Core Insights - New Fire Technology has launched a private banking product aimed at high-net-worth individuals and institutions, addressing unmet needs in the Hong Kong market for virtual asset allocation [4][5][6] - The product has gained significant market recognition, with initial client interest exceeding expectations, leading to an increase in the number of trial clients from 100 to 130 [5][6] - The company aims to provide a comprehensive suite of services, including industry education, efficient account opening, convenient trading experiences, and full-chain support for asset management and trust services [6][10] Market Context - The Web3 industry in Hong Kong is still in its early exploration phase, with a focus on licensed exchanges, but there is a significant gap in services tailored for high-net-worth individuals [4][6] - The financial structure in Hong Kong differs from that in Japan, mainland China, and the U.S., with a concentration of financial resources among a small number of institutions and wealthy individuals [4] Product Features - The private banking product includes weekly industry reports to educate clients on market dynamics and assist in decision-making [6] - The average account opening time is 3.25 days, which is among the fastest in Hong Kong, with on-site assistance available [6] - A unique chat-based order placement system allows clients to communicate their trading needs easily, enhancing the trading experience [6] Team Expertise - The team has extensive experience in the Web3 sector, having contributed to the establishment of major exchanges and holding significant expertise in compliance and licensed operations [8] - The company is transitioning to a hybrid service model that combines human expertise with AI support for basic inquiries, ensuring high-quality service [7][8] Client Base and Market Potential - The company currently serves 130 individual clients and 50 institutional clients, with plans to expand its reach to traditional family offices that are beginning to explore virtual assets [10][11] - The potential market for family offices in Hong Kong is substantial, with estimates suggesting thousands of potential clients who may seek to diversify into virtual assets [9][10] Regulatory Framework - New Fire Technology holds multiple licenses in Hong Kong, including those for trading and trust services, ensuring compliance with local regulations [11][13] - The company is actively pursuing additional licenses to enhance its service offerings and regulatory compliance [13] Future Outlook - The company is optimistic about the long-term growth potential of crypto assets, citing historical performance and macroeconomic trends as indicators of future appreciation [12] - There are plans to support clients in cross-regional investments and to explore opportunities in the Real World Asset (RWA) sector, although regulatory challenges remain [14][15]