This week, member of the Hong Kong Legislature Johnny Ng Kit-Chong stood and rallied for expanded coverage of Web3 assets across the region’s virtual banking services.
Kit-Chong explained, “the government has made efforts to develop virtual banks and upgrade services in the past few years.” Since Hong Kong pushed for virtual banking services—traditional banking services that operate digitally without physical real estate costs—no such service has made a profit, which means a solution is needed soon.
With this history, Kit-Chong believes that Hong Kong officials and virtual banks should start contributing more to the Web3 economy in the “next two years.” However, Kit-Chong is known for his continued vocal support of crypto and similar web3 ventures, so his support is to be expected.
Hence, Kit-Chong believes that Web3 assets hold a huge opportunity for a struggling financial service and predicts that emerging fintech will help virtual banks break even by 2026.
According to Kit-Chong, investment in supporting Web3 assets and groups can lead to new growth opportunities, including helping Web3 firms open customer accounts and facilitate digital asset services.
Reports highlight how companies leveraging web3 assets such as cryptocurrencies, non-fungible tokens, and other blockchain assets claim that opening virtual bank accounts is “extremely hard,” as a survey created by Kit-Chong’s team reported.
Mox Bank is a virtual banking firm that offers cryptocurrency exchange-traded funds (ETFs) in tandem with Kit-Chong’s rally.
Barbaros Uygun, the Chief Executive of Mox Bank, added:
We aim to empower our customers to explore these new digital investment opportunities and diversify their portfolios. Going forward, with a focus on financial inclusion, we will further expand our innovative offerings, especially in emerging sectors, to deliver an enriched digital banking experience.
While web3 assets are not strictly an XR technology, the processes behind 3D assets owned by an individual or group overlap. Moreover, with data and standards groups working to define 3D assets for various enterprise use cases, immersive learning- -storing and ownership of digital assets may play a role in future workplace operations.
The news comes after the UK bank NatWest announced that its retail banking app is now available on Apple’s Vision Pro. The launch makes it one of the first banks globally to feature on Apple’s VisionOS. NatWest said this marks a significant step in adopting spatial computing in financial services.
Wendy Redshaw, Chief Digital Information Officer at NatWest Group, said:
It’s great to be a first-mover with such exciting new technology. It will be interesting to take learnings, understanding how customers use the app in this new technology to deal with their finances, and to understand how we can create bespoke propositions to serve them even better. It’s just one insight into how the future of banking could look in the future – watch this space.
The bank stated that it had optimized the app for the Vision Pro, focusing on eye tracking and security measures to ensure safe banking on the new device.
HTC VIVE Enters Financial Sector
An independent survey by HTC VIVE, “XR Applications in the Financial Industry,” surveyed approximately 400 financial services professionals to assess the use of XR in the sector. The report found that about 92% of financial professionals have experienced a positive return on investment from XR, and 82% believed their firms would incorporate XR technology within the next five years.
The report also revealed that 84% % of financial professionals noticed a positive impact on their workforce’s skill development through XR integration into training programs, and 80% believed immersive technology improves overall operational efficiency. Regarding customer experience, 77% of the professionals stated that XR has enhanced the buyer’s journey.
Additionally, 59% of the respondents emphasized that XR’s capacity to visualize data in 3D improves comprehension, decision-making processes, and client interactions. While the data highlights the financial sector as a promising new opportunity for XR to thrive as workplace technology, the report also pointed out factors that may hinder XR’s adoption in this sector. Specifically, the report highlighted how security considerations will significantly influence the integration of XR into the financial industry due to the large amounts of consumer, worker, business, and environmental data that need to be protected.
