The CyberMiles Foundation has joined the Hong Kong OTC and the Association for Financial Technology Development
“Fintech” always has been highly valued in Hong Kong, with bright prospects. On Nov. 29, HKEx’s Chief China Economist, Ba Shusong, said that financial technology innovation will become an important development direction of Guangdong, Hong Kong and the Macao Dawan District in China. The regional distribution that will cover all areas of Guangdong and Hong Kong will focus on blockchain and virtual banking, as the China Business Network reported.
To this end, the CyberMiles Foundation has joined the Hong Kong OTC and the Association for Financial Technology Development (OFDA) to share its expertise with the city-state’s financial, brokerage and legal institutions.
What is the OFDA?
Registered in Hong Kong, the OFDA is a non-profit organization composed of people who are interested in helping with the development of Hong Kong. The fields of expertise range from blockchain and artificial intelligence, to trading system platforms, and financial products and services.
The OFDA believes that, by significantly reducing costs and increasing efficiency, blockchain technology can deliver valuable services which otherwise may or could not be realized due to high transaction costs.
Why now?
Based on the decentralized, non-tamperable, peer-to-peer trust mechanism of blockchain technology, one of the biggest problems facing the financial industry can be largely solved. In fact, a number of financial institutions (including China Merchants Bank) have been actively experimenting with blockchain in order to break down the issue of credit verification in previous financial transactions, not to mention high cost and slow circulation.
As a system technology expert, CyberMiles will complement the OFDA’s current structure with blockchain technology knowledge, providing the organization with additional, workable application scenarios.
For instance, the recent blockchain-based technological innovation that allows securities to become tokenized, called a security token offering (STO), is a typical case where technology can enhance the current financial system.
Where do we go next?
Issuers then can convert exisitng financial assets or interests into tokens and convert them into digital assets on the chain. That this process does not require any intermediary, the issuer can issue securities for sale, decentralize the investment, and greatly improve the liquidity and diversity of assets.
By partnering with OpenFinance Network, the first fully-compliant STO exchange in the United States, CyberMiles can guarantee a legal platform for issuers who would like to use CyberMiles’ blockchain to tokenize their assets.
Furthermore, this partnership will leverage Hong Kong’s financial landscape, already known to be one of the major financial centers in the world.
Originally published at cybermiles.io on Dec. 12, 2018.
