From Traditional Finance to Web3 Payments: The Institutional Era Transformation in the Eyes of Qianfeng Lei

In the rapidly evolving wave of crypto finance, how do traditional financial practitioners view Web3.0? The answer from Qian Fenglei, Chairman of Hengfeng International, is quite representative. This well-known entrepreneur and seasoned investor recently shared his in-depth thoughts on industry development stages, policy environments, and future opportunities. His core viewpoint is that the Web3.0 industry is transitioning from a grassroots era to an institutional era, with Hong Kong becoming the central stage of this transformation.

Qian Fenglei is currently Chairman of Zhejiang Hengfeng International Holdings Co., Ltd., with operations across Mainland China, Macau, Hong Kong, Southeast Asia, and more. Due to his contributions to charity, he has received the “Top Ten Charity Star” award and was listed among Forbes’ top 100 philanthropists. Recently, in an interview with industry media, he publicly disclosed his company’s strategic shift—from traditional asset management to the Web3 technology finance sector.

Web3 is Not Just Technological Innovation, But a Rebuilding of Financial Services

To understand Qian Fenglei’s strategic layout, it’s essential to grasp his definition of Web3.0. He sees Web3.0 as the next-generation internet where all data and content are stored on-chain and owned by users. Its core goal is to create a more decentralized, user-friendly environment, effectively countering the monopolistic giants of centralized internet.

The core values of Web3.0 lie in three dimensions: openness, privacy, and co-creation. Through blockchain, smart contracts, and other technologies, it achieves decentralization, bringing unprecedented possibilities to financial services. Qian emphasizes that this is not merely a technological upgrade but a reshaping of the entire financial service ecosystem.

From an opportunity perspective, Web3.0’s impact on traditional asset management is multi-dimensional. In investment, emerging sectors like crypto assets, NFTs, and DeFi offer new growth points for traditional asset management. In terms of efficiency, blockchain and smart contracts significantly reduce transaction costs, enabling low-threshold, highly liquid global asset transactions. Regarding data assetization, Web3.0 facilitates efficient circulation of data assets, supporting high-quality development of the digital economy.

However, behind these opportunities lie three major challenges. First, regulatory uncertainty—decentralized lending involves multiple financial regulatory policies, and regulatory frameworks are still being explored, posing policy risk. Second, technical risks—issues like smart contract vulnerabilities and blockchain scalability could lead to unforeseen risks. Third, market volatility—decentralized lending relies on rising token prices and infinite staking for leverage arbitrage, which can amplify market fluctuations during volatile periods.

To address these challenges, Qian Fenglei proposes a dual approach: first, strengthen regulatory cooperation by actively collaborating with authorities to establish frameworks and ensure compliance; second, pursue technological innovation and risk management by continuously investing in blockchain, smart contracts, and related technologies, and building corresponding risk management systems.

Hong Kong Government’s Forward-Looking Strategy Injects New Vitality into the Web3 Ecosystem

Since October 2022, when Hong Kong issued the “Policy Declaration on the Development of Virtual Assets in Hong Kong,” the entire ecosystem has undergone a qualitative change. As a traditional financial practitioner based in Hong Kong, Qian Fenglei’s evaluation of government policies is highly positive and forward-looking.

The positive impact of these policies is evident on multiple levels. In policy support, the Hong Kong government has clarified its stance on Web3.0, setting future development directions, including key areas like stablecoins and tokenized assets (RWA). The market responded swiftly, demonstrating the policy’s effective guidance.

In regulatory framework construction, the government has introduced a series of supportive regulations—establishing Web3.0 associations, Web3 Hub funds, and implementing new licensing regimes for virtual asset service providers. These measures provide a new starting point for Web3.0 ecosystem development, helping to create a healthy, regulated market environment and promote sustainable industry growth.

Talent policies are equally important. The government’s policy report includes initiatives like establishing a “Talent Service Office” and expanding the “High-end Talent Pass Scheme,” aimed at attracting and cultivating the tech talent needed for Web3.0. Additionally, the government has allocated HKD 62 billion to future economic sectors, including fintech (covering virtual assets and Web3), reflecting strong industry support.

Nevertheless, Qian Fenglei believes there is room for further improvement, especially in regulatory coordination, international cooperation, and public education.

Hong Kong Dollar Stablecoin’s Dual Role: Bridge and Global Asset

Among numerous innovations in Web3.0, the Hong Kong dollar stablecoin is seen as a key strategic asset for Hong Kong. Hengfeng International has become one of the first investment institutions testing the HKD stablecoin “sandbox,” though confidentiality agreements prevent him from revealing specifics. Nonetheless, he has a clear understanding of its strategic significance.

