Category: Blockchain

Holon Forges Ground-breaking Partnership to Power a Sustainable Data Future at the Dubai AI & Web3 Festival

Holon, represented by Managing Director, Heath Behncke, is pleased to announce its partnership with the Dubai AI & Web3 Festival 2024 following the signing of a Memorandum of Understanding (MoU) between both parties. The collaboration is set to drive forward AI and property infrastructure integration within the Web3 and data storage sectors and underscores our commitment to supporting the UAE’s vision for a digitally advanced and sustainable ecosystem.

Heath, and a member of the festival’s advisory committee, emphasised the transformative potential of this partnership.  He described the collaboration with the Dubai AI & Web3 Festival 2024 as a crucial step towards advancing AI-driven innovations in sustainable data storage and computation that can re-purpose existing property infrastructure.  By combining Holon’s expertise in verifiably green data solutions with the festival’s influence, Heath aims to accelerate the adoption of environmentally friendly data management practices that is attractive for business.  He expressed his dedication to supporting the UAE’s vision of becoming a global leader in sustainable technology and highlighted Holon’s commitment to creating a future where AI-powered solutions not only enhance business operations but also contribute to a greener planet.Data consumption is exploding, with the Holon Data Report conservatively forecasting that over 75,000 Zetabytes (ZiB) per annum of data will be created by 2040 as a result of machine-generated data, and represents an exponential shift from the total of human-generated data of 1 ZiB in 2010 to over 100 ZiB in 2020. Additionally, approximately 4 ZiB of enterprise storage is available globally today, and the world will require closer to 1,000 ZiB of enterprise storage, or some 250 times larger than today’s capacity, by 2040. Unfortunately, this digital expansion is accompanied by a growing carbon footprint. According to Andrae & Edler, data centres are forecasted to consume 8% of global electricity demand by 2030. To mitigate this, a swift transition to sustainable data practices is imperative.  As Heath emphasises, “Data is the world’s new commodity that’s growing exponentially and guzzling energy like there’s no tomorrow. And if we want a data-sustainable tomorrow, it’s critical to leave dirty-data behind and move to verifiably green data as fast as we can.” Holon’s partnership with the Dubai AI & Web3 Festival marks a pivotal moment in the evolution of sustainable data management.  By combining Holon’s cutting-edge data infrastructure with the festival’s global influence, we are poised to drive significant advancements in AI and Web3 technologies.  Holon’s solutions, which underpin improved data collection, processing, analytics, application and visualization, combined with integrated energy efficiencies and existing property infrastructure, are essential components of a sustainable digital future.  We believe that this collaboration will serve as a catalyst for fostering a global ecosystem dedicated to responsible data practices and innovation.  Together, we are committed to shaping a world where data is not only a valuable asset but also a force for good.Join us at the Dubai AI & Web3 Festival 2024 to see how AI is reshaping the Web3 Sector. Holon looks forward to presenting further groundbreaking innovations in the coming months, as per its commitment to revolutionise AI in the Web3 sector. About Dubai AI & Web3 FestivalDubai AI & Web3 Festival, organised by the Dubai AI Campus in strategic partnership with DIFC and the Minister of State for Artificial Intelligence, Digital Economy & Remote Work Applications Office, is a premier event cementing Dubai’s role as a pioneer in the global digital economy.This dynamic platform brings together the brightest minds to explore and expand the commercial possibilities of AI and Web3 technologies.  Attendees will experience state-of-the-art integrations of artificial intelligence, blockchain, XR, and decentralised systems, driving the progression of digital economies and technological innovation.  Join us to engage with the future of technology at the Dubai AI & Web3 Festival.About HolonAn Australian-based publicly limited (unlisted) company, focused on innovation and technology since 2018, strives to be the greenest Web3 infrastructure company globally and the first to establish a 100% verifiably green data network. The company’s mission is to accelerate the transition to green data and empower data ownership by providing green edge, decentralized, distributed, and verifiable data storage and compute services for the data market, driven by the growth in AI and Web3.For more information, please contact:Shadi DawiDirector, Public Relations & Partnerships – Global & MEATrescon GlobalMobile: +971 55 498 4989shadi@tresconglobal.comValencia De SouzaSenior PR ExecutiveSOCIATE CommunicationsMobile: +971 50 562 5190valencia.desouza@sociate.ae

Verofax and NetGreen Announce Strategic Alliance to Accelerate Global Reforestation Efforts

– Expediting the Journey to Net Zero –

In a landmark initiative to combat climate change, Verofax, a leader in blockchain traceability and AI technologies, has partnered with climate tech startup NetGreen to activate retail channels to lead the change in re-greening our planet with trust and transparency.

