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. Co-founders of CashOn: (Left to right) Johnnie Wong, Dr.
Ivan Ng, Marvis Wong, Nova Hung and Jacky Tang 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.
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