be auctioned off, eliminating the need for buyers to attend physical auctions.”

The NFTs will include a collection of exclusively designed NFTs representing 360 bottles of Château Margaux fine wine spanning 30 vintages from 1978 to 2007 in the winery’s history.

According to GCC, NFT holders can exchange the NFTs for physical bottles of wines and once redeemed, the NFTs will be destroyed to mark their redemption. Meanwhile, the physical wine bottles will be safely stored until the wine NFT has been redeemed.

GCC further added that these wine NFTs can be traded can be freely traded on SOLARR’s NFT-commerce platform or even given as gifts to family and friends.

Mic Wong, the NFT project representative at Grand Cru Cellar, said, “NFTs will help to increase the liquidity and price discovery of high-end fine wines. The auction market for these fine wines has always existed, but if the bidding flow is low, the wine’s value will be locked up due to a lack of bids.”

HashKey Launches as HK's First Licensed Retail Crypto Exchange, Begins BTC and ETH Trading

On 28 August 2023, HashKey Exchange, the city’s first licensed retail virtual asset exchange (crypto exchange), commenced operations today. The official launch, hosted at the Maritime Museum Central, was attended by key figures from the HKSAR government, leading banks, insurance entities, and representatives from the Big 4 auditing firms.

The platform, which supports direct bank transfers in both USD and HKD, introduced initial fiat trading pairs such as BTC/USD, ETH/USD, and USDT/USD. Joseph Chan Ho-lim, JP, Undersecretary for Financial Services and the Treasury, and Norman Chan Tak-lam, GBS, JP, Chairman of the Hong Kong Web3 Association, were among the notable speakers who shed light on the evolving landscape of the Web3 industry in Hong Kong.

Livio Weng, COO of HashKey Group, highlighted the capabilities of the HEX Engine, a robust system designed to handle up to 5,000 transactions per second (TPS). Emphasizing compliance, HashKey Exchange operates under the stringent guidelines set by the Hong Kong Securities and Futures Commission. This includes rigorous user admission protocols, anti-money laundering measures, and consistent transaction monitoring. Additionally, the platform has fortified its security measures, storing 98% of its digital assets in cold wallets. To ensure transparency and adherence to regulatory standards, regular audits are conducted by the Big 4 accounting firms.

In celebration of its inauguration, HashKey Exchange is offering a temporary waiver on trading fees and has introduced the “HashKey Grand Launch Festival,” providing added benefits for its new user base.

HashKey Exchange, a subsidiary of HashKey Group, stands as the pioneer in Hong Kong, having received the green light for virtual asset trading for retail users from the Securities and Futures Commission (SFC). HashKey Group, a prominent digital asset financial service provider in Asia, delivers a comprehensive suite of services, ranging from trading to Web3 infrastructure, with operations spanning Hong Kong, Singapore, and Japan.