John Tsang, Hong Kong’s former financial secretary joins StashAway. Tsang is the new advisor at StashAway where he is planning to release his own non-fungible tokens (NFTs) to attract new customers to the company.
Following Tsang's new role on the Advisory Committee, part of his unique 3,000 'Choi Yeah' NFT collection will be given for free to new clients that invest at least HK$50,000 (approximately $8,500).
John Tsang said on the matter of his NFT collection: "My collaborator in this NFT project is Yosuke Yamauchi. In sharing this collection of 3,000 'Choi Yeah NFT' with the people of Hong Kong.
"I hope to contribute some positive energy to the city. I shall also be sending out some gifts to my NFT recipients. They include six items over the course of the coming 12 months. 'Choi Yeah NFT' owners will also be invited to activities concerning the Web 3.0 universe."
source: Facebook
Tsang worked in Hong Kong's civil service for many years. Additionally, he acts as a senior advisor at Bowtie, an online medical insurance company.
StashAway is based in Singapore and has $1.36 billion in assets. Sequoia Capital is among StashAway's investors. In 2020, StashAway launched its operations in Hong Kong, seeking regulatory approval for offering digital assets to institutional and retail investors.
StashAway has approximately 15 employees in Hong Kong, more wealth adviser customer service representatives are expected to be hired.
Stephanie Leung who is heading the operations in Hong Kong said: “We’ve had a lot of requests about it [cryptocurrencies], especially because a lot of our investors are younger.
“If you look at the older cohorts, they are also interested because of the returns.”
Campden Wealth APAC Family Offices Findings
According to Campden Wealth, 38% of Asia-Pacific (APAC ) family offices are planning to increase their cryptocurrency exposure. The global average is only 28%.
Even though only 19% invest in cryptocurrencies , 53% of family offices in APAC view cryptocurrency as 'a promising investment.' Only 33% of family offices in Europe view crypto as a sounding investment and in the United States only 43%.
Furthermore, it may explain why HSBC metaverse fund is available exclusively for wealthy clients in Hong Kong and Singapore. The Hong Kong Monetary Authority is planning to introduce new crypto regulations by July 2022.
80% of family offices in APAC are investing in private equity, 77% will consider increasing their investments in their home region.
