CashOn Launches Hong Kong's First Digital Currency Lending Platform

CashOn Launches Hong Kong's First Digital Currency Lending Platform, Valued at US$10 Million, Matching Borrowers with Financial Institutions for Fiat Currency Financing | Taiwan News | Jul. 24, 2024 09:50

HONG KONG SAR - Media OutReach Newswire - 24 July 2024 - CashOn, a technology finance company focused on fintech and Web3 applications, has announced the launch of Hong Kong's first digital currency lending matching platform. This platform helps customers access cash liquidity by using digital currencies, finding and comparing quotes from multiple financial companies, and providing suitable lending solutions, enhancing the fluidity between digital currencies and fiat currencies. AI big data for virtual assets censorship The global virtual asset lending market is burgeoning, with a leading digital asset lender processing a record US$690 million in loans in Q1 2024[1]. Reports indicate that over 200 million people in Asia hold digital currencies[2], and the digital asset lending loan book in ASEAN is growing annually by over 20%[3]. Despite the Hong Kong government actively promoting the digital asset sector, local virtual asset trading platforms (VATPs) are not allowed to offer lending services. This gap in the market has prompted CashOn to develop an innovative solution. Moreover, Traditional banks have yet to accept digital asset loans due to complex regulatory requirements. At the same time, small and medium-sized financial companies have also been reluctant to take on such loan requests due to the high thresholds of required expertise, technology, and licensing. In response, CashOn has built a brand-new digital currency lending matching platform that connects borrowers with licensed financial institutions, significantly simplifying the collateralized loan process and ensuring a more efficient allocation of assets. The platform employs a KYC (Know Your Customer) module and chain analysis module, using AI and blockchain big data technologies to encrypt and store customer data. These technologies help assess potential borrowers' digital wallets and conduct virtual asset authenticity and anti-money laundering checks. Simultaneously, they connect potential borrowers with multiple licensed financial institutions, gathering loan offers secured by virtual assets. This simplifies compliance, provides in-depth credit analysis, and reduces risks associated with virtual assets. Smart Contracts for Enhanced Transparency and Security CashOn utilizes smart contracts, including core contracts for escrow, repayment, and margin, to ensure the management of collateralized assets, monitoring repayment progress, and the collection and liquidation of margins. These contractual terms will be executed without the need for intermediaries, increasing the transparency of loan contracts, building trust between parties, and reducing the risk of misunderstandings or disputes. The platform also adopts the strictest security measures, such as encryption technology and multi-layer authentication, and collaborates with renowned security institutions to protect the financial transaction security of its customers. Compared to traditional lending methods, CashOn accelerates the application and disbursement process for virtual asset loans, simplifies loan management, and enables customers to flexibly manage their assets and pursue strategic investments or appreciation opportunities. The platform guarantees that customers' borrowing and repayment amounts will remain unaffected by changes in the value of the underlying currencies. Furthermore, it maintains a diverse suite of lending services designed to address customers' varying financial requirements. Market validation with Licensed Lending Companies Marvis Wong, Co-founder and CEO of CashOn, stated, "The Hong Kong government's comprehensive regulatory framework and business-friendly environment for the digital economy have driven the development of fintech, opening up new opportunities for the traditional financial industry. I believe CashOn will establish a foothold in the ASEAN and Hong Kong markets within the next three years, solidifying its unique market position." CashOn has conducted preliminary discussions with 100 licensed lending companies and signed a MoU with over 50 companies to accept virtual assets as loan collateral. Johnnie Wong, Co-founder and Chief Operating Officer of CashOn, noted, "Recently, The persistent economic slowdown in Hong Kong has impacted the profitability of financial institutions. CashOn helps them explore new business areas. By actively collaborating with more financial institutions, we are jointly driving the innovation for the credit industry." Future Expansion with Innovative Solutions in ASEAN Dr. Ivan Ng, Co-founder and Chief Financial Officer of CashOn, emphasized, "The benefits of the digital economy have already surpassed the traditional economy. We have received recommendations from multiple valuation firms, with preliminary estimates suggesting that CashOn's market value can reach at least $10 million. With the rapid development of the digital economy market and CashOn's efforts in the industry, we believe our market value will experience rapid and significant growth." Jacky Tang, Head of Web3 and AI of CashOn, Stated, "Safeguarding fund flows is an important component of the platform. CashOn adopts the escrow smart contract in blockchain to ensure the best protection for customer data and virtual assets. The transaction characteristics of digital currencies, which are fast and without geographic restrictions, are particularly suitable for collateralized lending and significantly reduce the application time for traditional lending." Looking ahead, CashOn plans to expand into the ASEAN with innovative Web3 e-payment solutions. These solutions will offer more financial service options for merchants and virtual asset holders. Nova Hung, Chief Marketing Officer of CashOn, commented, "CashOn offers a user-friendly and intuitive interface, enabling digital currency investors to access cash liquidity easily. Leveraging the global nature of digital currencies, CashOn aims to facilitate the development of the cross-border digital economy. Through innovative brand promotion and strategic