Hong Kong's Growth Vision: Web3 and Blockchain's Role in Tech-Driven Development

Hong Kong’s Financial Secretary, Paul Chan Mo-po, highlights the potential of web3 and blockchain technology for driving the city’s next phase of growth.
Chan emphasizes the transformative power of blockchain in entertainment and its broader applications in finance, commerce, trade, and daily life.

Hong Kong’s Financial Secretary, Paul Chan Mo-po, sets his sights on the immense potential of web3 and blockchain technology. Speaking at the 2023 Digital Entertainment Leadership Forum, he anticipates that these technologies will usher in the city’s next phase of tech-driven growth. Having witnessed significant growth in music streaming, videos, social media, and mobile gaming in the past decade, Chan envisions the transformative power of web3 and blockchain for the times ahead.

Chan’s insights transcend the boundaries of entertainment. While highlighting the substantial investments global giants have made in various entertainment avenues, such as NFTs, Play-to-Earn (P2E) models, and immersive experiences, he underscores the potential of blockchain and web3 applications in Hong Kong’s emerging sector. Beyond entertainment, Chan emphasizes the foundational attributes of blockchain technology: immutability, security, transparency, and cost-effectiveness.

According to Chan, the influence of web3 and blockchain extends far beyond entertainment. These technologies find relevance in finance, commerce, trade, supply chain management, and daily life. Hong Kong’s proactive approach to web3 development is evident in its investment of $50 million into Cyberport, aimed at fostering a thriving web3 ecosystem. Over 180 web3-related companies, including unicorns and licensed virtual asset trading platforms, have converged within Cyberport, showcasing Hong Kong’s commitment to technological advancement.

A Holistic Approach to Growth: Hong Kong’s Determination

Hong Kong’s dedication to technological innovation is further illustrated by the formation of a web3 development task force, signaling its commitment to sustained industry growth. As an international financial hub and a technology-oriented metropolis, Hong Kong seeks to seize the opportunities presented by the tech-driven era, fostering economic prosperity for its citizens. Notably, the Hong Kong Monetary Authority’s recent push for prominent banks to onboard crypto-focused clients underlines the city’s evolving stance in embracing the transformative potential of blockchain and cryptocurrency.

In the evolving landscape of innovation, Hong Kong emerges as a forward-looking hub, harnessing the power of web3 and blockchain to pave the way for the next wave of growth.