Hong Kong Emerges as a Leading Hub for Web 3.0 Companies

Hong Kong Emerges as a Leading Hub for Web 3.0 Companies

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Hong Kong has made remarkable strides in establishing itself as a global hub for cutting-edge technologies. In the past year alone, over 150 registrations from Web 3.0 companies have been recorded at Cyberport, according to the city’s financial secretary.

The government’s proactive efforts to promote high-quality development and foster collaboration with the private sector have yielded impressive achievements in the fields of cryptocurrency, Web 3.0, and central bank digital currencies (CBDCs).

Recognizing the importance of supporting the attraction and development of Web 3.0 companies, the financial secretary has allocated HK$50 million to Cyberport.

The innovation and technology ecosystem in Hong Kong has witnessed substantial growth, with over 150 firms gravitating towards the city. Notably, there has been remarkable progress in the areas of cryptocurrency and Web 3.0. The number of companies settling in the Hong Kong Science Park has experienced a year-on-year increase of 30%, including the establishment of a unicorn company specializing in next-generation data processor chips.

Cyberport, a key player in Hong Kong’s tech landscape, has also witnessed rapid expansion. It currently hosts over 1,900 community enterprises and has facilitated the successful listing of high-potential start-ups in various sectors such as smart logistics and travel platforms.

In its commitment to bolster innovation, the Hong Kong government has allocated significant resources. This includes a substantial 10 billion yuan investment for the “Industry-University-Research 1+ Plan” and a 30 billion yuan co-investment fund aimed at supporting strategic key enterprises.

Looking ahead, Hong Kong aims to strengthen collaboration with cities in the Greater Bay Area and solidify its position as a world-class innovation and technology center. By doing so, the city seeks to contribute to regional and national technological advancements, further cementing its status as a leading hub for cutting-edge technologies.

Compiled by Coinbold

CBDC, Web3