partnerships to enhance its market influence." [1] Ledn processed a record $690 million in loans in Q1 2024: https://finance.yahoo.com/news/ledn-first-quarter-loans-top-13051.ht0000ml [2] Singapore-based payments firm Triple-A released the "2024 Cryptocurrency Ownership Data" in May 2024: https://www.triple-a.io/cryptocurrency-ownership-data [3] Google, Temasek, and Bain & Company jointly released the " e-Conomy SEA 2022 Report" in October 2022: https://www.bain.com/insights/e-conomy-sea-2022/ Hashtag: #CashOn https://www.cashonnet.io The issuer is solely responsible for the content of this announcement. CashOn Founded in 2022, CashOn is a technology finance company focused on fintech and Web3 applications. The company is committed to providing secure, transparent, and efficient financial services through blockchain and smart contract technology. CashOn's digital currency lending matching platform utilizes big data analysis and AI technology to help customers find and compare quotes from multiple financial companies, securing the most suitable loan solutions. The company's goal is to drive the development of the virtual asset market and create the most excellent value for its customers. Official Website: www.cashonnet.io Email：[email protected] About the Founders Marvis Wong, Co-founder and Chief Executive Officer of CashOn, has over 15 years of business experience and has founded multiple companies in various industries, including finance, investment and asset management, education, marketing, AI e-commerce, information technology, and jewellery retail. His diverse professional background enables him to accurately grasp market trends and formulate forward-looking business strategies. As an entrepreneur, he leverages his extensive expertise, outstanding leadership, and keen market insight to help businesses identify significant opportunities and establish a solid foundation for remarkable achievements. He is also committed to social responsibility, regularly participating in charitable activities organized by various institutions. Johnnie Wong, Co-founder and Chief Operating Officer of CashOn, has over 15 years of extensive experience in banking and finance. He has held management positions at various financial institutions and served as a client relationship manager at an international bank, managing assets exceeding HK$1 billion. He is also a leader in youth organizations, having served as the president of JCI Apex in 2020, and actively participates in charitable activities and youth entrepreneurship events. Dr. Ivan Ng, Co-founder and Chief Financial Officer of CashOn, has over 20 years of executive experience. He has held Group President, CEO, COO, and CFO positions at renowned companies like KPMG, IMG, JLL, One Storage, and Trinity. He is well-versed in global regulations and financial standards, excels in enhancing company liquidity and financial health, and has successfully led multiple IPO and M&A projects. He also serves as a university professor and is a chartered member of the Chartered Banker of The Chartered Banker Institute (UK), a member (MBCS) of The Chartered Institute for IT, England and Wales (BCS), and a member of Hong Kong Securities and Investment Institute.

CashOn Launches Hong Kong's First Digital Currency Lending Platform, Valued at US$10 Million, Matching Borrowers with Financial Institutions for Fiat Currency Financing

HONG KONG SAR - Media OutReach Newswire - 24 July 2024 - CashOn, a technology finance company focused on fintech and Web3 applications, has announced the launch of Hong Kong's first digital currency lending matching platform. This platform helps customers access cash liquidity by using digital currencies, finding and comparing quotes from multiple financial companies, and providing suitable lending solutions, enhancing the fluidity between digital currencies and fiat currencies. AI big data for virtual assets censorship The global virtual asset lending market is burgeoning, with a leading digital asset lender processing a record US$690 million in loans in Q1 2024[1]. Reports indicate that over 200 million people in Asia hold digital currencies[2], and the digital asset lending loan book in ASEAN is growing annually by over 20%[3]. Despite the Hong Kong government actively promoting the digital asset sector, local virtual asset trading platforms (VATPs) are not allowed to offer lending services. This gap in the market has prompted CashOn to develop an innovative solution. Moreover, Traditional banks have yet to accept digital asset loans due to complex regulatory requirements. At the same time, small and medium-sized financial companies have also been reluctant to take on such loan requests due to the high thresholds of required expertise, technology, and licensing. In response, CashOn has built a brand-new digital currency lending matching platform that connects borrowers with licensed financial institutions, significantly simplifying the collateralized loan process and ensuring a more efficient allocation of assets. The platform employs a KYC (Know Your Customer) module and chain analysis module, using AI and blockchain big data technologies to encrypt and store customer data. These technologies help assess potential borrowers' digital wallets and conduct virtual asset authenticity and anti-money laundering checks. Simultaneously, they connect potential borrowers with multiple licensed financial institutions, gathering loan offers secured by virtual assets. This simplifies compliance, provides in-depth credit analysis, and reduces risks associated with virtual assets. Smart Contracts for Enhanced Transparency and Security CashOn utilizes smart contracts, including core contracts for escrow, repayment, and margin, to ensure the management of collateralized assets, monitoring repayment progress, and the collection and liquidation of margins. These contractual terms will be executed without the need for intermediaries, increasing the transparency of loan contracts, building trust between parties, and reducing the risk of misunderstandings or disputes. The platform also adopts the strictest security measures, such as encryption technology and multi-layer authentication, and collaborates with renowned security institutions to protect the financial transaction security