The move shows how blockchain technology, and the digital assets that it enables, are significant features of today's wealth technology sector.

FinChain, a blockchain-based brand incubated by Fosun Wealth Holdings, part of Hong Kong-listed Fosun, said yesterday that investors have agreed to put “several million US dollars” into the "Web 3" business. 

The brand is positioning itself as a financial infrastructure platform which enables compliant on-chain circulation of real world assets.

In tandem, Fosun Wealth Holdings and FinChain have also partnered with seven “Web3” institutions – those based on blockchain tech – to create a new ecosystem for crypto finance. 

The moves also “mark a significant expansion of Fosun Wealth Holdings' strategic footprint in the Real World Asset (RWA) sector,” Fosun said in a statement. 

The developments coincided with a "Stablecoin & RWA Innovation Forum" in Hong Kong, co-hosted by FinChain, Vaulta (formerly EOS Network), a Web3 public blockchain, and Feixiaohao, a blockchain rating agency. The event brought together over 200 financial executives, scholars, and entrepreneurs from organisations including Fosun Wealth Holdings, Standard Chartered, BOCOM International, BNY Mellon, Bank of China (Hong Kong), SoftBank Asia, ICBC Asia, and other crypto infrastructure institutions.

Hong Kong is seeking to push its credentials as a stand-out centre for digital assets/cryptocurrencies. The Hong Kong Monetary Authority has created a stablecoin licencing framework, which came into force from 1 August. The government in the city has a Digital Asset Policy 2.0 initiative, which AMINA said creates “unprecedented opportunities for institutional-grade crypto banking services.”

Earlier in the week, Fosun – aka Fosun International – said its total revenue reached RMB87.28 billion ($12.28 billion), and profit attributable to owners of the parent reached RMB661.2 million.

In July, Fosun completed the sale of almost all of its German private bank Hauck Aufhäuser Lampe Privatbank. It earned €670 million ($787 million), and the consideration will include a settlement based on any difference in book value. The bank had been held by Fosun’s subsidiary, Bridge Fortune Investment.