Interview with Tim, COO of New Fire Technology: Strategic Transformation from Exchange to Encryption Private Banking

Techub News Exclusive Interview

Interviewer: Alma _Techub News Founder

Interviewee: Tim, COO of New Fire Technology

Interview Date: December 12, 2025

Interview location: New Fire Technology Office

Content Organization: Peter_Techub News

In the rapidly evolving digital asset industry, New Fire Technology (hereinafter referred to as “New Fire”) is undergoing a profound transformation. The strategic shift from traditional asset management services to “crypto private banking” services aimed at high-net-worth individuals not only reflects insights into industry trends but also marks New Fire's new positioning amidst the wave of compliance. Alma, the founder of Techub News, recently interviewed Tim, COO of New Fire Technology. As a seasoned builder who entered the industry in 2018, Tim has participated in the core business construction of several leading trading platforms. Now, he joins New Fire as a partner, embarking on a new entrepreneurial chapter from “scale expansion” to “refined services.” The following is a transcript of the interview.

Career Journey: A History of Growth in the Cryptocurrency Industry

Alma stated bluntly that although she entered the industry in 2017 and has 9 years of experience, she still doesn't know enough about Tim because he has always been low-key and has never stepped into the spotlight. The last roundtable forum was the first time she saw Tim appear publicly. She invited Tim to give a brief self-introduction.

Tim responded: “I officially entered this industry in 2018. Looking back, I participated in the construction of three representative trading platforms. From 2019 to 2020, I was at Huobi, which was the number one exchange in the market at that time; from 2021 to 2023, I led the establishment of the spot system on the Bybit platform from 0 to 1, and witnessed its market share grow to the third in the industry.”

By 2023, I believe the entire exchange sector has actually been divided into three sub-sectors: compliant, non-compliant CEX, and DEX. At that time, the market share was roughly 70-80% for non-compliant, with compliant and DEX each accounting for about 10%. I judged that although the traditional model still occupies a significant market share, “compliance” is the only ticket to the mainstream financial system. Therefore, I chose to move from Singapore to Hong Kong in 2023 to participate in the construction of HashKey. Joining New Fire this year marks the fourth company I have been involved in building in the industry.

Tim further explained that the repositioning of New Fire is key: “Previously, what we did was exchanges. I believe the dividend period for new exchanges has come to an end, and the future blue ocean lies in how to provide professional, safe, and compliant asset allocation services for traditional high-net-worth individuals. This is exactly why we positioned New Fire as a private banking level digital asset custodian.”

Alma admires Tim's career experience, which is almost a history of the growth of the cryptocurrency industry. The period he was in was basically the peak stage of exchanges, and his predictions were accurate. She mentioned that recently Binance (BN) obtained ADGM authorization in Abu Dhabi and began full compliance, which confirms Tim's judgment.

Strategic Upgrade: Why Shift to Crypto Private Banking?

Alma asked why the new team (including core members like Tim and Livio from the old Huobi system who participated in the early development of HashKey) repositioned the new Huobi after joining in August, shifting towards “crypto private banking” services?

Tim explained: “This is a strategic decision based on the mismatch of market supply and demand. Firstly, global trading services have become saturated, and a single buying and selling intermediary can hardly generate excess value. Secondly, as the industry penetrates mainstream society, the entities entering the market are undergoing a qualitative change—from individual investors to institutions, family offices, and publicly listed companies.”

The core demand of these traditional investors is not merely a “trading tool,” but a full-stack financial service that includes customized investment advice, compliant asset management products, asset trust inheritance, and tax solutions. We have decided to no longer simply compete in the exchange arena, but instead, through the Broker model, integrate custody, asset management, investment banking, and inheritance services to create an institutional-grade private banking platform.

The differences and competitive advantages compared to traditional private banking

Alma further explores what the differences are between crypto private banking and traditional private banking. How does New Fire compete with potential competitors like American banks, and what are the differences in risk control, customer service, and asset selection?

Tim's detailed analysis: “This is a process of ecological niche complementarity. First, in the traditional world, there are exchanges like the Hong Kong Stock Exchange, New York Stock Exchange, and NASDAQ, but the crypto industry still has its own Crypto Exchanges, and its development is completely unaffected by traditional exchanges. In the traditional sector, there are banks for custody, but in the crypto industry, there are Fireblocks, BitGo, etc., and in Hong Kong, VASPs provide custody, not traditional banks. Traditionally, there are large private banks like UBS, but due to various reasons such as regulation, internal control, and genetics, they do not provide crypto-related private banking services. On the other hand, user demand is very clear: traditional capital is entering the market, and this trend started before last year's ETF approval and continues (just the other day, the SEC chairman mentioned the goal of putting the entire U.S. financial system on-chain within two years). These traditional high-net-worth individuals are accustomed to using family offices or traditional private banks for asset allocation, but there are no corresponding services in the crypto industry, which are not aimed at high-net-worth individuals. This is a market gap: others do not do it, but users have demand, so we do it. It's actually that simple.”