of its customers. Compared to traditional lending methods, CashOn accelerates the application and disbursement process for virtual asset loans, simplifies loan management, and enables customers to flexibly manage their assets and pursue strategic investments or appreciation opportunities. The platform guarantees that customers' borrowing and repayment amounts will remain unaffected by changes in the value of the underlying currencies. Furthermore, it maintains a diverse suite of lending services designed to address customers' varying financial requirements. Market validation with Licensed Lending Companies Marvis Wong, Co-founder and CEO of CashOn, stated, "The Hong Kong government's comprehensive regulatory framework and business-friendly environment for the digital economy have driven the development of fintech, opening up new opportunities for the traditional financial industry. I believe CashOn will establish a foothold in the ASEAN and Hong Kong markets within the next three years, solidifying its unique market position." CashOn has conducted preliminary discussions with 100 licensed lending companies and signed a MoU with over 50 companies to accept virtual assets as loan collateral. Johnnie Wong, Co-founder and Chief Operating Officer of CashOn, noted, "Recently, The persistent economic slowdown in Hong Kong has impacted the profitability of financial institutions. CashOn helps them explore new business areas. By actively collaborating with more financial institutions, we are jointly driving the innovation for the credit industry." Future Expansion with Innovative Solutions in ASEAN Dr. Ivan Ng, Co-founder and Chief Financial Officer of CashOn, emphasized, "The benefits of the digital economy have already surpassed the traditional economy. We have received recommendations from multiple valuation firms, with preliminary estimates suggesting that CashOn's market value can reach at least $10 million. With the rapid development of the digital economy market and CashOn's efforts in the industry, we believe our market value will experience rapid and significant growth." Jacky Tang, Head of Web3 and AI of CashOn, Stated, "Safeguarding fund flows is an important component of the platform. CashOn adopts the escrow smart contract in blockchain to ensure the best protection for customer data and virtual assets. The transaction characteristics of digital currencies, which are fast and without geographic restrictions, are particularly suitable for collateralized lending and significantly reduce the application time for traditional lending." Looking ahead, CashOn plans to expand into the ASEAN with innovative Web3 e-payment solutions. These solutions will offer more financial service options for merchants and virtual asset holders. Nova Hung, Chief Marketing Officer of CashOn, commented, "CashOn offers a user-friendly and intuitive interface, enabling digital currency investors to access cash liquidity easily. Leveraging the global nature of digital currencies, CashOn aims to facilitate the development of the cross-border digital economy. Through innovative brand promotion and strategic partnerships to enhance its market influence." [1] Ledn processed a record $690 million in loans in Q1 2024: https://finance.yahoo.com/news/ledn-first-quarter-loans-top-13051.ht0000ml [2] Singapore-based payments firm Triple-A released the "2024 Cryptocurrency Ownership Data" in May 2024: https://www.triple-a.io/cryptocurrency-ownership-data [3] Google, Temasek, and Bain & Company jointly released the " e-Conomy SEA 2022 Report" in October 2022: https://www.bain.com/insights/e-conomy-sea-2022/ Hashtag: #CashOn The issuer is solely responsible for the content of this announcement. CashOn Founded in 2022, CashOn is a technology finance company focused on fintech and Web3 applications. The company is committed to providing secure, transparent, and efficient financial services through blockchain and smart contract technology. CashOn's digital currency lending matching platform utilizes big data analysis and AI technology to help customers find and compare quotes from multiple financial companies, securing the most suitable loan solutions. The company's goal is to drive the development of the virtual asset market and create the most excellent value for its customers. Official Website: Email： About the Founders Marvis Wong, Co-founder and Chief Executive Officer of CashOn, has over 15 years of business experience and has founded multiple companies in various industries, including finance, investment and asset management, education, marketing, AI e-commerce, information technology, and jewellery retail. His diverse professional background enables him to accurately grasp market trends and formulate forward-looking business strategies. As an entrepreneur, he leverages his extensive expertise, outstanding leadership, and keen market insight to help businesses identify significant opportunities and establish a solid foundation for remarkable achievements. He is also committed to social responsibility, regularly participating in charitable activities organized by various institutions. Johnnie Wong, Co-founder and Chief Operating Officer of CashOn, has over 15 years of extensive experience in banking and finance. He has held management positions at various financial institutions and served as a client relationship manager at an international bank, managing assets exceeding HK$1 billion. He is also a leader in youth organizations, having served as the president of JCI Apex in 2020, and actively participates in charitable activities and youth entrepreneurship events. Dr. Ivan Ng, Co-founder and Chief Financial Officer of CashOn, has over 20 years of executive experience. He has held Group President, CEO, COO, and CFO positions at renowned companies like KPMG, IMG, JLL, One Storage, and Trinity. He is well-versed in global regulations and financial standards, excels in enhancing company liquidity and financial health, and has successfully led multiple IPO and M&A projects. He also serves as a university professor and is a chartered member of the Chartered Banker of The Chartered Banker Institute (UK), a member (MBCS) of The Chartered Institute for IT, England and Wales (BCS), and a member of Hong Kong Securities and Investment Institute. CashOn