Former Bank CTO Transitions to Web3: Pioneering Custodial Technology for Digital Assets
Gary Lam, Co-founder of dacc.hk
At the start of the interview, Gary Lam, a seasoned IT engineer with over 20 years of experience, made one thing clear: he still loves product development. He humorously described his corporate management responsibilities as “extra duties.” Gary’s passion for Web3 technology begins early.
In 2013, he first noticed the potential of blockchain technology while managing large-scale USD transfer systems for banks.
Returning to Hong Kong from Australia in 2010, Gary spent years working on technological systems within the city’s banking network. His career spans prestigious institutions such as J.P. Morgan, HSBC, Morgan Stanley, and livi bank.
He recalls how transactions at the time faced high fees and took an entire day to complete—a process he likened to “being forced to wait for a day to receive a FPS transaction.” It was during this period that he discovered Bitcoin and Ethereum, which sparked his interest in using them to facilitate real-time, multi-node distribution and settlement for large-value transfers.
With his background, Gary quickly grasped the complexities of blockchain technology and became convinced of its potential to revolutionise core banking systems. Since then, he has actively driven Web3 initiatives in his roles. For instance, during the NFT boom in 2022, he facilitated a partnership between livi bank and KFC to launch the “Almost Fried Chicken NFT,” distributing NFTs to consumers through the bank’s system.
Gary describes the early days of advocating for Web3 as a challenge, mainly centered around explaining its underlying technological principles and mitigation of associated risks. Now, the conversation has shifted more toward practical applications. He views the Hong Kong government’s regulatory framework for Web3, established in 2022, as a turning point. “It doesn’t matter how strict the regulations are; the key is that people no longer see Web3 as a scam. Regulators have stepped in to legitimise and drive the industry forward,” he said.
Recognising a gap in the market for regulated virtual asset custody licenses in Hong Kong, Gary left livi bank in 2025 after four years of service to co-found dacc.hk with partners from banking and traditional exchange backgrounds. As Web3 adoption grows in Hong Kong, Gary anticipates a rising demand for secure asset custody solutions. “Our target clients are regulators, institutional brokers, and virtual asset trading platforms,” he explained. “Think of it as a vault—essentially, we’re enhancing wallet security for large-scale digital asset storage.”
When asked about the future of Web3 in Hong Kong, Gary is optimistic yet pragmatic. “Stepping out to do something entirely new for the first time takes immense courage,” he said. He believes that many successful companies emerge during challenging times, and this motivates his team to contribute to Hong Kong’s Web3 ecosystem.
Having lived in Hong Kong for many years, Gary remains committed to the city. His vision is to position Hong Kong as a global leader in Web3 asset security technology. “We don’t want to give up on Hong Kong. Instead, we want to break new ground and make this city number one in Web3 asset protection.”
