According to Foresight News, during a roundtable discussion at the 2023 Shanghai Blockchain International Week Global Summit, hosted by Wanxiang Blockchain Lab, Liang Hanjing, the head of finance, fintech, and financial services at the Hong Kong Special Administrative Region Government Investment Promotion Agency, shared his views on the current stage of Web3 development and the upcoming issuance of stablecoin licenses in Hong Kong. Liang compared the development of Web3 to the stages of internet development, stating that if the stages were divided from 1 to 10, Web3 would currently be at stage 3. He emphasized the importance of establishing a solid foundation in regulation and legal frameworks at this stage.
Liang also shared his perspective on the potential for large-scale applications of Web3 in the financial sector, revealing that Hong Kong banks and the Hong Kong Monetary Authority will issue stablecoin licenses early next year. Currently, several countries, including Singapore and Canada, are showing interest in stablecoins. Stablecoins have various use cases, such as cross-border payments, and are in high demand in emerging markets like Africa and Latin America, where currency devaluation and inflation are severe. However, users face the risk of service providers disappearing. Therefore, issuing licensed stablecoins and fostering a friendly regulatory environment will promote the development of new technologies and tools.
Liang added that killer products do not necessarily have to be innovative, as traditional products can also be improved. From Hong Kong's perspective and its position in the country, using real-world assets (RWA) and security token offerings (STO) for financing could be considered killer products. Hong Kong is an international asset financing hub, and the cost of listing on the Hong Kong Stock Exchange is generally between 20 million and 30 million Hong Kong dollars. However, using RWA and STO for financing can save 3% of the cost, reducing expenses. Liang also noted that in the past, investments made during financing would generally remain untouched for ten years, but due to recent economic conditions, the exit time for funds has become shorter. Using STO and RWA for financing can shorten the exit time to one year, increasing liquidity.