Techub News Exclusive Interview

Interviewer: Alma _ Founder of Techub News

Interviewee: Tim, COO of New Fire Technology

Interview Date: December 12, 2025

Interview Location: New Fire Technology Office

Content Organizer: Peter_Techub News

In the rapidly evolving digital asset industry, New Fire Technology (hereinafter referred to as "New Fire") is undergoing a profound transformation. The strategic shift from traditional asset management services to "crypto private banking" aimed at high-net-worth individuals not only reflects insights into industry trends but also marks New Fire's new positioning in the wave of compliance. Recently, Techub News founder Alma had a conversation with Tim, COO of New Fire Technology. As a seasoned builder who entered the industry in 2018, Tim has participated in the core business construction of several leading trading platforms. Now, as a partner at New Fire, he has embarked on a new entrepreneurial chapter, transitioning from "scale expansion" to "refined services." Below is the transcript of the interview.

Career Journey: A History of Growth in the Crypto Industry

Alma straightforwardly stated that although she entered the circle in 2017 and has nine years of experience in the industry, she still does not know Tim well, as he has always been low-key and has not stepped into the spotlight. The last roundtable forum was her first time seeing Tim publicly. She invited Tim to briefly introduce himself.

Tim responded, "I officially entered this industry in 2018. Looking back, I participated in the construction of three representative trading platforms. From 2019 to 2020, I was at Huobi, which was the market leader at that time; from 2021 to 2023, I led the establishment of the spot trading system for the Bybit platform from 0 to 1 and witnessed its market share rise to third in the industry.

By 2023, I felt that the entire exchange track had actually divided into three sub-tracks: compliant, non-compliant CEX, and DEX. At that time, the market share was roughly 70-80% non-compliant, with compliant and DEX each accounting for about 10%. I judged that although the traditional model still occupies a large market share, "compliance" is the only ticket to the mainstream financial system. Therefore, I chose to move from Singapore to Hong Kong in 2023 to participate in the construction of HashKey. Joining New Fire this year marks my involvement in the fourth company in the industry.

Tim further explained that New Fire's repositioning is key: "Previously, we were focused on exchanges. I believe the dividend period for new exchanges has come to an end, and the future blue ocean lies in how to provide professional, secure, and compliant asset allocation services for traditional high-net-worth individuals. This is precisely why we positioned New Fire as a private banking-level digital asset manager."

Alma admired that Tim's career experience is almost a history of growth in the crypto industry, as he has been in the industry during its peak phases and has made accurate predictions. She mentioned that recently Binance (BN) obtained ADGM authorization in Abu Dhabi and began full compliance, which confirms Tim's judgment.

Strategic Upgrade: Why Shift to Crypto Private Banking?

Alma pressed on why the new team (including Tim and core members like Livio from the old Huobi system who participated in the early construction of HashKey) decided to reposition New Fire and shift to "crypto private banking" services after joining in August.

Tim explained, "This is a strategic decision based on a mismatch in market supply and demand. First, global trading services have become saturated, and a single buy-sell intermediary can hardly generate excess value. Second, as the industry penetrates mainstream society, the entities entering the market are undergoing a qualitative change—shifting from individual investors to institutions, family offices, and publicly listed companies with large amounts of capital.

The core demands of these traditional investors are not simply "trading tools," but rather a full-stack financial service that includes customized investment advice, compliant asset management products, asset trust inheritance, and tax solutions. We decided not to compete solely in the exchange track but to integrate custody, asset management, investment banking, and inheritance services through a Broker model, creating an institutional-grade private banking platform."

Differences from Traditional Private Banking and Competitive Advantages

Alma further inquired about the differences between crypto private banking and traditional private banking. How does New Fire compete with potential competitors like Bank of America in terms of risk control, customer service, and asset selection?

Tim analyzed in detail: "This is a process of ecological niche complementarity. First, the traditional world has exchanges like the Hong Kong Stock Exchange, New York Stock Exchange, and NASDAQ, but the crypto industry still has its own Crypto Exchanges, which develop completely independent of traditional exchanges. While traditional banks provide custody, the crypto industry has Fireblocks, BitGo, etc., and in Hong Kong, VASPs provide custody, not traditional banks. Traditional private banks like UBS do not offer crypto-related private banking services due to various reasons such as regulation, internal control, and genetics. On the other hand, user demand is very clear: traditional capital is entering the market, a trend that began before last year's ETF approval and continues (just a few days ago, the SEC chairman mentioned that the entire U.S. financial system would be on-chain within two years). These traditional high-net-worth individuals are accustomed to using family offices or traditional private banks for asset allocation, but there are no corresponding services in the crypto industry that cater to high-net-worth individuals. This is a market gap: others are not doing it, but there is user demand, so we are doing it. It's really that simple."