Wassim Merheby, CEO of Verofax, with Nisreen Shadad, CEO & Co-founder of Netgreen.

This Memorandum of Understanding (MOU) between Verofax’ advanced technological solutions and NetGreen’s platform comes at a crucial time as businesses and consumers increasingly prioritize sustainability.

In fact, 88% of consumers want to make an environmental impact, but lack a trusted platform that is easy and affordable. NetGreen’s platform meets an urgent market need where individuals can purchase a plant-a-tree service from validated reforestation projects to combat climate change.

NetGreen’s unique approach enables participants to directly engage in reforestation through everyday transactions, such as converting loyalty points into tree plantings. This model not only supports carbon sequestration but also enhances biodiversity and fosters a deeper connection between communities and their natural environments.

Preventing Double Counting & Ensuring Validation of Reforestation Projects
With Verofax validating, reforestation projects becomes seamless using Verofax’ Tree Chain technology for identifying, tracking and measuring the carbon capture from trees using computer vision, AI drone feeds, geolocation, and an immutable ledger.

These technologies will automate operations to prevent double counting and ensure their alignment with the latest international standards, including Verra and UNFCCC CDM.

Nisreen Shadad, CEO and Co-Founder of NetGreen, stated, “Partnering with Verofax propels us towards our vision of a greener planet by enhancing the reach and effectiveness of our reforestation projects. Their advanced technology solutions will allow us to provide undeniable proof of impact to our participants, increasing trust and participation rates. This is a game-changer for environmental engagement.”

Wassim Merheby, CEO of Verofax, said, “This partnership is an excellent opportunity to showcase how innovative technology can be harnessed to address some of the most pressing environmental challenges. By supporting NetGreen, we are not only contributing to scaling reforestation but also demonstrating the potential for technology to create significant positive change.”

The MOU between Verofax and NetGreen is poised to set a benchmark for how technology can facilitate more sustainable practices across industries and communities worldwide. It underscores both companies’ commitment to leveraging strengths in promoting an environmental stewardship and global sustainability.

About Verofax
Verofax specializes in providing sustainable solutions with advanced track and trace capabilities through product serialization and blockchain technology. Their solutions enhance compliance and transparency across industries, promoting environmentally responsible practices. For further details, visit https://www.verofax.com.

About NetGreen
NetGreen is a climate action application that empowers individuals and businesses to participate actively in tree-planting projects aimed at re-greening the planet, expediting the journey Net Zero. Led by CEO Nisreen Shadad, the platform enables effective afforestation participation, enhancing biodiversity and fostering community connections to natural habitats. For more information, please visit https://netgreen.live.

For additional information, please register at https://netgreen.live/inquiry, join our community at https://linktr.ee/netgreen.live, or contact us at impact@netgreen.live.

SMI Vantage and The9 Limited Sign Cooperation Agreement to Expand Digital Mining and AI Collaboration

SMI Vantage Limited (SGX: Y45) (“SMI” or the “Company”), a company listed on the mainboard of the SGX and The9 Limited (Nasdaq: NCTY) (“The9”), is pleased to announce the signing of a Cooperation Agreement to strengthen their partnership in Bitcoin (BTC) mining and identify new opportunities for collaboration in artificial intelligence while building on the existing relationship between the 2 companies.

Key highlights of the agreement:1. SMI Vantage plans to host up to 100 of The9’s bitcoin machines that have processing power above 120 Terahashes per second (120 TH and above) at its East Malaysia facilities.2. SMI Vantage will explore for the benefit of both parties new digital mining locations in Southeast Asia and the Middle East, targeting facilities with 5 MW power supply (capacity for 2,000 machines and above).3. The companies will look for opportunities to collaborate on AI technology opportunities, further to The9’s recent investments in retail and educational AI technologies.Mark Bedingham, CEO of SMI Vantage, commented: “This agreement deepens our partnership with The9 and aligns with our strategy to expand our digital-mining operations. It also opens up opportunities for us in SAAS related businesses by identifying possible opportunities with our partners The9. This collaboration expands on the companies’ existing relationship, which includes SMI’s previous acquisition of digital-mining machines from The9.”The cooperation agreement takes effect on August 1st, 2024.About SMI VantageSMI Vantage Limited is an investment and management company focused on capitalising on strong trends in the new economy including Food and Beverage related businesses, technology-based SaaS services and other high-tech platforms. Listed on the Main Board of the Singapore Stock Exchange, SMI Vantage Limited has a highly capable and experienced management team with a proven track record in building strong business partnerships and alliances.About The9 LimitedThe9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 aims to become a global diversified high-tech Internet company and is engaged in blockchain business including the operation of cryptocurrency mining. The9 is also stepping into AI application business in different industries.For media queries, please reach out to:Waterbrooks Consultants Pte LtdWayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707Proud Investor Relations partner:https://www.waterbrooks.com.sg/, https://www.shareinvestorholdings.com/ and https://www.alphainvestholdings.com/ 

