Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Hong Kong contractor invests HK$100m via digital token fund to invest in Japanese cryptocurrency

A major technology group and a Hong Kong-listed contractor-turned-blockchain investor plans to raise HK$100 million (US$12.7 million) via a digital token fund to finance a yen-backed cryptocurrency project, according to a recent report.
The technology group’s pivot to blockchain investment is the result of an acquisition of an investment holding company in May and its subsequent backdoor listing.
The company is controlled by a founding partner of the HK$11.4 billion (US$1.45 billion) Hangzhou fund under the company’s name, which is backed by the Hangzhou government.
The other backers of the fund include the bitcoin tycoon of China.
The technology firm’s chairman said that the company would tap qualified investors outside China to raise funds denominated in the tether, a US-dollar backed stablecoin and list it on a cryptocurrency exchange.
Stablecoin is a cryptocurrency pegged to a stable asset such as gold or hard currencies like the US dollar.
The firm’s executive director said that the company would be seeking to fund start-ups and cryptocurrency projects globally as he believes some blockchain unicorn-hopefuls were on track to disrupt the traditional financial system and break monopolies currently enjoyed by tech and internet giants.
The executive director, who is also a part-time lecturer at Zhejiang University in Hangzhou said that blockchain will become the mainstream technology in the next three to five years. The world and Hong Kong, in particular, is entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transiting from MS-DOS [disk operating system] to MS-Windows.
For the yen stablecoin project, the firm’s leadership said the founding partners of the Hangzhou fund under the firm’s name, are currently working with a mid-tier Japanese bank, whose name he refused to divulge, in creating a stablecoin.
The firm’s leadership said that it sees a demand for a yen-linked stablecoin and is hopeful of launching the token by the end of this year or early 2019 and the next anchor currencies that the tech company will explore are the Hong Kong dollar and Australian dollar.
The firm believes that cryptocurrency traders and exchanges will be potential takers of the stablecoin.
Many cryptocurrency exchanges already trade bitcoin and other cryptocurrencies such as ethereum and EOS against tether. The technology group’s yen stablecoin could provide an alternative that can be traded on these exchanges.
The executive director was also an early investor in the world’s second-largest maker of bitcoin mining rigs which is seeking to raise HK$7.84 billion (US$1 billion) and list in Hong Kong.
The executive director has invested HKD$122.4 million since 2015 through his own blockchain venture fund, and is expecting returns “to the tune of several hundred times”.
Currently, the founding partners of Hangzhou tech fund, together with some of its affiliated funds under the firm’s technology company, have invested HK$571 million globally in blockchain and cryptocurrency projects outside China.
These include investments in an open-source cryptocurrency that offers selective transparency of transactions; a blockchain start-up chain and a blockchain-based social media network.
This move is one of many of the investments and moves backed by the Hong Kong and Chinese governments aimed at boosting the adoption of, and investment in, blockchain technology across a wide range of products and services.
From fintech applications to medical technology to social media usage, the government of Hong Kong has made it abundantly clear that one of its main ways for re-vamping the city is through backing blockchain products similar to those mentioned above.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.