NFT
According to James Geng Jing, CEO of Greenland Financial Technology Group, the application is an effort to diversify the organization’s business and expand its international footprint. Geng cited Hong Kong’s status as a global city and the new regulatory regime for virtual asset trading platforms as reasons for the move.
Greenland Financial Technology will establish a new company that will focus on trading virtual assets, specifically cryptocurrencies, non-fungible tokens (NFTs) and products related to carbon emissions. However, all plans are subject to Securities and Futures Commission (SFC) approval and compliance with all Hong Kong regulations. If approved, this will be Greenland’s second attempt to expand into digital business in Hong Kong. In 2018, the group applied for a virtual banking license issued by the Hong Kong Monetary Authority, but it was not approved.
Greenland Holdings holds two licenses from the SFC to conduct securities advisory and asset management business. The organization is a global Fortune 500 company headquartered in Shanghai, with assets of $231.28 billion and revenues of $84.45 billion. The company has recently expanded into finance, retail, hotels and digital businesses, including blockchain, data management and carbon emissions trading.
According to Geng, proper regulation and investor protection are crucial to Hong Kong’s development as a virtual hub for asset trading. He supports the SFC’s efforts to regulate virtual asset trading to prevent the collapse of cryptocurrency exchanges such as FTX and the failure of regional banks. With 30 years of experience, Greenland is confident that it will be able to enter and positively impact Hong Kong’s digital trading industry.
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