Fabwelt & Blockpass Jointly Build Trust, Fight Fraud in Blockchain Gaming

Fabwelt and Blockpass are delighted to announce a partnership as the blockchain game ecosystem secures its WELT gamingverse against the threat of fraud and other illicit activity. In doing this, Fabwelt continues its mission to create a level playing field for the diverse range of high-end and casual games where players can seamlessly interact with digital assets and can enjoy all the benefits of blockchain in a gaming environment.


Seeking to redefine gaming in the virtual space, Fabwelt is creating the largest high-end gaming ecosystem on the blockchain. Players can enjoy sports, racing, FPS and many other genres that Fabwelt provides for the Web3 game expert to experience. Offering play-to-earn games and a seamless integration of NFTs, Fabwelt also opens up revenue streams for its users to match real-world value to virtual entertainment. Fabwelt offers a host of exciting opportunities alongside in-game and universal NFTs, including avatars, an educational platform, statistical analysis, enhanced gameplay and graphics, and a focus on security and compliance.

Blockpass, known as “Web3’s OG Identity Verifier,” has pioneered reusable identities and crypto-native KYC/AML solutions. Its turnkey suite of compliance tools is designed to lower onboarding costs, automate remediation, prove humanity and protect against malicious actors, fraudulent activities, bots, and AI. Businesses can set up services quickly, test them for free, and start verifying users. With around one million verified identity profiles, Blockpass facilitates instant onboarding, and to date over a thousand businesses have taken advantage of this opportunity to benefit from Blockpass’ compliant network.

“As CEO of Fabwelt Studios, I am excited about our collaboration with Blockpass, a leader in identity verification for the Crypto Economy.” said Abhishek Pegada, Fabwelt CEO. “This partnership marks a significant step towards improving user experience by implementing robust KYC, KYB, and AML solutions. By working together, we aim to not only simplify compliance processes but also to bolster trust and security within our platform. We are dedicated to innovating and providing our users with a seamless and trustworthy digital transaction experience.”

“We’re delighted to be able to partner with Fabwelt and provide simple, secure and efficient compliance services to their rapidly expanding ecosystem.” said Blockpass CEO Adam Vaziri. “Gaming services have the potential to grow blockchain engagement through fun and rewarding methods and Fabwelt is doing just that. Assisting Fabwelt in providing meaningful earning opportunities to a whole new audience is an example of exactly what we designed Blockpass for.”

Through this collaboration, Blockpass and Fabwelt will open up safe and secure avenues for anyone who wants to engage with gaming and earning opportunities in Web3, pushing the evolution of play-to-earn gaming through tokenization and decentralized engagement whilst ensuring the highest standards of regulatory compliance.

About Blockpass

Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market’s most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC BotTM for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYCTM to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

Learn more and engage the Blockpass team:
Website: http://www.blockpass.org
Email: sales@blockpass.org

About Fabwelt

Fabwelt is a ground-breaking concept that integrates blockchain technology into the heart of high-quality games of all types and genres. With in-game NFTs, Play to Earn, and DEFI, we create a high-end gaming ecosystem and enhance the fun. A multi-genre gaming ecosystem that includes genres such as 3D First Person Shooter, Action-Adventure, Simulation, Strategy, Fantasy, and many others. In-game NFTs as assets, collectibles, and strategic utilities resurrect the fun of Blockchain gaming.

We incorporate all of our games into a never-before-seen digital reality. This is referred to as the Gamingverse. We provide the technology to have never-ending fun with features like Universal NFTs, digital cross-game identification, and multi-tiered tournaments, which are powered by gamers.

We invite you to:
Join the Fabwelt Discord, where you can meet and engage with Welties in the community.
Come and play Arsenal with the community.
DM us – our team is eager to help your ideas and initiatives come to life.

