Marvion Announces MOU with Prosynergy Consulting Limited to Jointly take on the US$37 Billion Digital Asset Industry
Bonanza Goldfields Corp. is pleased to announce that Marvion Pte Ltd, a wholly owned subsidiary, has entered into a MOU with Prosynergy Consulting Limited to jointly develop and offer a range of services specific to virtual asset stakeholders – allowing the companies to take on the US$37billion digital assets industry.
As part of the MOU, the initial set of services to be jointly developed will include:
- Smart Contract review services for virtual asset projects,
- Smart Contract technological support capabilities,
- Advising on the enforceability of Smart Contracts in Digital Ownership Tokens and virtual asset projects,
- Advise and support virtual asset stakeholders with respect to their corporate set up, governance and licensing matters, and
- Provide assistance/advice to corporations with respect to ESG related requirements.
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In connection with the abovementioned services, Marvion shall be responsible for reviewing, assessing, and providing support on Smart Contract and web3 technology related matters, while Prosynergy shall be responsible for the provision of compliance, regulatory, and structuring advice.
Prosynergy was founded by Louie Lee and Sally Lin. Louie was an Associate Director of Hong Kong’s Securities and Futures Commission (SFC) when he left in 2013. He had been in the Commission for close to 10 years where he was involved in dealing with the Lehman incident and the drafting of the Structured Product Code. Sally was also a former regulator with the SFC and worked with Louie on a number of in-house initiatives and was part of the Investment Product Division. Sally specializes in compliance, internal audit, internal control, risk assessment and mitigation programmes. The Regulatory Duo have been utilising their regulatory and compliance expertise in acting as a solution provider for financial institutions. With the introduction of various regulations, rules and guidelines on virtual assets in Hong Kong, the Regulatory Duo were involved in a number of virtual asset related licence applications, including Hong Kong’s only two approved regulated Virtual Asset Trading Platforms (SFC Type 1 and Type 7 licences) and other Virtual Asset Portfolio Managers’ applications (SFC for type 9 licence uplift).
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Commenting on the collaboration, Louie Lee, said, “We are very excited to be working with Marvion. We are always looking for good partners to help us extend our business networks and Marvion definitely fits the bill. With its reach across South East Asia, Europe and the United States, I am confident that we will be able to benefit from Marvion’s connection to open these new markets.”
Based on Statista, it was reported that the digital assets segment is projected to reach US$37.24billion in 2022. Total revenue for this sector is further expected to achieve a compounded annual growth rate of 17.30% to hit US$82.71billion by 2027 – providing exciting growth opportunities for Marvion in the mid- to long-term.
Commenting on the new partnership, Raymond Chua, CEO of Marvion Limited said, “As a company, we are always looking for new products and services we can offer our customers. One key area of growth we see will be in the regulatory and compliance space. The management team of Prosynergy has many years of legal and regulatory experience, hence we are definitely very well placed to offer this service with Prosynergy as our partner.”
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