Webank shared its plans to take advantage of the Hong Kong WEB3 market. According to reports, the lender supported by the Tencent wants to use its subsidiary to take advantage of the growing market in the city. The move was confirmed by the company’s executive official because it is looking to establish itself in Hong Kong, an area that has been the center of virtual assets for a long time.
Using the Webank Technology services launched this month, Henry MA, the company’s executive director, mentioned the company that the company plans to participate deeply in the advanced Web3 infrastructure in Hong Kong.
MA also mentioned that the company is very open to the sector, because it wants to explore its full potential. He added that the city needs to create a friendly infrastructure, which is believed to be suitable for the company.
Webank pays to expand Web3
Webank, founded by Tencent and other Chinese companies in 2014, is the largest in the country digital The lender and the 10 largest unicorn in the world. According to a report issued by the Horon Research Institute published in April, the company is 235 billion yuan (32.4 billion dollars). Outside digital banking services, the financial institution also serves the Blockchain sector, and runs the Blockchain open source platform Fisco Bcos.
According to a report issued by the company in December, the platform provides more than 500 cases of use across many Chinese industries, including government services, education and financing. In a MA statement, he mentioned that most of these industries use the Blockchain app to verify data, noting that their real and unused capabilities are still in digital assets.
MA stated that the role of Blockchain as a reliable institution database has a limited value without assets. “This is why I think, with the technology that we have accumulated over the years, Hong Kong provides us with greater opportunities.”
While China was slow to adopt Blockchain technology and took a strict position on encryption activities, Hong Kong was consistent with its openness to technology. The city also obtained Beijing’s approval to develop the encryption industry.
Henry discusses the areas of the company’s specialization
According to the MA statement in the interview, webank will focus on some of the main areas you want to benefit from. He mentioned areas such as realistic assets, which will include the symbol of physical assets.
Webank is also a member of the “Architecture Community” in Project Ensample, an initiative for the central bank’s digital currency initiative implemented by Hong Kong’s monetary authority.
Webank, in his search for superiority, will go face to face with Ant Digital Technologies. The company is a subsidiary of ANT Group, which owns the Hong Kong -based Blockchain collection, a technology service that provides Web3 services. Ant Group also subscribes to Alibaba Group Holdings, one of the largest e -commerce platforms outside China.
Regardless of the provision of companies in Hong Kong, the Webank is also looking to cover companies and companies in countries and regions that are subject to the Belt and Road Initiative. According to the announcement of last week, the company entered into a partnership with the Fusion Bank supported by Tincent in Hong Kong and Hong Lyong Bank in Malaysia. MA added that the company currently has about 30 employees, with continuous plans to expand the number to 100 before the end of the year.
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