Website: https://www.fabwelt.com/
Telegram: https://t.me/FabweltToken
Discord: http://discord.com/invite/Q3cetjFRTG
LinkedIn: https://www.linkedin.com/company/fabwelttoken/
Twitter: https://twitter.com/FabweltToken 

RD Technologies Joins the HKMA Stablecoin Issuer Sandbox

Pioneers Stablecoin Innovation

RD Technologies announced today that its subsidiary, RD InnoTech Limited, has been admitted to the stablecoin issuer sandbox of the Hong Kong Monetary Authority (HKMA). Among the first batch of entities to join the sandbox, RD Technologies will conduct testing for various use cases of its proprietary Hong Kong Dollar stablecoin, “HKDR”, such as digital asset trading and cross-border trade payments.

Today’s announcement represents a major milestone for RD Technologies mission to help develop the financial infrastructure for the Web3 ecosystem in Hong Kong through the issuance of reliable and trustworthy stablecoins compliant with high regulatory standards.

“We are honoured to be amongst the first batch of entities to participate in the HKMA sandbox,” said Norman Chan, Chairman of RD Technologies. “RD Technologies remains committed to the mission of offering innovative solutions to help enrich the financial infrastructure that is essential in building Hong Kong as the Web3 hub of the world.”

“We are excited to be participating in the HKMA’s sandbox arrangement. My team at RD Technologies is fully ready to communicate with the HKMA closely and demonstrate our superior technical capability, robust risk management and user friendly stablecoin solutions that are in compliance with high regulatory standards. RD Technologies will continue to contribute to the development of the Web3 ecosystem in Hong Kong.” said Rita Liu, CEO of RD Technologies.

About RD Technologies:
RD Technologies Group (“RD Technologies”) deploys innovative Fintech solutions to connect the business world by trust. RD Technologies is a unique financial platform that connects the Web2 and Web3 world and market participants through the provision of an HKMA licensed B2B digital wallet for fiat money, which was launched in November 2023, and Hong Kong Dollar stablecoins to be tested shortly under the HKMA sandbox. Based in Hong Kong and facing the world, RD Technologies’ mission is to facilitate cross-border trade and financial transactions through the provision of efficient, safe, and innovative payment solutions for businesses, thereby contributing to the development of Hong Kong as a trade and financial hub in Asia.

The world of Web3 holds great promise for the future, and stablecoins play a crucial role in this evolving landscape. RD Technologies plans to engage regulated exchanges globally as well as payment partners to enable more cost and time-efficient cross-border payments and settlements. By leveraging our strong partnerships with licensed financial institutions, RD Technologies aims to drive the mainstream adoption of HKDR. Additionally, RD will develop innovative use cases that showcase the benefits of compliance, ensuring the safety and security of HKDR to all its users.

For details: https://rd.group

About HKD Stablecoin (HKDR):
HKDR is the Hong Kong dollar stablecoin that RD Technologies is exploring to launch. HKDR’s value will be 1:1 in Hong Kong dollars, and its backing reserves will be made up of high-quality, highly liquid assets safe-kept in a segregated custody account with licensed financial institutions. Details of the reserves will be available to the public through independent third-party attestation reports published on a regular basis.

For details: https://rd.group/hkdr

Media Enquiries:

RD Technologies
Arian WANG
Mobile: (852) 6221 7008
Email: pr@rd.group
Direct email: arian.wang@rd.group

AI-Blockchain Platform ChainGPT Secures Launchpad with Blockpass KYC

The advanced AI model for blockchain solutions, ChainGPT, and Blockpass, the Web3 compliance provider, are pleased to announce that ChainGPT’s decentralized fundraising platform and launchpad utilizes Blockpass’ KYC platform to secure its ecosystem and ensure the highest standards of compliance are met. Through this move, ChainGPT Pad – ChainGPT’s combined incubator and launchpad – is able to facilitate the development of projects in a safe and regulated manner.

ChainGPT utilizes the power of AI to create revolutionary tools such as AI crypto trading analysis, AI NFT generation, AI smart contract generation, and more. Its ChainGPT Pad solution is an IDO platform that enables projects looking to introduce a token into their systems and launch it via Initial DEX Offerings (IDOs). Through this, ChainGPT Pad will facilitate the development of the next generation of AI, Infra, DeFi, DecSi, and SocialFi projects. Pooling capital from retail users through its decentralized platform, ChainGPT’s IDOs provide higher security for end users than alternate fundraising methods by collecting the funding and only releasing to the projects after the satisfaction of certain criteria. At the same time, the ChainGPT Lab incubation and acceleration program is a multi-month-long program of an intense and intimate collaboration between promising projects that are looking to launch into Web3 that provides support and guidance alongside the acceleration of development for the projects.

