John Tsang Joins the Advisory Committee of StashAway

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 Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term) family offices are planning to increase their cryptocurrency exposure. The global average is only 28%.

Even though only 19% invest in cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, 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.