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Top Institutions Point to Blockchain Interoperability as Critical to Asset Tokenization

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    New York, NY, June 6th, 2024, FinanceWire

    Citi, Deutsche Bank, Mastercard, Northern Trust and Centrifuge provide insights on paths to secure, multichain asset tokenization for report produced by Axelar Foundation and Metrika

    A group of leading financial institutions and Web3 innovators have contributed to an in-depth paper on a path to achieve interoperability for tokenized assets across public blockchains, private blockchains, and legacy systems. 

    Published today, “Institutional Interoperability: How Financial Institutions Navigate a Multichain World” addresses how to achieve increased accessibility and liquidity for tokenized assets, with flexibility, privacy, transparency and scalability. 

    Tokenized assets are on-chain representations of financial assets such as real estate, currencies and securities. A recent report authored by Boston Consulting Group and market operator ADDX predicts multi-trillion-dollar value in tokenized assets within the decade. All institutions participating in the paper emphasized the need for interlinked network models that embrace multiple blockchains, as well as traditional systems, in order to realize this potential.

    Financial institutions Citi, Deutsche Bank, Mastercard and Northern Trust contributed insights to the paper in spotlight sections. Topics covered include descriptions of their projects in asset tokenization, points where they have implemented multiple blockchains, and potential requirements and challenges for blockchain interoperability. Web3-native innovators Axelar Foundation, Centrifuge and Metrika also contributed to the paper.

    The paper acts as a road map for financial institutions developing tokenized-asset opportunities and facing a complex array of blockchains public and private, alongside stringent requirements imposed by clients and regulations. It was authored by blockchain analyst Emily Parker, based on a framework laid by the Monetary Authority of Singapore’s Project Guardian in 2023. 

    Contributors to the paper will be invited to discuss the paper’s findings in a panel event at Point Zero Forum in Zurich, July 1-3. To download the paper and sign up to request an invitation, readers can click here.

    “Tokenized assets are by design interoperable, bridging assets recorded on off-chain ledgers with on-chain representations,” said Georgios Vlachos, director of Axelar Foundation and co-founder of Axelar protocol. “The question isn’t, how do we facilitate one such connection – it’s how do we facilitate potentially thousands of connections across on-chain and off-chain ledgers, in a way that’s secure, scalable and open.” 

    “Multichain asset interoperability and servicing will in all likelihood become a necessity for securities service providers as their clients adopt different chains,” said Anand Rengarajan, managing director, global head of sales & head of securities services APAC, Corporate Bank, Deutsche Bank. “It will be essential that asset servicers know how to address and service interoperability – between chains and with traditional processes – on a cost and risks-managed basis to enable sustainable growth that multiple chains can amplify.”  

    “Northern Trust is preparing for significant growth in the share of its assets under custody that are tokenized on-chain,” said Alvin Chia, head of digital assets innovation for Asia Pacific at Northern Trust. “To provide the best services possible to our clients, we’ll need to participate actively in the blockchain ecosystem, connecting multiple blockchains with tailored approaches at multiple points.”

    “Asset tokenization brings major advantages in access and liquidity – and with a modular, multichain architecture, it can also do a great deal to improve visibility and on-chain utility,” said Bhaji Illuminati, CMO of Centrifuge. “This is Centrifuge’s path to enable flexibility and scalability in the rapidly evolving RWA ecosystem.”

    “Tokenized assets hold transformative potential for financial institutions, and interoperability in tandem with risk management is key to unlocking that potential,” said Nikos Andrikogiannopoulos, Founder and CEO of Metrika. “Effective risk management and ongoing surveillance ensure these digital assets seamlessly, reliably and securely integrate into existing financial systems, fostering confidence, accessibility, liquidity and innovation.”

    About Axelar

    Axelar is the Web3 interoperability platform, delivering the shortest path to scale on an open stack to connect all blockchains. Adopters include Uniswap, Microsoft and dozens of natively multichain startups, building applications to reach all blockchain users at once – 10X as many active users as the leading Web3 application environment. Axelar supports smart contracts on a cross-chain layer that is open, scalable and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain.

    To learn more: axelar.network.

    About Axelar Foundation

    Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar network, a decentralized interoperability network that connects multiple blockchain ecosystems. Learn more at axelar.foundation.

    About Centrifuge

    Founded in 2017, Centrifuge creates better technology for financial products. Centrifuge provides asset managers a way to tokenize, manage and distribute their funds on-chain and investors better access to a diversified portfolio of high-quality tokenized assets. 

    About Metrika

    Metrika is the definitive industry leader in blockchain risk management, enabling you to proactively assess risks and guarantee compliance across digital asset services. Implement strategic risk frameworks, navigate regulatory compliance by jurisdiction, and shield your operations from emerging risks with ongoing monitoring and surveillance. Users can learn more at metrika.co

    Contact

    PR Director
    Karla Vilhelem
    MarketWaves PR
    [email protected]
    (754) 215-4315

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    HPH Announces Changes to the Board of Directors

    2024-10-01T20:30:00Z

    GUANGZHOU, China, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The board of directors (the “Board”) of Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”), today announced the appointment of Ms. Hang Suong Nguyen (“Ms. Nguyen”) as the new chairwoman of the Board, effective from September 30, 2024. Ms. Nguyen will succeed Mr. Chin Hua Peh, who will continue to serve as a director of the Company.

