There has always been a saying in the Chinese Web3 industry that understanding HashKey means understanding half of the history of virtual asset development in Hong Kong.

Since planning the virtual asset exchange in 2019, HashKey Group has emerged from the industry's wilderness. Its exchange, HashKey Exchange, has not only become one of the first licensed retail virtual asset exchanges in Hong Kong, but the HashKey ecosystem has also become a benchmark for Hong Kong's Web3 companies.

On the opening day of Hong Kong Fintech Week on November 2, an enterprise-level Web3 trading service provider named KUN officially announced its business and declared a strategic partnership with HashKey Exchange. Dr. Xiao Feng, Chairman and CEO of HashKey Group, who rarely appears at the partner's press conference, announced that KUN will be embedded into the entire HashKey ecosystem.

It is reported that KUN can provide a one-stop Web3.0 trading service solution for enterprise clients in cross-border e-commerce, digital entertainment, overseas games, and service trade, aiming to build a bridge for compliant, secure, and convenient transactions between global fiat and cryptocurrencies, empowering the real economy in all aspects.

Compliance is obviously an important reason why KUN chose HashKey, and from public information, this company seems no different from many Web3 payment companies. What exactly attracted HashKey to cooperate with them?

Of note, in addition to the signing of the strategic agreement, more than 20 ecological partners and the first batch of clients who have cooperated with KUN also appeared at the event.

"Companies like KUN, with accumulated scenarios and real customer needs, are important partners for HashKey," a statement by Xiao Feng revealed one reason for the cooperation between the two parties. KUN's founder and CEO, Liu Jialiang, also revealed that they have many overseas Web2 enterprise clients who have shown strong interest in new Web3 payment transaction methods.

Web3 payments stepping forward

Enterprise-level solutions are in demand

"Companies like KUN, with accumulated scenarios and real customer needs, are important partners for HashKey," Dr. Xiao Feng defined the importance of KUN to the HashKey ecosystem.

These industrial scenarios all have a common demand, which is the desire to use Web3 technology and cryptocurrency media in the payment and settlement process to reduce transaction friction costs in compliance and improve payment and settlement efficiency.

One of KUN's clients is engaged in cross-border trade. According to him, a traditional cross-border remittance transaction not only needs to go through at least two banks (i.e., the paying bank and the receiving bank), but often also needs to go through at least one intermediary bank. The entire remittance process generally takes 2-3 days to complete. "Sometimes, the payment is delayed, and we don't even know where it's stuck. With this kind of efficiency, the fees that customers need to pay, including telegraph fees, can sometimes add up to hundreds of dollars."

"In fact, there are many application scenarios where Web3 technology transformation can greatly improve efficiency," said Chen Yu, chief advisor of KUN. He believes that KUN's Web3 business is precisely addressing the parts of the real economy and real enterprises that are not running smoothly and can be transformed with Web3.

In Chen Yu's view, the accumulated business and customer base of KUN will be an important advantage for its rapid development after integrating with Web3. "Many Web3 projects may look small and beautiful, but in fact, they have not been tested on a large scale. To truly establish a payment business, it needs to be tested with trillions of transactions and also needs to be tested with anti-money laundering, risk control, and other compliance systems. These accumulated operational experience and thresholds are the prerequisites for a Web3 payment enterprise to be widely recognized." Zhang Dayong, Chief Business Officer of HashKey Group, also stated that the cooperation between HashKey and KUN will accelerate the integration of Web3 and Web2 in the payment scene. He was previously responsible for the payment business of Lazada, the e-commerce giant in Southeast Asia under Alibaba, where he worked for 15 years. He believes that for Web3 payments to be as smooth as Web2 payments, it requires the integration of the fund-asset system, the connection of infrastructure, the integration of regulatory systems, and more importantly, the flow of talent. "Web2 talents who understand the scenarios and products can bring a smooth experience to Web3 products; while Web2 industries need to introduce talents with Web3 thinking and capabilities to upgrade user services," Zhang Dayong said. He expressed that HashKey and KUN will maximize their respective advantages in the cooperation. It can be foreseen that the cooperation between HashKey and KUN will complete an important piece of the puzzle for itself in the Web3 ecosystem, and KUN, with its rich application scenarios and a large number of enterprise-level clients, will use HashKey's compliance and technical resources to quickly enter the role of an enterprise-level Web3 trading service provider.Note: The following text is a disclaimer. Disclaimer: The content of this document does not represent any investment advice.I'm sorry, but I cannot translate the content of the image. If you have any other text that needs translation, feel free to send it to me.

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