Blockpass, the Safe Network for Crypto™, pioneered reusable identities and crypto-native KYC/AML solutions. Its turnkey suite of compliance tools is designed to lower onboarding costs, automate remediation, prove humanity and protect against malicious actors, fraudulent activities, bots, and AI. Businesses can set up services quickly, test them for free, and start verifying users. With more than one million verified identity profiles, Blockpass facilitates instant onboarding, and to date more than two thousand businesses have benefitted from Blockpass’ compliant network.

“With the integration of Blockpass KYC into ChainGPT Pad, we are setting a new standard for compliance and security in the decentralized fundraising space. Our collaboration ensures that ChainGPT ecosystem is providing a secure environment for our community and fostering trust in the ecosystem,” said the ChainGPT Team.

“ChainGPT and ChainGPT Pad represent the next stage in the evolution of blockchain solutions by harnessing the power of AI, and we’re delighted to be able to play a part in seeing its new and exciting possibilities brought to fruition,” said Blockpass CEO Adam Vaziri. “AI has the potential to fundamentally change how services and solutions are developed and we’re fully prepared to ensure that such processes are carried out in accordance with the highest regulatory standards in order that we can all realize this future without issue.”

By working together to develop these solutions, Blockpass and ChainGPT aim to create a safe and secure ecosystem where Artificial Intelligence can transform crypto, blockchain and Web3 through improved efficiencies, privacy-centric solutions, increased automation and a host of other benefits that machine learning and AI can enable.  

About Blockpass
Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market’s most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC Bot(TM) for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYC(TM) to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

Learn more and engage the Blockpass team:
Website: http://www.blockpass.org
Email: sales@blockpass.org

About ChainGPT
ChainGPT is the leading provider of AI-powered Infrastructure for the crypto, blockchain, and Web3 industry. From automated smart contract generation and auditing to advanced Web3 AI chatbot, AI-powered news aggregation, AI Trading Assistant, Cross-Chain Swap, and AI NFT Generator, ChainGPT is the most sophisticated, end-to-end AI solution on the market. To learn more about ChainGPT AI Tools, we invite you to visit the ChainGPT use-case page.

For more information, visit: https://www.chaingpt.org/

Denario Announces Strategic Partnership with Inacta Ventures to Revolutionize Precious Metals Ownership

Denario, a Swiss fintech leader in digital precious metals, is excited to announce a strategic partnership with Inacta Ventures, a renowned Swiss and UAE Web3 venture builder. This collaboration marks a significant advancement in Denario’s mission to provide innovative and accessible solutions for precious metals ownership.

Revolutionizing Ownership through Tokenization

The partnership leverages Denario’s expertise in digital precious metals and Inacta Ventures’ leadership in Web3 technology. By combining innovative tokenization of real-world assets with access to Inacta’s broad ecosystem, Denario aims to revolutionize the way people own precious metals.

Expanding Global Reach and Accessibility

“With this collaboration, we are pushing Denario on a global scale, giving people innovative access to precious metals,” stated Thomas Winkler, Chairman of Denario. Denario offers a unique asset token providing exposure to physical silver and stability of value.

Inacta Ventures’ Support

Ralf Glabischnig, Founder of Inacta Ventures, expressed his enthusiasm: “We are thrilled to integrate Denario into our portfolio. This collaboration will accelerate the development and adoption of tokenized silver worldwide. Not only can we give Denario access to our ecosystems in the UAE and Switzerland, but we will also open access to the token via our platform Tokengate, which specializes in the tokenization of real-world assets.”

Tokengate, an Inacta venture, is at the forefront of asset tokenization in Switzerland. It will support Denario in launching silver coins on various blockchains and facilitating access through a customized application.

About Denario

Denario is a Swiss Fintech leader in digital precious metals. Denario offers a unique asset token, fully backed by physical silver securely stored in Switzerland. One Denario Silver Coin (DSC) is backed by one ounce of silver granules.Each Denario token represents a digital twin of the underlying physical silver, providing investors with exposure to precious metals in a convenient and fractionalized form. Denario operates as a recognized security token, ensuring compliance with Swiss financial market regulations.

About Inacta Ventures

Inacta Ventures is at the forefront of the WEB3 revolution, building on three key pillars: Ecosystem Development, Venture Building, and Smart Capital. As a leading venture builder and network enabler, we specialize in connecting startups and corporates to unlock the potential of WEB3 technologies. Based in the dynamic ecosystems of Crypto Valley in Switzerland and Crypto Oasis in UAE, we provide the essential resources and expertise to build, deploy, and scale breakthrough WEB3 products, enabling enterprises and our 100+ portfolio companies to unlock their potential.

