Hong Kong’s digital currency lending platform launched by CashOn, valued at $10 M
The debut of Hong Kong’s first digital currency lending matching platform has been announced by CashOn, a technology finance company that specializes in fintech and Web3 applications.
The company said in a statement on Wednesday that this platform enhances the liquidity between digital and fiat currencies by assisting customers in accessing cash liquidity through the use of digital currencies, locating and comparing quotes from various financial companies, and offering appropriate lending solutions.
In the future, CashOn intends to use cutting-edge Web3 e-payment technologies to grow into the ASEAN region.
For retailers and owners of virtual assets, these solutions will provide additional financial service options.
“The Hong Kong government’s comprehensive regulatory framework and business-friendly environment for the digital economy have driven the development of fintech, opening up new opportunities for the traditional financial industry,
“I believe CashOn will establish a foothold in the ASEAN and Hong Kong markets within the next three years, solidifying its unique market position,” said Marvis Wong, Co-founder and Chief Executive Officer of CashOn.
In order to accept virtual assets as loan collateral, CashOn has reportedly held initial discussions with 100 licensed lending companies and inked memorandums of understanding (MoUs) with more than 50 of them.
“Recently, the persistent economic slowdown in Hong Kong has impacted the profitability of financial institutions. CashOn helps them explore new business areas,
“By actively collaborating with more financial institutions, we are jointly driving the innovation for the credit industry,” said Johnnie Wong, Co-founder and Chief Operating Officer of CashOn.
The advantages of the digital economy have already outpaced those of the traditional economy, according to Dr. Ivan Ng, co-founder and chief financial officer of CashOn.
“We have received recommendations from multiple valuation firms, with preliminary estimates suggesting that CashOn’s market value can reach at least $10 million,” he said.
Given the swift growth of the digital economy market and CashOn’s endeavors in the sector, he anticipates a substantial and swift increase in the market value.
Safeguarding fund flows is a crucial feature of the platform, according to CashOn’s Head of Web3 and Artificial Intelligence (AI), Jacky Tang.