    Ms. Hang Suong Nguyen, Director and the Chairwoman of the Board

    Ms. Hang Suong Nguyen has over 10 years of investment management experience. Since October 2019, Ms. Nguyen has been serving as Deputy Director of International Investment Strategy at Voyager Labs Limited (Global Leader in Advanced AI-based Survey solutions), enabling global organizations to gain in-depth investigative insights on entities, individuals, groups and topics. She also served as vice president of Doji group (formerly TTD Technology Development and Trading Company) from 2016 to 2019. Previously, Ms. Nguyen served as head of investment at VNG Corporation from 2013 to 2016. VNG Corporation is Vietnam's leading local digital AI ecosystem, providing diverse products and services through four key business units: gaming, communications and media, fintech and digital services. From 2010 to 2013, she served in management roles for the Empower Consulting Group. Ms. Nguyen obtained her bachelor’s degree in international business from Vietnam National University in 2008 and her MBA degree from Hanoi University of Science and Technology (HUST) in 2009.

    The Board also announces that Mr. Jidong Luo has decided to resign from the Board as director and chairman of the audit committee due to personal reasons, effective from September 30, 2024.

    The Board has also appointed the following individuals to new roles of the Company, effective from September 30, 2024:

    Dr. Lihong Zhai, as independent director and the chairman of the audit committee;

    Ms. Min Zhou, as independent director and the chairwoman of the nominating and governance Committee; and

    Ms. Yingying Li, as independent director and the chairwoman of the compensation committee.

    Ms. Min Zhou, Independent Director and the Chairwoman of the Nominating and Governance Committee

    Ms. Min Zhou has been an executive director of Tian Ruixiang Holdings Ltd (NASDAQ “TIRX”) since April 2024. Prior to this role, Ms. Zhou worked as an investment manager at Huobi Capital from September 2021 to September 2022, where she developing investment plans and agreements for participating in the negotiation and trading of investment projects. She has rich experience in supervising the operation and development of investment projects. From September 2016 to June 2021, Ms. Zhou was the business development manager of Delta Insurance Brokerage Co. , Ltd. Ms. Zhou has extensive experience in ensuring compliance with securities laws and regulations, protecting shareholders’ interests, as well as participating in the formulation of company strategy and supervising management implementation to promote the company’s long-term development and enhance shareholder value. Ms. Zhou graduated from Hunan University with a bachelor’s degree in mechanical automation.

    Ms. Yingying Li, Independent Director and the Chairwoman of the Compensation Committee

    Since 2022, Ms. Yingying Li has served as the OEM cotton product director at Qinshu (Shanghai) Trading Co., Ltd. From July 2021 to October 2022, Ms. Li served as the general manager of the Product Planning Department at Shanghai Metersbonwe Fashion Co., Ltd., where she had extensive experience in leading the planning team to collect, sort, analyze fashion trends, and develop product strategies based on brand positioning and annual business goals. She also had experience in preparing planning proposals, themes, and quarterly development timetables. From October 2017 to June 2021, Ms. Li served as the manager of the Product Planning Department at E-Land Group. She had extensive experience in leading the planning, design, and production teams in conducting product sketch review, sample review at selection meetings, and pricing work to ensure product completion. Ms. Li graduated from Donghua University with a Master’s degree in textile engineering.

    Following the foregoing changes, our Board consists of eight directors, three of which are independent directors, and is chaired by Ms. Nguyen. Our current directors as of the date of this press release are as follows:

       
    Name Position
    Hang Suong Nguyen· Chairwoman of the board
    Yinan Hu Vice-Chairman and Chief Executive Officer
    Youjie Kong Director
    Yong Ren Director
    Chin Hua Peh Director
    Lihong Zhai Independent Director and the Chairman of Audit Committee
    Min Zhou Independent Director and the Chairwoman of Nominating and Governance Committee
    Yingying Li Independent Director and the Chairwoman of Compensation Committee
       

    Mr. Yinan Hu, vice-chairman and chief executive officer of HPH, commented: “We would like to extend our warmest welcome to Ms. Nguyen, our new Chairwoman. Ms. Nguyen brings a wealth of industry experience, outstanding leadership, and sharp market insight. I believe her joining will bring new development ideas and opportunities to the Company. Under her leadership, the Company is sure to make great strides in its journey to transform into an intelligent service provider for families and businesses, achieving our mission and making new leaps forward. At the same time, we sincerely thank the outgoing Board member for his valuable contributions to the Company. Together, we will ensure a smooth transition and maintain the momentum of our growth.”

    Ms. Hang Suong Nguyen, chairwoman of HPH, said: “As HPH embarks on its journey of transforming into an intelligent service provider for families and businesses, I look forward to working closely with the Board and management to actively drive the Company’s innovation. By fully leveraging the power of technology, we will build an AI-driven service platform that offers comprehensive and personalized solutions for families and businesses, while also creating greater value for shareholders.”

    Forward-looking Statements
    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When HPH uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from HPH’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: HPH’s ability to obtain proceeds from the Agreement; HPH’s goals and strategies; HPH’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets HPH serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by HPH with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in HPH’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. HPH undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    Highest Performances Holdings Inc.

    CONTACT: For more information, please contact:

Highest Performances Holdings Inc.
Tel: +86-20-28866499
Email: [email protected]

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