【FINMETA獨家】香港投資推廣署梁瀚璟談WEB3新發展（中英對照）

日期：2023年11月10日 上午8:52編輯：Annie

2023年11月8日，高爾街集團（Coinstreet）旗下高普CS-PRO啓動典禮在香港數碼港舉行，公佈其未來在STO賽道的重要發展方向。香港數碼港、微軟、四方精創、InvestaX、Matrixport、HKBA等機構參會，財華社、FINMETA作為活動重要的媒體支持夥伴，參與活動報道宣傳。

香港投資推廣署金融科技主管梁瀚璟先生在會上發表英文主題演講。以下為雙語文字整理：

我去了倫敦、舊金山、東京、新加坡，下周要去上海。我之所以提到這些地方的原因是，凡是我去過的地方，我不僅會花時間邀請公司來香港，還會嘗試與那些地方的政策制定者和行業領導者交流。以下是我基於出訪及對話，得出的結論。

The London, San Francisco,Tokyo，Singapore，and next week the Shanghai and so on. Now the reason why I mentioned all these places is because all the places I have been to, not only would I spend time to invite companies to come to Hong Kong. I also try if I can talk to the policymakers to regulate this and the industry leaders at those places. Now, so here's my conclusion so far based on all these trips and all these conversations.

如果我們要總結一下圍繞數字資產的所有機會，並將其歸納為幾個關鍵機會。那麽，確實可以說，數字資產一直被視為最高級、最有前途的機會或工具。

Now, if we were to, in a way, summarize all the opportunities around digital assets, down to a few key opportunities. So that true that consistently being ranked as the highest and most promising vehicles or opportunities going forward.

第一個機會，是現實世界資產的代幣化，這幾乎在我去過的所有地方都是一致的。每個人都非常重視這一點。

Number one, the tokenization of real world assets is almost consistently across the different places been to. Everyone is just really, beg a big on this.

第二個機會，是穩定幣。起初，有些人可能沒有意識到它有多大的潛力。畢竟，你看看今天主要穩定幣的市值，大約是2000億美元，這似乎很小對吧？但在宏觀層面上，它的影響是巨大的，我稍後會解釋。

The second one is stable coin. At first, some people might not realize how big this can be. This, after all, you look at the market cap of the major stable coin today, you're talking about roughly 200 billion US, is just tiny right? in the grand small things. But the impact is huge, which I will explain shortly.

與此同時，我們也與很多人合作，特别是與大陸合作，因為我們知道香港有這個包容性政策，我們接待了很多國際和大陸代表團，來向我們展示他們的計劃。

Now, at the same time, we also work with a lot of folks, particularly for mainland China, knowing that Hong Kong has this embracing policy that we have hosted a lot of in the international and the mainland delegations moving down to the Hong Kong to show us what they've been planning.

現在我想詳細闡述三件事情。首先，回到現實世界資產的代幣化問題上來，自然地，你會談到兩個趨勢。一個是我們今天討論的STO（證券型代幣發行），另一個是非證券型的現實世界資產代幣化。對於STO，我在與不同國家的不同人交談時發現，所有人都將其視為一個新的融資渠道，但人們會想，嗯，已經有很多融資渠道了。為什麽要費心去做另一個呢？對嗎？為何要做STO。

Now so that there are three things I want to elaborate a little bit. Now, first of all, going back to the tokenization of real world assets, naturally, you talk about 2 streams. One stream is the STO, which we talk about today. The second would be the non securities kind of real world asset tokenization. Now, for STO the one thing that's also consistent across different people within different countries that I talk to,now everybody looking at this as a new channel to do fundraising, but then people would think, well, there's just so many fund raising channels already. So why bother to do another one? Right? The STO.

但有趣的是，我們可能會再次發現，這並不是決定性的。這更像是一個數字，用來做前景的預測。我們正在關注一些地方的中期募資，大致在1000萬美元到2億美元之間。這個範圍既不受天使投資者、早期階段投資者和風險投資公司的青睐。現在，當你要進行IPO時，你自然也可以進行交易所等操作。

But the interesting thing is that we're looking at, perhaps, again, this is not definitive. It's more like a number to put things with perspective. We were looking at the middle section of fund raising anywhere, roughly between 10 millions US to 200 millions US.So that's the kind of range which is neither,well,served by the Angel,the early stage investors, the VC.Now, while you're going IPO, the naturally you can also exchange and so on.

