Three major directions to interpret the future Web3 road of Hong Kong Cyberport

Hong Kong's Cyberport broke the news this week. The leading local Web3 agency in Hong Kong posted a job posting on its recruitment website to hire the CEO position, which means that the current CEO, Ren Jingxin, will step down in April 2024. Yang Quansheng, director of Hong Kong Cyberport Management Company Limited, has also confirmed that Ren King Xin himself has decided not to renew the contract when it expires.

Ren Jingxin "does not renew" doubts

According to the information disclosed by Hong Kong Cyberport, since taking office in April 2018, Mr Yam has led Cyberport to flourish, doubling the number of community enterprises to more than 2,000, doubling the number of unicorn companies to seven, and more than doubling the number of companies admitted to the Incubation Programme to 1,227, and giving birth to two listed companies, two licensed virtual banks, three licensed virtual insurance institutions and one licensed virtual asset trading platform. The start-up has raised over $37.5 billion and has won more than 1,400 local and international awards and more than 500 intellectual property rights.

However, Cyberport was hacked in August, stolen up to 400GB of data, leaked information including personal names and contact information, employees, former employees and job seekers, a small amount of credit card information was also stolen, many media disclosed that the reason why Ren Jingxin failed to renew his contract this time is likely to be related to this hacking attack.

Where will the road to Web3 in Hong Kong Cyberport go

On Wednesday, the Chief Executive of the Hong Kong Special Administrative Region, John Lee Ka-chiu, delivered the Chief Executive's 2023 Policy Address, which actually pointed out the direction for the future Web3 path of Hong Kong Cyberport.

1. Use the "Cyberport Web3 Base" to inject new vitality into Hong Kong's entrepreneurship and Web3 ecosystem

Cyberport Hong Kong will continue to tie in with the HKSAR Government's development policy to promote the development of the Web3 ecosystem, including launching talent training courses and organising various themed activities to raise awareness of relevant technologies among the industry and the community.

According to the data, since the establishment of the "Cyberport Web3 Base" in January 2023, Cyberport has attracted more than 100 local, Mainland and overseas Web3 enterprises to set up, accumulating more than 210 Web3-related enterprises, covering financial technology, smart living and smart city, and digital entertainment, becoming one of the largest Web3 communities in Hong Kong. Cyberport has organised and supported more than 25 diversified themed events, including international summits, forums, start-up competitions, exhibition days, etc., and also focuses on Web3 training and education, including compliance training, technical training and entrepreneur training, with more than 3,000 participants, and launched more training activities through the Web3 Academy. With the strong support of the HKSAR Government, Cyberport will continue to work with different sectors to inject new vitality into Hong Kong's entrepreneurship and Web3 ecosystem by nurturing talent, promoting industry development and enhancing public awareness of the Web3 industry.

Second, grab enterprises and promote the development of local blockchain, artificial intelligence and other technologies

The Policy Address proposes to continue the "grabbing of enterprises" measures, especially those related to the positioning of the "eight centres", including key enterprises targeting advanced technology, industry representatives, innovation and strategic industries. Cyberport actively responded to the SAR Government by introducing a number of key enterprises, including Multi-Point DMall, WallTech Technology, CertiK and Conflux, to promote the development of local artificial intelligence, blockchain and smart living technology. Cyberport has signed a partnership with Shanghai Lingang Group and Dubai Future Foundation to recommend start-ups to set up in the parks of the two sides and work together to explore the mainland and Middle East markets. In the past year, Cyberport has attracted about 70 Mainland and overseas enterprises to set up their locations, bringing together global I&T talents, resources and capital to help Hong Kong become an international I&T hub, and continue to play its role as a gateway between the Mainland and international markets, providing a springboard for start-ups to expand into domestic and overseas markets.

Bitkoala Finance learned that Conflux HK has officially opened in Hong Kong Cyberport and held an opening ceremony, announcing the official opening, and will open offices in Dubai, Europe and other regions in the future. It is reported that Conflux HK also introduced the blockchain SIM card (referred to as "BSIM card") jointly developed with China Telecom at the opening ceremony, and Conflux HK will start to promote the pilot work of BSIM card in Hong Kong in the future.

Third, promote the development of green and sustainable finance

As the largest fintech community in Hong Kong, Cyberport brings together more than 400 fintech start-ups and companies with innovative solutions including green finance, environmental, social and governance (ESG) reporting and investment, carbon credit trading and responsible sourcing digital marketplace. Cyberport also actively organises industry activities, including the Cyberport Venture Capital Forum and Fintech Elite Forum, to explore the green finance market, promote the development of related industries and nurture talents, and help build Hong Kong into a green fintech hub.

In 2023, the Hong Kong SAR Government issued the world's first batch of government tokenized green bonds, demonstrating that Hong Kong provides a flexible and convenient legal and regulatory environment for innovative bond issuance forms, and is also the world's largest green retail bond issuance at that time, and it is believed that Hong Kong Cyberport will continue to support the healthy development of this field.

Summary

There is no doubt that Cyberport Hong Kong will actively cooperate with the HKSAR Government in promoting the blueprint for the development of innovation and technology in Hong Kong, and I believe that the next CEO will continue to continue the direction of the Hong Kong government to accelerate the development of the Web3 market and continue to promote the development of Hong Kong Cyberport in great strides.