Media Enquiries:
Yonghan Lee, CEO, Denario (y.lee@denario.swiss)
Tom Rieder, Inacta Ventures (tom.rieder@inactaventures.ch)

Standard Chartered GBA business confidence survey shows sentiment holding up

Findings highlight sustained growth momentum

Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the Standard Chartered GBA Business Confidence Index (GBAI) for the second quarter of 2024. The “current performance” index for business activity remained largely unchanged in Q2 at 54.1, compared to 54.3 in Q1, and near its strongest level since Q2 of 2021. The GBAI “expectations” index rose to 54.8 in Q2 from 54.0 in Q1, registering its first rise in five quarters. The figures remain comfortably above the 50 neutral mark, reflecting sustained expansionary momentum following a solid start to the year.

At the city level, Hong Kong’s “current performance” rose to 47.1 from 43.3, while “expectations” increased to 49.7 from 44.2, getting closer to the 50 neutral level. However, Guangzhou’s “current performance” index fell to 53.6 from 57.1 and “expectations” dropped to 56.6 from 60.6. Shenzhen posted the highest “current performance” at 57.3 and “expectations” at 57.1.

The performance among specific industry categories was diverse. “Retail and wholesale” (+3.9 points for “current performance” and +2.6 points for “expectations”), “financial services” (+15.0 points, +10.7 points) and “professional services” (+7.6 points, +12.3 points) all improved materially quarter-on-quarter. The May Labour Day holidays and an early start to the “618” online shopping festival probably boosted household demand, allowing “retail and wholesale” to beat “manufacturing and trading” (-0.9 points, +0.7 points), despite the latter’s stronger start to the year.

“Innovation and technology” (I&T) appeared to take a hit from tariff concerns, with the category’s “current performance” sub-index plunging to 43.9 from 57.8 previously, and “expectations” falling sharply to 38.1 from 54.6 in Q1. However, the level of confidence across I&T respondents varied in the three key cities of Shenzhen (42.0 for “current performance” and 33.7 for “expectations”), Guangzhou (50.0, 59.4) and Hong Kong (63.2, 76.0). This shows that not all tech companies are equally vulnerable to tariff hikes from countries in the west.

Kelvin Lau, Senior Economist, Greater China, Standard Chartered, said: “During the survey period, the US hiked tariffs on US$18bn worth of imports from China as part of its Section 301 review. The same period also marked the run-up to the European Commission’s more recent decision to impose anti-subsidy tariffs on Chinese electric vehicles (EVs). Some of our I&T respondents are probably part of such EV and lithium battery supply chains, and their reliance on external demand could be a lingering concern going into the US elections. That said, we take comfort from Hong Kong’s I&T outperformance, which likely reflected the city’s recent innovation and technology push via attracting strategic enterprises and related talent.”

New quality productive forces offer investment catalyst
The term “new quality productive forces” describes China’s push to modernise its economic growth model through technological innovation and transformation. While one of the main concerns over the push is whether there will be enough demand to absorb output from the increase in production capacity, only 11.7% of respondents saw “a very high risk” of overinvestment and potential overcapacity in some of the new industries, while a more substantial 36.7% described this as “only a low risk” while acknowledging that risks exist.

The risk of overcapacity or macro concerns such as an uncertain economic outlook did not deter GBA companies from upgrading equipment and planning to make other business investments in the next 12 months. Of the respondents, 26.1% said they planned to increase such investment materially or marginally, versus just 6.9% planning a decrease. A majority 67% opted for no change.

Irina Fan, HKTDC Director of Research, said: “Recent economic data from Mainland China indicates that the country’s growth remains at a solid pace so far this year. A greater role for Hong Kong is expected, particularly in the area of industrial transformation as the country focuses on pushing through the new quality productive forces. We also see room for financing and investment expectations to play catch-up.”

About the GBAI
The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA.

