HONG KONG, Jan. 22, 2024 /PRNewswire/ -- Zetrix, a leading layer-1 public blockchain platform by MY E.G. Services Berhad ("MYEG"), Web3Labs Hong Kong, a Web3 development and investment powerhouse, and venture capital firm Summer Capital, today announced a strategic collaboration to propel Hong Kong's ("HK") Web3 ambitions and establish Zetrix as the preferred blockchain infrastructure for HK government-aligned applications.
Zetrix expands its current mission of government and enterprise-focused Web3 development in alignment with HK's Fintech Promotion Roadmap, in addition to significant partnerships announced with key stakeholders in China, Malaysia and the Philippines.
Web3Labs leverages its network of over 500 partners throughout the Web3 ecosystem including government bodies, institutions, investors, exchanges and media outlets to foster additional growth and innovation facilitated by the city state.
Summer Capital counts several market-leading startups within their portfolio, including Asia's leading licensed virtual asset service provider Hashkey Group, and SEBA Bank, which received approval-in-principle licenses from the Securities and Futures Commission to offer virtual asset services in HK.
Leveraging on the partners' complementary strengths, this partnership shall:
- Enhance Zetrix as the preferred Layer-1 platform for blockchain applications aligned with the HK's government's Web3 vision and catalysed by further collaborations with industry and business communities.
- Catalyse HK's and the region's financial systems and technologically forward corporate players to realise structured and concurrent industry trails of innovative blockchain use cases such as Real World Asset (RWA), stablecoin issuance and financial instruments tokenisation to enable localised and international services, which can be connected seamlessly and securely via Self-Sovereign Identity (SSI) and Verifiable Credentials (VC).
- Launch a dedicated Global Accelerator Program to incubate and nurture promising startups building applications on the Zetrix platform. This program will provide mentorship, technical support, and access to funding opportunities, empowering budding entrepreneurs to contribute to HK's Web3 landscape and serve a global audience.
Zetrix is also assessing strategic investment in Web3Labs, gaining access to its extensive network of Web3 experts and ecosystem partners. Such a move will further bolster Web3Labs' ability to support promising Global Web3 startups via HK's progressive Virtual Assets regulations.
"We are thrilled to partner with Web3Labs, a trusted leader in the Web3 space," said Wong Thean Soon, co-founder of Zetrix. "This collaboration will add immense value to Zetrix and provide invaluable support to the burgeoning Web3 ecosystem with key stakeholders in HK. Zetrix and its international supernode on China's national public blockchain, Xinghuo BIF is the natural choice for Web3 decentralised applications (DApps) that serve the objectives of HK Special Administrative Region (SAR) to be a global crypto hub."
Caspar Wong, CEO of Web3Labs, added, "We are excited to welcome Zetrix as a strategic partner. Their commitment to aligning with the HK vision and fostering innovation makes them the perfect platform for building impactful Web3 solutions. By combining our capabilities and focusing on government and enterprise-aligned applications, both parties aim to foster a thriving Web3 ecosystem that benefits businesses, government entities, and citizens alike."
Henry Chen, Head of Fintech and Blockchain of Summer Capital, said, "We are glad to connect and join forces with Web3Labs and Zetrix to build an enterprise-grade ecosystem on blockchain infrastructure in HK. We have observed tremendous progress and business development for Web3 here in HK for the past few years. Bringing Zetrix to HK marks our strong commitment to embracing the market and its opportunities."
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix's cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China's national public blockchain Xinghuo BIF enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About Web3Labs
Web3Labs aims to respond to the policy statement from the HKSAR Government on the development of virtual assets in Hong Kong. Through on-the-ground support, investment acceleration, technical collaborations, and compliance assistance, Web3Labs is dedicated to helping global Web3 companies establish their presence in Hong Kong. Its goal is to create a one-stop gateway for Web3 entrepreneurs. As of the end of July 2023, Web3Labs has provided consultation or support for nearly 1,000 Web3 enterprises in terms of advice or on-the-ground services.
In the face of global technological competition, Web3Labs strives to stay at the forefront of the market, understand the needs and challenges of entrepreneurs, and provide a legitimate, comprehensive, professional, and in-depth entrepreneurial environment. Web3Labs aims to foster national and even world-class unicorns, contributing to the steady advancement of the industry.
About Summer Capital
Summer Capital is a leading investment management and advisory firm with a presence in Hong Kong, mainland China and Southeast Asia dedicated to investing in early and growth stage companies in "new economy" sectors such as fintech, blockchain infrastructure and application, consumption technology and healthcare. Summer Ventures, an affiliate of Summer Capital Limited, is an institutional venture fund dedicated to promote and invest in "real world application" of blockchain technology and infrastructure, leveraging Summer Capital's past experience of investments in blockchain and fintech industries since 2018.
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