Driving Digital Transformation in Hong Kong with Web3 and Blockchain
Digital technology, particularly innovations like Web3 and blockchain, is revolutionizing Hong Kong’s future. Paul Chan Po-Mo, Financial Secretary for Hong Kong, envisions a digital transformation in Asia that goes beyond boundaries. Here are the key points:
1. The Global Online Entertainment Market: Chan highlights the potential of the global online entertainment market, which is projected to reach USD 653.4 billion by 2027, with 21% annual growth.
2. The Cyberport Digital Community: Cyberport, a digital community in Hong Kong, is at the forefront of this digital evolution. It houses over 170 companies specializing in the metaverse, game development, and e-sports.
3. Web3 Beyond Entertainment: Web3 and blockchain have applications beyond entertainment. They promise transparency, security, and cost-efficiency, revolutionizing sectors like finance and supply chain management.
4. Hong Kong’s Innovation: Hong Kong’s startups are driving Web3 innovation. The Web3 Living Lab showcases local companies’ diverse applications of Web3 in various life and business scenarios.
5. Government Support: The Hong Kong Government is actively supporting Web3 development. The Hong Kong Monetary Authority issued tokenized green bonds, streamlining the issuance process. Chan has allocated $50 million to Cyberport to nurture a thriving Web3 ecosystem.
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