From financial veteran to crypto circle Alipay dreamer: How Hengfeng International views the Web3.0 era

Web3.0 has moved from the circle of entrepreneurs to the vision of institutional investors. With clear signals from Hong Kong policies, capital with traditional financial backgrounds is beginning to flood into this track. Hengfeng International Chairman Qian Fenglei recently completed a $100 million financing round and announced a grand vision — to become the Alipay of the crypto world.

Why Payments? The Necessary Path for Web3.0 Development

Many ask, why focus on Web3 payments instead of other hot spots? Qian Fenglei provides an answer: payments are the infrastructure of the Web3.0 ecosystem.

“This is exactly the same development path as the internet,” he explained. From the prosperity of public chains and protocol layers to the explosion of DApps, payments are always an essential step. Currently, the market lacks truly effective payment solutions, which presents an opportunity for institutional capital.

Hengfeng is not just allocating crypto assets but is heavily investing in Web3 infrastructure development. Ongoing self-developed and acquisition plans will be announced successively, aiming to quickly integrate upstream and downstream industry resources.

Hong Kong Opportunities: From Policy Declaration to Practical Implementation

Since Hong Kong’s government issued a virtual asset policy declaration in October 2022, official actions have not stopped. Exploration of HKD stablecoins, digital HKD (CBDC), a HKD 62 billion investment in fintech, and the establishment of the Web3Hub fund…

Qian Fenglei believes these are not just slogans but real policy support. However, he also points out areas for further development: regulatory coordination, international cooperation, public education, and enhancement.

Particularly noteworthy is that Hengfeng has already strategically invested in one of the first institutions testing the HKD stablecoin “sandbox.” Although confidentiality agreements limit him from revealing details, his view on the HKD stablecoin is clear — it’s not just a payment tool but a bridge between traditional finance and the DeFi ecosystem, with the potential to become an important part of the global financial system.

HKD Stablecoin vs Digital HKD: Complementary, Not Competitive

Many confuse these two concepts. Qian Fenglei’s distinctions are very practical:

Digital HKD (CBDC) is suitable for circulation within Hong Kong, a central bank digital currency mainly serving local transactions.

HKD Stablecoin is more suitable for cross-border trade and service payments, circulating in the global DeFi ecosystem with greater market potential.

Currently, the stablecoin market is dominated by USD-backed tokens, but as more fiat-backed stablecoins emerge, HKD stablecoins have huge growth potential.

Web3.0 Is Entering the “Institutional Era”

This is an important judgment proposed by Qian Fenglei: the Web3.0 industry has shifted from the “grassroots era” to the “institutional era.”

What does this mean? Once a playground for entrepreneurs, retail investors, and tech enthusiasts, now traditional financial institutions, listed companies, and national-level capital are entering. The industry is moving from an “unordered state” to a stage of “gradual regulatory inclusion.”

This transition is very favorable for companies like Hengfeng. Backed by deep resources and experience in traditional finance, combined with a new understanding of Web3, institutions can do what retail investors and small teams cannot: integrate upstream and downstream industry chains, establish compliance systems, and develop truly commercially valuable products.

Why is Hong Kong Important?

In the global competition of Web3, Hong Kong’s position is very special:

A connecting point between Eastern and Western financial systems, a hub in East Asia time zone, a relatively complete legal system, and abundant talent resources. More importantly, the Hong Kong government is actively positioning itself as an international Web3 center.

This is not empty talk. Talent policies (expanding the high-end talent visa program), capital investment (HKD 62 billion), institutional design (licensed virtual asset service providers), all point in the same direction.

What Is the Core Value of Web3.0?

Zooming out to a higher dimension, Qian Fenglei’s understanding of the essence of Web3.0 is worth noting. He summarizes it in three words: openness, privacy, co-creation.

Decentralization achieved through blockchain and smart contracts brings new possibilities to financial services. The pain points faced by traditional finance — slow cross-border payments, high costs, low liquidity — all have solutions in Web3.

DeFi, NFTs, and crypto assets open new growth points for the traditional asset management industry. Meanwhile, smart contracts can reduce transaction costs, improve efficiency, and enable low-threshold, high-liquidity global asset trading.

Risks Cannot Be Ignored

But Qian Fenglei is also very rational, listing three major challenges:

Regulatory Uncertainty: Regulatory frameworks in various countries are still exploring, with no mature models.

Technical Risks: Smart contract vulnerabilities and blockchain scalability issues may pose risks.

Market Volatility: Decentralized lending relies on crypto price increases; infinite staking cycles may amplify price fluctuations.

The countermeasures are: strengthen cooperation with regulators, continue investing in key technologies, and establish risk management systems. Hengfeng has already taken concrete actions — all business operations are conducted within a compliance framework.

Why Is Blockchain Important for Charitable Causes?

As a Forbes-listed philanthropist, Qian Fenglei has special ideas about blockchain applications in charity.

The transparency and immutability of blockchain make donation and resource distribution processes more trustworthy. Donors can track fund flows, reducing corruption risks. Smart contracts can create decentralized fundraising platforms, allowing donations to flow directly to beneficiaries, reducing middlemen. Once certain conditions are met, funds are automatically released to beneficiaries, increasing efficiency and reducing manual intervention risks.

This is not just theoretical; blockchain technology is one of the places where social value can be most effectively realized.

Summary: New Ways in the Institutional Era

Overall, Hengfeng International represents a new trend — traditional financial institutions with deep capital and experience entering the emerging Web3.0 track.

They are not here to speculate on tokens but to build infrastructure and develop real applications. The policy support from the Hong Kong government provides a good institutional environment, and the opportunities for HKD stablecoins open up imaginations for cross-border payments. The blank market for Web3 payments awaits new participants.

Hengfeng’s $100 million financing and the vision of “becoming the Alipay of the crypto world” may just be the beginning. As Web3.0 moves from the grassroots to the institutional era, players like Hengfeng will become more numerous. Competition will intensify, but for the entire industry, this is a sign of maturity.