但在中間的某個地方，通常來說，你要麽進入成長階段，接受風險投資，或者你可能與銀行有良好的關系。你可以獲得一些項目融資。但如果你不是那些像人工智能這樣高飛、性感的科技項目之一，那麽我認為風險投資渠道可能不起作用。現在，如果你有一些風險，對吧？根據銀行的定義，你也不是非常高科技。那麽在某種程度上，我認為你陷入了困境，銀行也不會為你提供融資。

But somewhere in the middle,typically, you either go to the growth stage,VC,or you might have some good relationships with the banks. You can get some project financing.But what if you are not one of those high flying, sexy tech projects like AI,well I think that VC channel may not work. Now, and what if you are some somewhat risky, right? By definition of banks, you're also not very high-tech. Then in some ways, I think you're kind of stuck that the banks will not offering you financing, too.

這就是為什麽我認為對於這種中間部分來說，幾乎就像是一個真空地帶。這不僅僅限於香港。我去過倫敦，情況也是一樣的。所以很自然地，要麽你看到通過成長階段接受風險投資來解決這個問題，要麽就是新的STO渠道開始發揮作用。

That's why I think for that kind of middle section,is where this is almost like a vacuum. It's not just about Hong Kong.I went to London,is the same thing. So naturally,either you saw this by having the growth stage,VC,or this new channel of STO comes to the play.

現在你可能會問什麽樣的項目適合這一類？讓我給你一個例子。例如，飛機融資。飛機融資並不是什麽新鮮事，但同時，當我們與一些有興趣在香港銷售的公司交談時，他們希望通過SPV來籌集資金，那麽使用STO就是他們籌集資金的一種渠道之一，這樣他們就有足夠的資金來購買香港的飛機，然後將飛機租回中國大陸給航空公司等等。

Now you may ask what kind of projects will fit in this category? Let me show you one example.Now, for example, the aircraft financing. Now aircraft financing is nothing new,but at the same time, when we talk to some of the companies interested to sell in Hong Kong in which they would like to raise money via spv then using STO is one of the channels for them to raise money, so that they have enough capital to essentially buy the planes in Hong Kong and then rents the planes back to mainland China,to the airlines and so forth.

現在你可能會問，為什麽這樣的項目適合STO呢？這個問題需要另作討論，我們已經進行了相當一段時間的這種類型的對話。一方面，我們必須考慮數字資產，你是否考慮過加密貨幣暴漲，比如狗幣這類瘋狂漲價的東西？但這並不是香港真正鼓勵的事情。對吧？我們真的希望數字化能夠幫助現實世界的資產和實體經濟。

Now you might ask, so why would this kind of project be interesting project for STO? Now, so that comes in another conversation and that type of conversations we have had for quite some time. Now on the one hand, we have to think about digital assets, do you think about the hockey stick,wow,the crypto, right? The super new, the dogy coin, right? The kind of crazy increase the prices, but this is not something Hong Kong is really encouraging. Right? We are really looking for digitalization to help the real world assets and real world economy.

現在，當我們考慮投資偏好時，只需考慮一下，許多保守的組織和大型機構投資者可能對投資高度投機性資產不太感興趣。即使他們這樣做，他們也不會將大量資產配置投入到這些類型的投機性資產中。

Now,when we think about the investment appetites, just think about it, a lot of defend offices, the large institutional investors, they may not be as interested to invest into the highly speculative assets. Even though they do, they would not put a big sum of their asset allocation in those kinds of speculative assets.

因此，他們真正尋找的是某種穩定的東西，他們可以理解的東西。但與此同時，這也是他們參與這種新的投資機會的一種新的方式。這就是為什麽像飛機租賃這樣的事情。你可以很容易地使用數學，同時，這是容易理解的事情。

Therefore, they're really looking for some kind of steady, something that they can understand. But at the same time is a new way for them to participate in this kind of new investment opportunities. That's why something like aircraft leasing. You can use easily to the math at the same time, something that it's easy to understood.

現在，當你能夠以不同的方式分配它時，進入壁壘可能不會那麽高，這只是我們已經看到的一個正在獲得一些交易的例子。這就是資產代幣化方面。

Now, while you're able to distribute it in different way where the entry barrier may not be as high, this is just one example that we have seen that's already gaining some transaction.So that's the security token side.

然後再次，現實世界的資產就像一個全新的遊戲。因此，我們與歐洲的公司交談過，例如Tomas和黃金。在香港，我們剛剛宣佈了一個項目，他們將泰坦尼克號的知識產權代幣化。在中國大陸，人們正在討論如何通過跟蹤數據並進行代幣化，進而用於消費。人們便可以看得到數據的初始權利及所有權，用於之後的銷售或租賃。

Then again, the real world asset is like the whole new ball game. So we've talked to companies in Europe, for example, Tomas and gold.In Hong Kong, we just announced a project in which they tokenized intellectual property in the form of the Titanic, the IP of Titanic.In mainland China, people are talking about how about tokenizing data by tracking the data and then they spend.So who can see the original rights, the ownership for the data, for subsequent selling or rental.

