GSX Group — Blockchain in Financial Services Event
The GSX Group hosted an event at Kafnu, a coworking space inside the 5-star Kerry Hotel in Hong Kong, as a side event to the Asia Crypto Week 2019 in Hong Kong, supported by Token 2049.
A GSX Group Event
It was a wonderful evening, that started off with networking and drinks, shortly thereafter a keynote speech by Benjamin Soh, Executive Director at GSX and Hashstacs Inc. The agenda then moved on to two-panel discussions consisting of thought leaders and practitioners from around the region. The topic of focus was ‘Blockchain in Financial Services’ with a deeper insight into the creation of a sustainable new capital market with “STOs”.
The STACS Network Solution
Throughout the keynote Benjamin Soh explored the future of financial institutions and global interoperability, noting the evolution of trading and the inevitability and necessity of technological advancements. Raising the question as to why the trading of securities is archaic and hasn’t changed since the 1970s. Benjamin noted the tokenisation potential of securities and assets and introduced STACS. The GSX Group’s new technology subsidiary will be a complete blockchain ecosystem for digital assets which will roll out to stock exchanges and financial institutions in Q1 2019 to be at the forefront of global adoption of tokenised securities.
The discussion panel encompassed many of the innovative minds of the APAC blockchain industry, the first speakers including; Tony Tang the CSO at Madison Group, Mun Shing Cheong the Managing Director at C Block Capital, Dr Waishun Lo the Chairman of QHIBEC and adjunct professor at CUHK, Benjamin Soh the Managing director at GSX and Bowie Lau the Founder at MaGEHold, MaGESpire. Mun Shing Cheong described some of the benefits of STOs, stating that “With a listing so much can be automated, for example, if you want to issue a dividend or a payment all of that can be programmed into a token (into the smart contract) which will increase cost savings and efficiency significantly over the long run”. She also noted that it isn’t a case of ICO versus STO but rather depends on whether it makes sense for a listed company to launch an STO.
The second panel, moderated by Samir Kothari the Executive Director at Stellar Partners, consisted of; Chao Deng the CEO of HashKey Capital, Desmond Marshall the Managing Director and Founder at Rogue Ventures, Edward Jacobson the COO at Goldzip and Joshua Galloway the Senior Vice President at Plutus VC. The panellists debated and discussed the road to the adoption of STOs as a new capital raising mechanism and how STOs can offer different opportunities to ICOs. Desmond Marshall fathomed the importance and longevity of STOs, noting that they are here to stay. He drew comparisons between Gibraltar and China and noted that “The success of the STO depends on how fast governments are in adopting it, and this is why, like China, Gibraltar is interesting as a jurisdiction because the Government fully supports it”.
The discussions gave intriguing insights to this exciting new opportunity with a spectacular backdrop of the Victoria Harbour. Benjamin Soh then concluded about how the GSX Group ecosystem and GBX, are able to provide STOs, ICOs and more through the STACS Network, and reminded the audience that “GSX supports all of it!”
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