Written by: Yunfeng Financial

Recently, Dr. Jiang Guofei (Geoff), President of Yunfeng Financial Group (Stock code: 00376.HK) and founder of AlphaToken was invited by the world's top venture capital IOSG Ventures to participate in the 2026 Hong Kong Web3 Carnival Conference, where he engaged in an in-depth dialogue about the future of digital finance with various participants. Dr. Jiang combined his profound technical background with forward-thinking financial practice, succinctly outlining the paradigm shift of Web3 from the "wild west era" to the "institutional" and "rule of law era."

This dialogue was not only a collision of technology and finance but also a profound reflection from Yunfeng Financial on the new ecology of future asset management. The two sides engaged in a candid and insightful exchange on the commercial essence of RWA, the integration paradigm of AI and Web3, and the reconstruction of industry profit models, jointly exploring how digital finance can move from speculation to long-term value creation.

From the "Wild West" to the "Rule of Law Era": Compliance is the Only Ticket for Institutions to Enter

Host: At this year's carnival, the focus of discussions has shifted from the "disruption" of infrastructure to the "deep integration" with the real financial system. How do you perceive this paradigm shift?

Geoff: This feeling is very profound. I believe that the current Web3 is undergoing a qualitative change from the "wild west" to the "rule of law era." In the early days of the wild era, people may have focused more on breaking conventions, but now in Hong Kong, the industry is entering a new stage that is regulated and orderly, just like we are laying down "railroads" and introducing "police" to establish order and class. For Yunfeng Financial, to truly delve into this market, it is necessary to navigate an extremely complex four-tier structure. The first is the entry threshold, which involves the compliance upgrades of Hong Kong's licenses 1, 4, and 9 in the digital asset field; the second is the institutional docking layer, where we need to address the pain points of fund custody and account opening with traditional banking systems, often involving months of rigorous due diligence.

In addition, we must also face the challenges of the technical compliance layer, including essential technological means like KYC, AML, and KYT for transaction monitoring. Finally, there is the internal control and risk control layer, which concerns the security audits of assets during cross-system flows, organizational operations, and risk hedging. This transformation reflects the deep integration and alignment between the institutional rigor of Web2 and the technological native nature of Web3.

The "Golden Triangle" Structure: How AI Engines Define the Future of "Digital Finance"?

Host: You specifically emphasized the role of AI in the discussions. In the next phase of digital finance, how will AI, data, and Web3 jointly construct the industry's "moat"?

Geoff: I firmly believe that future digital finance is supported by three pillars: data, AI, and Web3. The decision-making in digital finance cannot be separated from a vast amount of quality data sourced from the market, which provides "information asymmetry"; AI is responsible for analysis and decision-making, providing a significant "cognitive gap." Web3 serves as the underlying programmable settlement infrastructure, enabling instant asset swaps through smart contracts, creating considerable "time differences" during the clearing and settlement process.

When these three elements react chemically, we can achieve an extremely attractive vision of creating "exclusive AI-driven family offices" for every ordinary person. Under traditional logic, family offices are privileges of a very few, but in the future, through AI engines performing precise filtering among billions of assets globally, combined with the very low costs and high efficiency of instant settlement in Web3, these professional wealth management services will truly achieve inclusivity, allowing every ordinary individual to enjoy institutional-level asset allocation capabilities.

The Essence of RWA: The "Decentralization" Revolution in the Financial Industry

Host: Dr. Jiang, you once suggested that RWA represents the "Taobao model" of the financial industry, a vivid perspective within the industry. How do you think it solves the problem of industry profit models?

Geoff: The essence of RWA is essentially a "direct sales revolution" in the financial industry. In the traditional financial chain, the circulation path of products is extremely long, with each intermediary taking a portion of the profit, leading to inefficiency and high costs.

However, RWA, relying on Web3 technology, can achieve the "disintermediation" of financial products. It directly connects the source of assets with investors, just like being able to buy vegetables directly from the source farmers on Taobao. This "financial direct sales," realized through Web3 technology, combined with AI's asset screening and risk penetration capabilities, allows investors to directly obtain greater returns from the underlying assets. This maximization of efficiency is what truly drives the industry to generate sustainable profits and move forward.

Avoiding the Virtual: Returning to Business Fundamentals, Crossing the "Wild" Afterglow

Host: For talents or institutions looking to enter this field, what fundamental advice would you like to offer? Today’s fruitful communication has also benefited us greatly; please summarize your thoughts.

Geoff: My core feeling is that the wild era has completely ended. The current core focus is on business fundamentals, including what your product actually is, who your customers are, and whether your cash flow is sustainable. In a robust regulatory environment like Hong Kong, it can instead foster truly valuable business closed loops.

In summary, the second half of Web3 is no longer a virtual game, but a deep connection with the real world. Do not always think about profiting through short-term conceptual speculation; such a model cannot go far. The real challenge lies in whether you can solve real financial pain points using technological means within a compliant framework. Only those who can bridge the rigorousness of traditional finance, have a profound understanding of the regulatory climate, and genuinely know how to leverage technological advantages to create real value will succeed in the next race of digital finance. Today’s dialogue was very pleasant, and we also look forward to collaboratively building this regulated, value-driven new ecology of digital finance with industry partners.

Dr. Jiang Guofei, President of Yunfeng Financial and Founder of AlphaToken (right)

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About Yunfeng Financial

Yunfeng Financial Group Limited (Stock code: 00376.HK) is an innovative fintech company, with major shareholders including Yunfeng Financial Holdings Limited and MetLife, one of the five largest life insurance companies in the United States. Its business covers insurance, securities brokerage, asset management, and fintech. The group’s subsidiaries hold licenses 1, 4, and 9 from the Hong Kong Securities and Futures Commission and through holding MetLife, have obtained long-term insurance licenses from the Hong Kong Insurance Authority and qualifications as MPF trustees. In the future, the group will fully embrace and integrate AI+Web3 blockchain technology, leveraging the solid foundation of insurance and fintech accumulated during the Web 2 era and the rich resources of the Yunfeng Financial ecosystem, with the development vision of "linking everything on the chain and connecting the world" to create a new generation of AI+Web3 financial service ecosystem.

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