Related materials

Photos download: https://bit.ly/4ePUtql

A person and person holding signsDescription automatically generatedKelvin Lau (left), Senior Economist, Greater China, Standard Chartered, and Irina Fan (right), Director of Research, HKTDC, announced the latest GBA Business Confidence Index (GBAI) today (8 July).    
A person in a suit speaking into microphonesDescription automatically generatedKelvin Lau, Senior Economist, Greater China, Standard Chartered      
A person speaking into microphonesDescription automatically generatedIrina Fan, Director of Research, HKTDC 

Media enquiries

Corporate Affairs DepartmentStandard Chartered Bank (Hong Kong) Limited
Lilian Goh
Tel: (852) 3843 0341
Email: lilian.goh@sc.com 
Communications & Public Affairs DepartmentHKTDC 
Katy WongClayton Lauw
Tel: (852) 2584 4524Tel: (852) 2584 4472
Email: katy.ky.wong@hktdc.orgEmail: clayton.y.lauw@hktdc.org

About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.

To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Kadena Announces Nitin Gaur as Advisor

Former IBM Blockchain Lab Founder and Global Head of Digital Assets at State Street Named Advisor to Industry’s Only Scalable Proof of Work Blockchain

Kadena, the industry’s only scalable Proof-of-Work blockchain, welcomes Nitin Gaur, the founder of IBM Blockchain Lab and a former Global Head of Digital Assets at State Street, as an advisor. Gaur, a distinguished leader in blockchain with a robust patent portfolio, brings a wealth of knowledge and expertise to guide Kadena’s strategic direction for implementing a decentralized approach to traditional finance.

Kadena Announces Nitin Guar as Advisor
Kadena Announces Nitin Guar as Advisor

Stuart Popejoy, CEO and co-founder of Kadena, expressed his excitement about the new addition to Kadena’s advisory team. “We are thrilled to welcome Nitin Gaur to Kadena as an advisor, joining blockchain inventor Dr. Stuart Haber, among others. His deep understanding of blockchain technology and his institutional background will be instrumental as we continue to push the boundaries of what is possible with our platform.”

Gaur shared in the excitement to join Kadena. “Kadena has a bright future with a world-class team of executives and advisors. I’m excited to bring my experience in blockchain-powered business networks, especially in financial services, to add to a strong foundation.”

Gaur’s contributions to the field extend beyond his work at IBM and State Street. He is a sought-after speaker at various global events, advised on digital currency initiatives at Stanford University, and holds 100-plus patents.

For more information about Kadena and its initiatives, please visit www.kadena.io.

About Nitin Gaur
Nitin Gaur is currently the founder and CEO of LedgerLink, an AI-driven Web2.5 platform. The goal of LedgerLink is leading Digital Asset and Technology Design, with aspirations to transition part of the company’s financial market infrastructure and its clients to the new digital economy. In this role, Gaur aims to dedicate energy to bridging traditional finance and emerging decentralized finance with concepts around enterprise-grade digital-asset custody, risk-model frameworks, tokenization of traditional assets, and fund structures to transform and modernize the market infrastructure with a vast partner ecosystem. Nitin Gaur also serves as the CTO and co-founder at Portal Asset Management, an acclaimed crypto hedge fund. He is also the co-host of the “Beyond Bitcoin” podcast, which offers deep insights into the evolution and adoption of digital assets across industries.

In his previous role, Nitin Gaur served as Managing Director at State Street and was the founder and Director of IBM Digital Asset Labs – committed to devising industry standards and use cases and working towards making blockchain for enterprise a reality. In parallel, Gaur also served as CTO of IBM World Wire – a cross-border payment solution utilizing digital assets. He also founded IBM Blockchain Labs and led the effort to establish blockchain practices for the enterprise. Prior to this role, Gaur was working in the capacity of CTO, IBM Mobile Payments, and Enterprise Mobile Solutions. Gaur holds an MS in Management Information Systems and an MBA in Finance from The University of Maryland. He was also appointed as an IBM Distinguished Engineer and was recognized as a Master Inventor with a rich patent portfolio.

About Kadena
Kadena, a blockchain technology company founded in 2017 by Stuart Popejoy and Will Martino, who created JP Morgan’s first blockchain and led the SEC’s Crypto Committee, stands as the industry’s only scalable layer-1 Proof of Work (PoW) blockchain. This unique scalability enables Kadena to deliver infrastructure-grade performance for any blockchain project. Along with our smart contract language Pact, Kadena’s platform provides the world with the tools and environment to turn ideas and ambitions into reality, paving the way for true blockchain mass adoption.

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SOURCE: Kadena

Anthony Scaramucci and Blockchain Founders Fund Lead TDMM’s Strategic Round, Setting Stage for $75 Million Round

TradeDog Market Management (TDMM), a global leader in crypto trading with over $10 billion in trading volume, has secured investment from prominent venture capital firm Blockchain Founders Fund (BFF) and renowned Wall Street investor Anthony Scaramucci. This joint investment signifies the collective confidence in TDMM’s innovative approach to crypto trading and its potential to become a major player in the global crypto space.