The HKD stablecoin is crucial for Hong Kong’s position in Web3.0. It can serve as a bridge between traditional finance and DeFi ecosystems and has the potential to become an indispensable part of the global financial system.

Currently, the stablecoin market is dominated by USD-backed tokens, but as regulatory frameworks solidify, stablecoins supported by multiple fiat currencies are expected to grow. HKD stablecoins face competition from USD stablecoins but also hold significant market potential, especially in cross-border payments and trade financing.

An often-overlooked point is that HKD stablecoins and digital HKD (CBDC) can develop in a complementary manner. Digital HKD is suitable for internal circulation within Hong Kong, while HKD stablecoins are more appropriate for cross-border trade and payment settlements. Their different roles can create synergistic effects.

The development of HKD stablecoins is undoubtedly a complex but opportunity-rich field. The Hong Kong government has taken proactive measures, but there is still much to explore and innovate in technology implementation, market promotion, and regulatory coordination.

From Investment to Infrastructure: Hengfeng International’s All-In Strategy

Why is Hengfeng International entering this space? Qian Fenglei’s answer is straightforward: it’s a clear timing window.

Hengfeng International has traditionally focused on investment management in finance and virtual assets, but recently completed a strategic transformation—becoming a product- and technology-driven fintech company, especially in the Web3 payment sector. Currently, the Web3 payments industry is still in its early rapid growth stage, facing challenges like technological development, commercial application scenarios, and regulatory compliance, requiring resource integration including capital and talent.

He announced that Hengfeng International has just completed a $100 million funding round to consolidate upstream and downstream industry resources and bring new momentum to the payments sector.

As a licensed asset manager in Hong Kong, Hengfeng International has actively allocated resources to virtual assets. However, Qian emphasizes that mainstream virtual asset allocation is just a basic move; the company’s core focus is on fintech—massively investing in Web3 infrastructure, especially in payment products and practices. They are actively pursuing self-developed and acquired projects and plan to announce a series of acquisitions to accelerate resource and industry integration.

Both Qian Fenglei and the company will adopt an all-in approach, continuously producing results and driving industry development. A dedicated Web3 investment firm is also in planning.

Five-Year Vision: Becoming the Alipay of Crypto—Qian Fenglei’s Grand Ambition

Regarding five-year strategic plans, Qian Fenglei’s goal is very clear—establish industry leadership in Web3 payment.

His strategy centers on Web3 payments. He points out that the industry’s evolution from infrastructure, public chains, and protocols to DApps will inevitably revolve around payments. This development logic aligns with the Web2 evolution path. Payments are a massive sector requiring substantial resource investment.

Web3.0 is at a critical juncture—transitioning from grassroots to institutional era, moving from chaos to gradually integrated regulation. Hengfeng International is emerging precisely at this timing.

Backed by deep experience and resources from traditional finance, and having just completed a $100 million funding round, this is only the beginning of integrating traditional industries with the crypto sector.

Externally, Qian Fenglei envisions Hengfeng International as a company akin to Alipay in the crypto world. This statement reflects not only business ambition but also a deep recognition of the future potential of Web3 payment tracks.

Blockchain Empowering Charity: A New Path for Transparency and Trust

As a former top 100 Forbes philanthropist, Qian Fenglei pays special attention to blockchain applications in social welfare. This reflects his deepest understanding of Web3.0 technology.

Blockchain provides a decentralized database whose transparency and immutability make donations and resource allocation more transparent and trustworthy. The public can trace fund flows, ensuring donations are used properly, reducing risks of corruption and misuse—long-standing issues in traditional charity.

Blockchain can create decentralized fundraising platforms, allowing donations to flow directly to beneficiaries and reducing middlemen. Smart contracts can automatically release funds under predefined conditions, eliminating trust issues with traditional platforms. Donations can be recorded and executed in code—once certain conditions are met (e.g., fundraising target reached), funds are automatically released to beneficiaries. This reduces manual intervention risks and improves efficiency.

Most importantly, blockchain’s traceability allows donors to track how their contributions are used, ensuring funds reach the intended projects, thereby increasing public trust in charitable organizations and promoting sustainable development.

Therefore, Qian Fenglei believes that blockchain’s application in charity and social welfare not only enhances transparency and efficiency but also strengthens public trust—crucial for the sustainable development of philanthropy. As technology advances, blockchain will play an increasingly important role in social welfare and charity.

This understanding elevates Web3.0 from a mere financial innovation tool to a tool for social governance—aligning with Qian Fenglei’s highest vision: not just building a great payments company, but also promoting the entire Web3 ecosystem toward a more mature and benevolent future.