Recently, Dr. Jiang Guofei (Geoff), President of Yunfeng Financial Group (Stock Code: 00376.HK) and Founder of AlphaToken, was invited by the world-leading 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 industry representatives. Dr. Jiang, combining his solid technical background and forward-looking financial practices, incisively outlined the paradigm shift Web3 is experiencing as it transitions from the "Wild West" era to the "Institutional" and "Rule of Law" era.
This dialogue was not only a confrontation between technology and finance but also a profound reflection by Yunfeng Financial on the new ecosystem of future asset management. Both sides engaged in candid and insightful exchanges 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.
01 From the "Western Wilderness" to the "Rule of Law Era": Compliance is the Only Ticket for Institutions to Enter
Host: At this year's carnival, the focus of the discussion is no longer on the "disruption" of infrastructure, but rather on the "deep integration" with the reality of the 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 "Western Wilderness" to the "Rule of Law Era". In the early days of the Wild West, people might have prioritized breaking conventions, but now in Hong Kong, the industry is entering a new stage governed by rules, as if we are laying down "railroads" and introducing "police" to establish order and hierarchy. For Yunfeng Financial, to truly thrive in this market, we need to navigate an extraordinarily complex four-layer architecture. First is the entry barrier, which involves compliance upgrades of licenses 1, 4, and 9 in the digital asset domain in Hong Kong; second is the institutional connectivity layer, where we need to address the pain points of fund custodianship and account opening with traditional banking systems, which often involve months of stringent due diligence.
Moreover, we must also face challenges at the technological compliance layer, including essential technical means such as KYC, AML, and transaction monitoring through KYT. Finally, there is the internal control and risk control layer, which concerns the safe auditing of assets during cross-system flows, organizational operations, and risk hedging. This transformation reflects a deep integration and alignment between the institutional rigor of Web2 and the technological nativity of Web3.
02 "Golden Triangle" Structure: How Will AI Engine Define the Future of "Digital Finance"?
Host: You particularly emphasized the role of AI in your discussions. In the next phase of digital finance, how will AI, data, and Web3 jointly construct the industry's "moat"?
Geoff: I have always believed that the future of digital finance will be supported by three pillars: data, AI, and Web3. The decision-making in digital finance relies heavily on a large amount of quality data from the market, which provides the "information disparity"; AI is responsible for analysis and decision-making, offering a considerable "cognitive disparity". Web3 serves as the underlying programmable settlement infrastructure, enabling instant asset swaps through smart contracts, resulting in a significant "time disparity" during clearing and settlement.
When these three elements create a chemical reaction, we can achieve an extraordinarily attractive vision of building "personalized AI-driven family offices" for the average individual. Under traditional logic, family offices are a privilege of a select few, but in the future, with the AI engine accurately filtering through billions of assets globally, combined with the ultra-low costs and high efficiency of Web3's instant clearing and settlement, this professional-level wealth management service will truly become inclusive, allowing everyone to enjoy institutional-level asset allocation capabilities.
03 The Essence of RWA: The "Disintermediation" Revolution in the Financial Industry
Host: Dr. Jiang, you once proposed that RWA is the "Taobao model" of the financial industry, which is a very vivid perspective in the industry. How do you think it solves the problem of the industry's profit model?
Geoff: The logic of RWA is essentially the "direct sales revolution" in the financial industry. In the traditional financial chain, the circulation path of products is extremely long, and each intermediary takes a portion of the profit, leading to inefficiency and high costs.
However, with RWA leveraging Web3 technology, it can achieve "disintermediation" of financial products. It directly connects the source of assets with investors, just like one can directly buy vegetables from the source farmers on Taobao. This "financial direct sales" achieved through Web3 technology, combined with AI's asset screening and risk penetration capacity, allows investors to directly access greater returns from underlying assets. This maximized efficiency enhancement is the core driving force that can truly generate sustainable profits for the industry and ensure its longevity.
04 Avoid the Unreal and Focus on Reality: Returning to Business Fundamentals, Crossing the "Wild West" Twilight
Host: For those talents or institutions preparing to enter this field, what fundamental advice would you most like to give? Today's fruitful communication between both parties has also benefited us greatly, so please summarize.
Geoff: My core insight is that the era of the Wild West has completely ended. The core considerations now are the business fundamentals, including what your product is, who your customers are, and whether your cash flow is sustainable. In a robust regulatory environment like Hong Kong, it can actually catalyze the emergence of genuinely valuable business closed loops.
In summary, the second half of Web3 is no longer a virtual game, but a deep integration with the real world. One should not always think of profiting through short-term conceptual speculation; such a model won't go far. The real challenge is whether you can use technological means to solve real financial pain points within a compliant framework. Only those who can bridge the rigorousness of traditional finance, deeply understand the regulatory climate, and truly know how to harness technological advantages to create real value can ultimately succeed in the next race of digital finance. Today's dialogue has been very pleasant, and we look forward to collaborating with industry partners to build a regulated, value-driven new ecosystem of digital finance together.
Dr. Jiang Guofei (right), President of Yunfeng Financial and Founder of AlphaToken
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 Protective Life Insurance Company (one of the top five life insurance companies in the United States). Its business covers insurance, securities brokerage, asset management, and financial technology. The group's subsidiaries hold licenses 1, 4, and 9 from the Hong Kong Securities and Futures Commission, and through its holding in Protective Life Insurance, it possesses a long-term insurance license from the Hong Kong Insurance Authority and is qualified as an MPF trustee. In the future, the group will fully embrace and integrate AI+Web3 blockchain technology based on the solid insurance and fintech foundation accumulated during the Web 2 era, as well as the rich resources of the Yunfeng Financial ecosystem, with the vision of "everything on chain, connecting the world", to create a new generation AI+Web3 financial services ecosystem.
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