Core competencies of the new team: people, cognition, and teamwork

Alma is wondering, what has the new team brought to the new fire?

Tim's analysis: Ultimately, it is the unity of execution power and vision. In the past, New Fire was in an exploratory phase with relatively dispersed strength. The current management team consists of partners with deep industry experience and shared goals; we are not just operators but also co-investing entrepreneurs. This extension of the will of “key people” has significantly improved our decision-making efficiency and response speed. Even if there are competitors in the market, we are not worried because this is a compliant battlefield with strong barriers due to licensing. Family offices and listed companies themselves have a strong compliance orientation. We are based in Hong Kong and have a licensed compliant Japanese operation; in the future, we will continue to promote internationalization, all operating onshore and holding licenses onshore.

Entrepreneurial Mindset and Challenges

Alma views this joining as Tim's entrepreneurship, where he brings in capital rather than merely a management role. What changes does this bring to team dynamics, risk control, and decision-making?

Tim admitted: “The change in mindset is very significant. When I was in my MBA program, a teacher once said: 'Any organization is an extension of the will of key individuals.' Previously, as a senior executive, I was only responsible for a certain area, not that key individual. Now I have the mindset of a founder—putting in my own money, not taking a salary, and the value of New Fire is reflected in how big the business can grow. The few of us core executives are the key individuals, very down-to-earth, all on the front lines, with no departmental walls, and no executives acting independently; the overall efficiency is very high. I was appointed at the end of August, and in just over four months, New Fire Technology, after a strategic upgrade, has already gained a certain level of recognition and momentum, making a good start.”

Regarding personal challenges, Tim said: “Having been in the industry for seven or eight years, it changes quickly. One must be like water, without a fixed shape, constantly adjusting one's mindset and continuing to learn according to industry changes, and not always using past experiences to solve new problems. Every experience brings new challenges, and only after solving them do they become the foundation for the next stage.”

The impact of a compliant ecosystem and the pain points of high net worth individuals

Alma mentioned that with the stablecoin regulations coming into effect in August 2025, as well as the progress of OTC and VA custody licenses, how will these affect the private business of New Fire? What options are there for New Fire's high-net-worth client asset allocation, service pathways, cross-border funds, and compliance structure?

Tim pointed out: “The biggest difference between compliant and non-compliant is that non-compliance is about single-point hits, while compliance is a system, an ecosystem. The larger the ecosystem, the more every player shares in the dividends; this is the biggest Beta of our track. When I came to Hong Kong in 2023, there was almost no Web3 ecosystem; we had to convince banks to open accounts, insurance companies to underwrite, develop KYT tools… these efforts have pushed the industry forward. Now that Hong Kong has a complete ecosystem, we can build crypto private banks based on this infrastructure. In the future, the compliant ecosystem will be even larger, and all players will benefit.”

Regarding the pain points of high-net-worth individuals, Tim said: “The biggest pain point is that no one can meet their cryptocurrency allocation needs. Their demands mainly consist of three types of assets: 1. Basic allocation of Bitcoin/Ethereum (3%-5% ratio): We provide compliant fiat deposits, discounted coin purchases (structured products), and interest-bearing holdings, a full-service solution. 2. Crypto quantitative: strategies like arbitrage, we expect returns of 15%-25% under current market conditions, with a maximum drawdown of about 1-2%, and a Sharpe ratio above 10. Such assets cannot be found in the traditional world. We will soon launch a compliant quantitative fund based on Hong Kong's license No. 9. 3. Shares in good projects: We engage in investment banking, providing excellent global assets to clients and investors of New Fire. Currently, no one is doing this. These types of assets look great to insiders, but traditional groups do not understand them and have no compliant channels to access them. We aim to fill this gap using a compliant private banking approach.”

Security Assurance: The Foundation of Compliance and Trust

Alma emphasizes that high-net-worth clients are numerous, and safety is the top priority. How can New Fire provide trust?

Tim responded: “We have established a multi-dimensional security system. First, New Fire Technology, as a publicly listed company on the Hong Kong Stock Exchange, is subject to strict audits and regulations, and financial transparency is a natural credential of trust. Second, we will apply for a VA Custody license, utilizing purely offline HSM hardware security modules, which represent the highest security level in the industry. Third, we plan to introduce third-party insurance mechanisms to ensure asset compensation capabilities in extreme situations.”

Conclusion: Future Opportunities in Cryptocurrency Private Banking

In this exclusive interview, Tim demonstrated a deep insight into the cryptocurrency industry. The transformation of New Fire is not only a business adjustment but also a response to the wave of compliance and the entry of traditional capital. In the face of giants like Binance following suit, New Fire is confident in leveraging its local advantages in Hong Kong and onshore operations. As one of the industry leaders, New Fire's crypto private banking services may reshape the asset allocation patterns of high-net-worth individuals. Techub News will continue to follow this dynamic and looks forward to New Fire's new developments in 2025.