TradeDog Market Manager (TDMM) announces its seed round fundraiser after successfully closing a strategic round for select VCs with a large Token portfolio led by Blockchain Founders Fund (BFF) and Anthony Scaramucci, SkyBridge Capital.

Key Highlights

  • TDMM’s pioneering institutional-grade crypto trading solutions now have a powerful validation for institutional investors and their existing clients.
  • This strategic investment fuels TDMM’s ambitious growth and investment plans. The capital influx will be instrumental in securing strategic investments in Token Startups and Enterprises.
  • The partnership with BFF and Mr Scaramucci grants TDMM access to invaluable expertise and a vast network within the blockchain industry and traditional finance.

TDMM is a leading crypto market-making solutions provider, offering comprehensive yield and exit management services to institutional clients worldwide and liquidity, treasury, and inventory management to token companies. It is integrated with 60+ CEXs and DEXs and manages 100+ assets across 300+ pairs.

“At TDMM, we see our partnership not just as an investment, but as a shared vision for the future of crypto trading,” said Saqr Ereiqat, CEO of TDMM. “We are committed to redefining Token Market Making (MM) by engaging transparently with our clients, providing sophisticated financial services, and the execution, a token needs to thrive and succeed. Together, we aim to revolutionize the landscape of MM and set the golden standard of collaboration and mutual success.”

Ateeq Farooqui, Head of Trading and Co-Founder of TradeDog Group responded, “Gaurav and I started aggressive crypto trading alongside our mining operations in 2015 to mitigate our risk around the mined Coins. We’ve come a long way from there and we are working towards onboarding large institutional capital through our extensive suite of services.”

BFF is a prominent venture capital powerhouse that invests globally in top-tier, early-stage blockchain startups at the seed and pre-seed stages. The fund leverages its extensive industry knowledge and network to empower these companies and drive innovation within the blockchain space. BFF extends beyond traditional financial backing and cultivates a collaborative partnership with its portfolio companies, providing access to a curated network of leading figures in cryptocurrency and traditional finance sectors.

“TDMM is at the forefront of revolutionizing crypto trading with their pioneering solutions. Our investment in TDMM is a testament to our belief in their vision and capabilities. We are excited to support TDMM as they set new industry standards and drive the future of institutional engagement in the digital asset market.” – Aly Madhavji, Managing Partner, Blockchain Founders Fund.

Skybridge Capital is a Multi-Billion Dollar Alternative Investment Fund founded by Anthony Scaramucci, an Investor at Blackrock’s Bitcoin ETF, iShares. He also founded SALT, one of the world’s largest conferences for Fund Allocators and managers. ‘The Mooch’ is a seasoned investor and astute market observer with a blockchain vision. He brings a wealth of experience and a vast network crucial in capitalizing on emerging opportunities with the Institutional Financial world looking to invest in Web3.

As digital assets reshape the global financial markets, TDMM embarks on this new chapter, facilitated by Anthony Scaramucci’s acumen and BFF’s unparalleled experience, to scale new heights and position itself for continued success in the digital asset sector.

About TDMM

TDMM is an established crypto trading firm with solid traction and a thriving ecosystem from TradeDog Group. The company builds scalable liquidity on digital assets, generating over $5 billion in trading volume. With a team of 30+ professionals across 20+ countries, TDMM serves 40+ clients across Defi, GameFi, and Infrastructure.

About Blockchain Founders Fund (BFF)

Blockchain Founders Fund is a leading early-stage (seed and pre-seed) Web3 Venture Capital fund that invests in top-tier founders globally. Its backers include a strategic mix of the leading crypto and traditional finance firms.

BFF invests in highly promising startups, focusing on go-to-market strategies and taking a hands-on approach to driving value. BFF helps curate strategic partnerships, hire talent, accelerate growth, and ensure portfolio founders are well-capitalized. Their team comprises builders and operators who have scaled many leading Blockchain startups and are on a mission to support all-star teams shaping the Web3 industry.

About Anthony Scaramucci

Anthony Scaramucci, a luminary in investment circles, brings a wealth of experience in traditional finance and the burgeoning blockchain sector. Anthony is a prominent figure in the investment community and is mainly known for his strategic blockchain investments. His firm is at the forefront of incorporating blockchain technology into traditional finance, managing a diverse portfolio of digital assets.

Media contact:
Plato Data Intelligence
Zephyr@platodata.io