One of Hong Kong’s new investment funds – ProDigital Future – is looking to raise a total of $100 million for investment into the digital asset industry, as part of a larger drive on the country’s part to become a Fintech hub.
The fund is led by Ben Ng and Curt Shi. Ben Ng is a venture partner at an Asian private equity firm called SAIF partners. Curt Shi is a long-time tech investor. Together, the pair have managed to secure funding commitments to the tune of $30 million.
The inflow of money comes at a time when the U.S. is cracking down heavily on crypto firms. On the other hand, Hong Kong is trying to court as much investment as possible to break out of the 3-year slowdown, mainly because of covid-related controls across the country.
ProDigital Future’s investment strategy is to target early-stage and developing ventures, mostly Chinese-connected tech companies that are transitioning into emerging technologies such as Web3.
Until now, the fund has invested in six digital asset projects, including Metaverse Company Gigaspace and sports club One Future Football.
As expected, Investors have been cautious about pitching their money to new crypto projects but there is considerable interest from Hong Kong families and also Chinese Families from Australia and Singapore.
Alongside private companies, the Hong Kong Government is also interested in courting investment inflows into the crypto industry.
On the 28th of April, a round table meeting will be held to brainstorm the various ways the country can use to become a global hub. Discussions will also be held on how to make crypto products user-friendly and compliant with government regulations.
China’s hostile attitude toward digital assets in previous years affected the investment climate in Hong Kong as well since the two countries’ economies are deeply connected.
Since the U.S. – particularly the SEC – has been hard on this industry, other countries including El Salvador, Thailand, and now Hong Kong are actively trying to attract investment into their countries.
Not every country is eager to create crypto hubs. Singapore remains wary of cryptocurrency trading but is interested in the use cases of blockchain and the innovations cryptocurrency has to offer.
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