Recently, Dr. Geoff Jiang, President of Yunfeng Financial Group (stock code: 00376.HK) and founder of AlphaToken, was invited by IOSG Ventures, a top global venture capital firm, to attend the 2026 Hong Kong Web3 Carnival, where he engaged in an in-depth dialogue with attendees about the future of digital finance. Drawing on his profound technical background and forward-looking financial experience, Dr. Jiang succinctly outlined the paradigm shift that Web3 is undergoing from a "wild west" era to an "institutionalized" and "rule-of-law" era.
This dialogue was not only a collision of technology and finance, but also a profound reflection by Yunfeng Financial on the new ecosystem of future asset management. The two sides engaged in a frank and insightful exchange on the business essence of RWA, the integration paradigm of AI and Web3, and the restructuring of industry profit models, jointly exploring how digital finance can move from speculation to long-term value creation.
01 From the “Wild West” to the “Rule of Law Era”: Compliance is the Only Ticket for Institutions to Enter the Market
Host: At this year's carnival, the focus of discussion is no longer on the "disruption" of infrastructure, but on its "deep integration" with the existing financial system. How do you perceive this paradigm shift?
Geoff: This feeling is very profound. I believe that Web3 is currently undergoing a qualitative transformation from a "wild west" to an "era of law and order." In the early, unregulated era, people may have valued breaking conventions more, but now in Hong Kong, the industry is entering a new, more structured phase, much like we are laying "railways" and introducing "police" in the wild west, establishing order and hierarchy. For Yunfeng Financial, truly cultivating this market requires mastering an extremely complex four-layer architecture. First is the entry barrier, involving the compliance upgrade of Hong Kong's Type 1, 4, and 9 licenses in the digital asset field; second is the institutional interface layer, where we need to address the pain points of fund custody and account opening with the traditional banking system, which often involves rigorous due diligence lasting several months.
In addition, we also need to address the challenges of the technical compliance layer, including essential technical means such as KYC, AML, and KYT for transaction monitoring. Finally, there is the internal control and risk control layer, which concerns the security audit, organizational operation, and risk hedging when assets flow across systems. This transformation reflects the deep integration and refinement of the institutional rigor of Web2 and the technological nativeness of Web3.
02 The “Golden Triangle” Framework: How does the AI engine define the future of “digital finance”?
Host: You emphasized the role of AI in your discussion. In the next stage of digital finance, how exactly will AI, data, and Web3 work together to build the industry's competitive advantage?
Geoff: I firmly believe that the future of digital finance will be supported by three pillars: data, AI, and Web3. Decision-making in digital finance relies heavily on a large amount of high-quality data from the market, providing an "information gap"; AI is responsible for analysis and decision-making, providing a considerable "cognitive gap"; and Web3 is the underlying programmable settlement infrastructure, enabling the instant exchange of assets through smart contracts, generating a significant "time gap" during the clearing and settlement process.
When these three elements combine to create a powerful synergy, we can achieve a highly attractive vision: creating a "personalized AI-driven family office" for every ordinary person. Traditionally, family offices are the privilege of a select few. However, in the future, through AI engines that precisely screen billions of assets globally, coupled with the extremely low-cost, high-efficiency instant settlement and clearing capabilities of Web3, this professional-grade wealth management service will truly become inclusive, allowing every ordinary person to enjoy institutional-level asset allocation capabilities.
The essence of 03RWA: 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 in the industry. How do you think it solves the problem of the industry's profit model?
Geoff: RWA's logic is essentially a "direct selling revolution" in the financial industry. In the traditional financial chain, the product circulation path is extremely long, and each intermediary takes a cut of the profits, resulting in inefficiency and high costs.
RWA, leveraging Web3 technology, enables the "disintermediation" of financial products. It connects asset providers directly with investors through technological means, much like buying vegetables directly from farmers on Taobao. This "direct financial sales" enabled by Web3 technology, combined with AI's asset screening and risk penetration capabilities, allows investors to directly access greater returns from the underlying assets. This maximized efficiency is the core driving force that truly enables the industry to generate sustainable profits and achieve long-term growth.
04 Avoid the superficial and focus on the real: Return to the fundamentals of business and transcend the twilight of the "grassroots" era.
Host: What is the most fundamental advice you would give to talents or organizations that are preparing to enter this field? We have also benefited greatly from today's excellent communication between the two sides. Could you please summarize it?
Geoff: My core feeling is that the era of unregulated growth is completely over. The key now is the fundamentals of the business, including what your product is, who your customers are, and whether your cash flow is sustainable. In Hong Kong's stable regulatory environment, it is actually possible to foster truly valuable business loops.
In summary, the second half of Web3 is no longer a virtual game, but a deep integration with the real world. Don't always think about profiting from short-term hype; that model won't last. The real challenge lies in whether you can use technology to solve real financial pain points within a compliant framework. Only those who can bridge the rigor of traditional finance, deeply understand the regulatory climate, and truly know how to leverage technological advantages to create real value will ultimately emerge victorious in the next race of digital finance. Today's dialogue was very pleasant, and we look forward to working with industry partners to build this well-regulated, value-driven new digital finance ecosystem.
Dr. Jiang Guofei (right), President of Yunfeng Financial and Founder of AlphaToken
Regarding Yunfeng Financial
Yunfeng Financial Group Limited (Stock Code: 00376.HK) is an innovative fintech company. Its major shareholders include Yunfeng Financial Holdings Limited and MassMutual Life Insurance Company (one of the top five life insurers in the United States). Its business encompasses insurance, securities brokerage, asset management, and fintech. Subsidiaries of the Group hold Hong Kong Securities and Futures Commission (SFC) Type 1, 4, and 9 licenses, and through its controlling stake in MassMutual Insurance, it holds a long-term insurance license from the Hong Kong Insurance Authority and Mandatory Provident Fund (MPF) trusteeship. Looking ahead, the Group will leverage its solid insurance and fintech foundation accumulated in the Web 2 era, along with its extensive Yunfeng Financial ecosystem resources, to fully embrace and integrate AI+Web3 blockchain technology. With the vision of "Everything on the blockchain, connecting the world," it aims to build a next-generation AI+Web3 financial service ecosystem.