在現實世界的資產形式中，除了證券之外，還有各種各樣的不同用例。這非常令人興奮。我的意思是天空是無限的。這是第一部分。

There's just whole host of different use cases beyond securities in the world, in the form of real world assets. So this is super exciting. I mean the sky is limited. So this is the first part.

現在，快速觸及關於穩定幣的另一部分，我知道這可能不是今天的主要話題，但這同樣重要。很多時候當人們談論代幣化的現實世界資產STO時。你如何購買它們？按理說是在鏈上進行的。所以你必須擁有諸如穩定幣這樣的數字貨幣來購買。整個交易都可以在鏈上進行。因此，通過支付穩定幣，鎖定未來的投資機會，這是一個好的應用場景。

Now, just quickly touch on the other part about stable coin, I know this may not be the main topics today, but this is also equally important. There's a lot of times when folks talk about tokenized real world assets the STO. How do you buy them? It's supposedly on chain. So you have to have the digital currency in the form of, for example, stablecoin to pay for it. The whole transaction can be on chain. So therefore, this is also a good use case where stablecoin can be used to pay for those future investment opportunities.

現在，同時，我們也已經和很多人快速地談過，考慮了使用案例。特别是適合香港的情況。這就是跨境支付如何？現在我們來考慮中國的跨境支付。僅此一項就有7萬億美元的市場，因為正如你們所知，中國制造商生產的東西，他們發貨後再賣掉，他們必須得到退款。有很多類似的用例。

Now, at the same time, we also have talked to quite a lot of folks quickly and think about what was the use case. There's specifically well fit for Hong Kong. And that is how about cross border payments? Now we'll think about the cross border payments in China. That alone is like 7 trillions US dollar market, because as many of you know,China manufacturer stuff,they shipped and then sell the reservoir, they had to get money back. There's a lot of remittances of kind of use cases.

現在，讓我們思考一下。這就像是7萬億美元。今天，他們使用的是所謂的傳統銀行業務。但現在，如果穩定幣成為主流，可以用作更快、低成本的跨境支付手段。這太龐大了，僅在中國就有7萬億美元。所以我們剛才討論的200億美元的循環與之相比基本上相形見绌。這就是為什麽您要擁有它，這也是非常令人興奮的。

Now and then just think about it. This is like $7 trillions. Today they're using the regular so called the banking realms. But now, if stablecoin become mainstream, that can be used as a much faster, low cost way to facilitate cross border payment. This is huge, just China alone 7 trillions. So the 200 billions of the circle the title we just basically paled by comparison. So that's why you have that, too. That is also very exciting.

最後但同樣重要的是，我們看到的另一個趨勢基本上將許多事情聯系在一起，就是今年我們看到的巨大需求。許多中國大陸公司現在正試圖將香港作為他們「出海」走向國際的基地，香港就自然具備發展空間。

Now at last but not least another trend we see which basically tied a lot of things together, is just enormous demand as we can see this year. There are a lot of mainland Chinese companies are now trying to use Hong Kong as a base to what they call「出海」 to go international. And naturally they use Hong Kong as space to do that.

現在，他們需要資本。所以並不是每個人都渴望IPO。對於那些想要來香港尋求融資需求的人來說，STO可能是一個有趣且可行的方式，幫助他們籌集資本以走向國際。這個市場是巨大的，因為我們告訴了許多來自中國大陸的人。他們正在到來。

Now well they need the capital. So not everybody is the greedy of IPO. For those they want to come to Hong Kong and that kind of middle section kind of for fund raising needs. STO could be an interesting and a viable way for them to raise that capital to help them to go international. This is huge because we told so many people from mainland China. They are coming.

因此，我非常興奮，現在許多看似不可能的事都發生了，感謝你們如此耐心地等待這個時刻的到來。但我確信付出將會得到回報。所以我希望大多數行業領袖能夠長期堅持做這件事。我只是希望我剛才分享的内容能夠啓發你們並激發更多的思考。這樣他們就可以思考其他方式來為這些運動做出貢獻。我們祈求香港作為未來的地位和價值，正如財政司司長在去年的金融科技周上所宣佈的那樣。非常感謝大家。

Therefore I'm just so excited that now the stars are all lines, so thanks for being so patient to wait for this come. But then I'm sure that these highways and pays paying off. So I sort of hope that I think the most of you are industry leaders will be doing this for a long time. I just hope that what I just shared and hopefully enlighten you and stimulate more thinking. So they can think about other ways to basically contribute to these movements. And we beg that Hong Kong as the future deserve as and how, as the financial secretary has announced at the FinTech week last year. So thank you so much.