Although technology is traditionally divisive between generations, NFTs are proving to transcend age group boundaries.
When former Hong Kong finance chief John Tsang left government in 2017, he vowed to work with young people and and industry disruptive companies. According to Bloomberg, the 70-year-old said his new position at StashAway “fits really well into that”.
StashAway is a Singapore-based firm with over US$1 billion in AUM, and an investor backing roster that includes Sequoia Capital. Last year the firm began operations in Hong Kong and is working with local regulators to offer crypto products to professional and retail investors.
To mark his new position as advisor for the firm, Tsang is gifting 3,000 “Choi Yeah” NFTs to new StashAway clients who make an investment of at least HK$50,000 (US$6,378) in their first deposit. “Choi Yeah” is the Cantonese nickname for the city’s financial secretary, which translates to “God of Fortune”.
StashAway has 15 employees in Hong Kong but plans to hire more wealth advisers and for customer service.
Tsang worked as Hong Kong’s financial secretary for 10 years from 2007 under Donald Tsang and Leuing Chun-ying. He stepped down to run in Hong Kong’s 2017 chief executive election, but lost to Carrie Lam.
The politician earned the moniker “Mr Pringles” due to his physical resemblance – another point in his favour for resonating with Hong Kong youths.
Despite reservations about Hong Kong’s economy, the city is seemingly re-emerging as a crypto hub competitor in the region. Last week, Hong Kong exchange Kiki Trade announced substantial backing from Animoca, and recently it was reported that Hong Kongers will soon be treated to their very own metaverse – Air World.
Figures from Gemini also show that crypto adoption is rapidly rising in Hong Kong. More than half (51%) of crypto owners in the region made their first investment in last year. Some 24% of those asked also owned crypto in Hong Kong, which is even higher than the UK (18%) and US (20%).