Core Competitiveness of the New Team: People, Cognition, and Teamwork

Alma questioned what the new team has brought to New Fire.

Tim analyzed: "Ultimately, it is the unity of execution and vision. In the past, New Fire was in an exploratory phase, and the power was relatively dispersed. The current management team consists of partners with deep industry experience and shared goals; we are not just operators but also co-investors. This extension of the will of 'key people' has significantly improved our decision-making efficiency and response speed. Even if there are competitors in the market, we are not worried because this is a compliance battlefield with strong barriers due to licensing. Family offices and publicly listed companies themselves have a strong compliance orientation. We are based in Hong Kong and have a licensed compliant operation in Japan, and we will continue to push for internationalization, all operating onshore and holding onshore licenses."

Entrepreneurial Mindset and Challenges

Alma views this joining as Tim's entrepreneurship; he has invested in the company rather than taking on a purely managerial role. How has this changed team dynamics, risk control, and decision-making?

Tim admitted, "The change in mindset is significant. When I was in MBA school, a teacher once said: 'Any organization is an extension of the personal will of key individuals.' Previously, as an executive, I was only responsible for a part, not the key person. Now I have a founder's mindset—investing my own money, not taking a salary; the value of New Fire is reflected in how big the business can grow. The few of us core executives are key people, very down-to-earth, all on the front lines, with no departmental walls or executives acting independently, leading to high overall efficiency. I was appointed at the end of August, and in just over four months, the strategically upgraded New Fire Technology has already gained a certain level of recognition and momentum, starting off well."

Regarding personal challenges, Tim stated: "Having been in the industry for seven to eight years, the changes are rapid. One must be like water, having no fixed shape, constantly adjusting one's mindset and learning based on industry changes, and not always using past experiences to solve new problems. Every experience presents new challenges, and only after solving them can they become the foundation for the next stage."

Impact of the Compliance Ecosystem and High-Net-Worth Pain Points

Alma mentioned that with the stablecoin regulations implemented in August 2025 and the advancement of OTC and VA custody licenses, how will these affect New Fire's private banking business? What choices does New Fire have regarding high-net-worth client asset allocation, service paths, cross-border funds, and compliance structures?

Tim pointed out: "The biggest difference between compliant and non-compliant is that non-compliant may have single-point explosive products, while compliant is a system, an ecosystem. The larger the ecosystem, the more each player enjoys the dividends; this is the biggest Beta in our track. When I arrived in Hong Kong in 2023, there was almost no Web3 ecosystem; we had to persuade banks to open accounts, insurance companies to underwrite, and develop KYT tools… These efforts have driven industry progress. Now that Hong Kong has a complete ecosystem, we can base our crypto private banking on these infrastructures. In the future, the compliant ecosystem will be even larger, and all players will benefit."

Regarding high-net-worth pain points, Tim said: "The biggest pain point is that no one can meet their crypto allocation needs. Their demands mainly fall into three categories: 1. Basic allocation of Bitcoin/Ethereum (3%-5% ratio): We provide compliant fiat deposits, discounted crypto purchases (structured products), and interest-bearing holding services, all in one. 2. Crypto quant: strategies like arbitrage, under the current market conditions, we see returns of 15%-25%, with maximum drawdowns of around 1-2%, and a Sharpe ratio above 10. Such assets cannot be found in the traditional world. We will soon launch a compliant quantitative fund based on Hong Kong's license No. 9. 3. Shares of good projects: We engage in investment banking, providing New Fire's clients and investors with the best assets from around the world. Currently, no one is doing this. These asset types are seen as good within the crypto community, but traditional individuals do not understand them and have no compliant channels to access them. We are filling this gap with a compliant private banking approach."

Security Assurance: The Foundation of Compliance and Trust

Alma emphasized that high-net-worth clients have large volumes, and security is paramount. How does New Fire provide trust?

Tim responded: "We have established a multi-dimensional security system. First, New Fire Technology, as a publicly listed company in Hong Kong, undergoes strict audits and regulations, and financial transparency is a natural trust factor. Second, we will apply for a VA Custody license, using pure offline HSM hardware security modules, which represent the highest security level in the industry. Third, we plan to introduce third-party insurance mechanisms to ensure asset compensation capabilities in extreme situations."

Conclusion: Future Opportunities for Crypto Private Banking

Through this interview, Tim demonstrated profound insights into the crypto industry. New Fire's transformation is not just a business adjustment but also aligns with the wave of compliance and the entry of traditional capital. In the face of giants like Binance, New Fire is confident, leveraging its local advantages in Hong Kong and onshore operations. As one of the industry leaders, New Fire's crypto private banking services may reshape the asset allocation landscape for high-net-worth individuals. Techub News will continue to monitor this dynamic and looks forward to New Fire's new developments in 2025.

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