Seeks Approval for Ecosystem ETFs

PETALING JAYA, Malaysia, Feb. 19, 2024 /PRNewswire/ — Zetrix, a leading layer-1 public blockchain platform by MY E.G. Services Berhad (“MYEG“), and Web3Labs Hong Kong, a Web3 development and investment powerhouse, today launched the Zetrix Global Accelerator Programme to incubate and nurture promising Web3 startups from all over the world with ecosystem support from Hong Kong’s progressive Virtual Asset (VA) ecosystem. The programme will open for applications in early March 2024, and successful applicants will be announced during the 2024 Hong Kong Web3 Festival, scheduled for 6-9 April, 2024.

With the objective of identifying the most promising ventures, the programme aims to admit up to 10 startups. These chosen projects will have the opportunity to leverage the Zetrix platform and be matched with government or enterprise stakeholders to build and deploy their innovative applications.

The six-month accelerator seeks projects that demonstrate evidence of product-market maturity and possess an innovative and clearly defined development pipeline that ideally can supplement Hong Kong’s virtual asset roadmap. Industries beckoning blockchain-based innovation in the city state include real-world asset (RWA) tokenisation, security token offerings and stablecoin innovation. The programme aims to introduce use cases in RWA, Environmental, Social, and Governance (ESG), and blockchain-based finance to enterprises, financial institutions, as well as government organisations. The partners of the programme, namely Zetrix, Web3Labs, and Summer Capital, will also work towards securing regulatory approval for exchange-traded funds (ETFs) that are partially backed by tokens issued by participants in this programme.

The launch of this accelerator follows an announcement in January that Zetrix, Web3Labs, and venture capital firm Summer Capital would form a strategic collaboration to establish Zetrix as the preferred blockchain infrastructure for Hong Kong government-aligned applications. As part of this initiative, a dedicated Global Accelerator Programme will incubate and nurture promising startups building applications on the Zetrix platform. This programme will provide mentorship, technical support, and access to funding opportunities to promising entrepreneurs who will contribute to Hong Kong’s Web3 landscape and benefit users from all around the world.

Benefiting from a partnership with Web3Labs, the programme leverages Web3Labs’ robust ecosystem network to facilitate connections with investment institutions, corporate partners, and industry experts. Overall, it opens up a world of business opportunities for the community within its network. With Web3Labs’ support in obtaining the necessary collaborations, whether they involve business partnerships, investment, or government support, startup teams can expect to establish development blueprints more quickly and directly.

Johnny Ng, member of the Chinese People’s Political Consultative Conference (CPPCC), Legislative Council member of Hong Kong Special Administrative Region (HKSAR) and advisor of Web3Labs commends the launch of this programme, stating that it further cements Hong Kong’s position as a progressive international financial centre that embraces Web3 developments.

“The Hong Kong government has been capitalising on Web3 trends responsibly – last year, the Hong Kong government announced the establishment of the Task Force on Promoting Web3 Development to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong, and to encourage the adoption of blockchain technology. In 2022, the Government issued the Policy Statement on Development of Virtual Assets in Hong Kong, which sets out the policy stance and approach towards the sector. We are proud to be attracting global leaders like Zetrix and leading Web3 entrepreneurs to join us in developing Hong Kong into a Web3 hub and building a thriving Web3 ecosystem,” he says.

Joseph Chee, Chairman of Summer Capital, echoes Ng’s enthusiasm. “The remarkable advancements and business growth within the Web3 landscape in Hong Kong over recent years are evident to industry players. Zetrix’s entrance to Hong Kong is yet another testament to our dedication to embracing the market and its myriad opportunities,” he says.

TS Wong, co-founder of Zetrix, says: ‘We have always prioritised nurturing a flourishing Web3 ecosystem that transcends borders, fostering mutually beneficial relationships, and propelling the Web3 movement forward. We are thrilled to have the opportunity to collaborate with esteemed partners like Web3Labs and Summer Capital on this initiative,” he says.

“This programme strongly resonates with our vision on so many fronts, and it enables Zetrix to emerge as the preferred Layer-1 platform for blockchain applications that align with the Web3 vision of the Hong Kong government,” says Wong. Zetrix, he adds, also lends comprehensive technical support to participating projects, such as expertise in smart contract development and security audits.

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 Hong Kong Special Administrative Region (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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