Recently, Dr. Jiang Guofei (Geoff), President of Yunfeng Financial Group (Stock Code: 00376.HK) and Founder of AlphaToken was invited by the world's top venture capital IOSG Ventures to attend the 2026 Hong Kong Web3 Carnival Conference, where he engaged in an in-depth dialogue about the future of digital finance with various attendees. Combining his deep technical background with forward-looking financial practices, Dr. Jiang clearly outlined that Web3 is transitioning from the "wild west era" to a paradigm shift towards "institutionalization" and the "rule of law era."

This dialogue is not only a collision of technology and finance but also reflects Yunfeng Financial's profound thoughts on the new ecology of asset management. The two sides had a frank and insightful exchange on the commercial nature of RWA, the integration paradigm of AI and Web3, and the reconstruction of industry profit models, jointly exploring how digital finance can move from speculation to long-term value creation.

1. From the "Wild West" to the "Rule of Law Era": Compliance is the Only Ticket for Institutions to Enter

Host: At this year's carnival, the focus of the discussion is no longer on the "disruption" of infrastructure but on the "deep integration" with the real financial system. How do you perceive this switch in paradigm?

Geoff: This feeling is very profound. I believe that the current Web3 is undergoing a qualitative change from the "wild west" to the "rule of law era." In the early wild west era, people valued breaking conventions more, but now in Hong Kong, the industry is entering a new phase governed by rules, just like we are laying down "railroads" and introducing "police" in the wild west to establish order and class. For Yunfeng Financial, to genuinely deepen in this market requires mastering an extremely complex four-layer structure. First is the access threshold, which involves compliance upgrades related to Hong Kong's licenses 1, 4, and 9 in the digital asset sector; second is the institutional interconnection layer, where we need to address the pain points of fund custody and account opening with traditional banking systems, which often involves rigorous due diligence that can take months.

Additionally, we must tackle challenges in the technical compliance layer, including necessary technical measures such as KYC, AML, and KYT for transaction monitoring. Finally, there's the internal control and risk control layer, which concerns the secure audit of assets during cross-system movement, organizational operations, and risk hedging. This transformation reflects the deep integration and blending of the rigorousness of Web2 institutions and the technical native nature of Web3.

2. "Golden Triangle" Structure: How Will AI Engines Define the Future of "Digital Finance"?

Host: You particularly emphasized the role of AI in your communication. In the next stage of digital finance, how will AI, data, and Web3 work together to build the industry's "moat"?

Geoff: I firmly believe that the future of digital finance is supported by three pillars: data, AI, and Web3. Decision-making in digital finance cannot be separated from a large volume of high-quality data from the market, which provides the “information gap”; AI is responsible for analysis and decision-making, offering significant “cognitive gap”. Web3 serves as the underlying programmable settlement infrastructure that facilitates instant asset exchange through smart contracts, creating substantial “time gaps” in the clearing and settlement process.

When these three elements react chemically, we can achieve a highly attractive vision, crafting a “personalized AI-driven family office” for every ordinary person. Under traditional logic, family offices are the privilege of a very few, but in the future, through AI engines conducting precise screening within billions of assets globally, combined with Web3’s very low-cost and high-efficiency instant clearing and settlement, this professional wealth management service will truly achieve inclusiveness, enabling every ordinary person to enjoy institutional-level asset allocation capabilities.

3. The Essence of RWA: The "Disintermediation" Revolution in the Financial Industry

Host: Dr. Jiang, you once proposed that RWA is the "Taobao model" of the financial industry; this perspective is very vivid within the industry. How do you think it addresses the challenges of the industry's profit model?

Geoff: The logical essence of RWA is essentially the "direct sales revolution" in the financial sector. In the traditional financial chain, the circulation path of products is extremely long, and every intermediary takes a portion of the profit, resulting in inefficiencies and high costs.

RWA, relying on Web3 technology, can achieve the "disintermediation" of financial products. It connects the source of assets directly with investors using technological means, just like being able to buy vegetables directly from source farmers on Taobao. This "financial direct sales" enabled by Web3 technology, combined with AI’s asset screening and risk penetration capabilities, allows investors to directly obtain greater returns from the underlying assets. This significant enhancement in efficiency is the core driving force that can truly generate sustainable profits for the industry and enable it to go far.

4. Avoiding the Void: Returning to Business Fundamentals, Surpassing the "Wild" Afterglow

Host: For talents or institutions preparing to enter this field, what baseline advice would you give? Today's fruitful communication between both parties has also greatly benefited us; please summarize it as well.

Geoff: My core insight is that the wild west era has completely ended. The current core points of consideration are business fundamentals, including what your product actually is, who your customers are, and whether your cash flow is sustainable. In Hong Kong's robust regulatory environment, it can instead foster the emergence of truly valuable business closed loops.

In summary, the second half of Web3 is no longer a virtual game but a deep integration with the real world. Do not always think about profiting through short-term conceptual speculation, as such models do not last long. The real challenge lies in whether you can use technological means to solve genuine financial pain points within a compliant framework. Only those who can bridge the rigor of traditional finance, understand the regulatory climate, and truly know how to leverage technological advantages to create real value will be able to come out on top in the next race of digital finance. Today's dialogue has been very pleasant, and we look forward to collaborating with industry partners to build this structured, value-driven new ecology of digital finance.

Dr. Jiang Guofei (right), President of Yunfeng Financial and Founder of AlphaToken

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