Cyberport, a government-backed tech hub in Hong Kong, has seen a surge of over 150 web3 firms joining its ecosystem in the past year. The Finance Secretary has allocated $6.39 million to Cyberport to foster web3 innovation, as Hong Kong aims to be a global leader in the digital economy.
Cyberport is a digital hub for over 1,900 tech firms in Hong Kong. It offers resources, funding, training, and networking for startups and companies in fields like blockchain, AI, IoT, and the metaverse.
The community is managed by a wholly owned Hong Kong SAR Government subsidiary. It aims to promote Hong Kong as a smart city and regional digital technology and innovation hub.
Cyberport lures web3 firms with government backing
In a blog post published on Sunday, Finance Secretary Paul Chan disclosed that over 150 web3 companies had joined Cyberport in the past year. He did not disclose their names, but some of the notable web3 firms already in Cyberport include:
- Hashkey Group, a regulated crypto exchange, and digital asset management firm.
- Animoca Brands, a web3 venture capital and game developer that owns popular titles such as CryptoKitties and The Sandbox.
- Consensys, an Ethereum software company that develops MetaMask, a widely used crypto wallet.
Chan also announced that he had allocated HK$50 million (approximately $6.39 million) to Cyberport to attract and nurture more web3 ventures.
He stated that this funding would help Cyberport “develop third-generation Internet web3 companies that leverage cutting-edge technologies such as blockchain, artificial intelligence, Internet of Things and metaverse”.
Hong Kong fosters digital economy with initiatives
Hong Kong has been at the forefront of embracing emerging technologies and promoting digital transformation. The city has implemented various initiatives and policies to support the development of the digital economy, such as:
- Investing $200 billion in the Innovation and Technology Bureau since 2015.
- Launching a Digital Transformation Support Pilot Programme with $64 million to help small and medium-sized businesses adopt digital solutions.
- Regulating crypto exchanges for retail investors from June 1st. This regime ensures compliance with anti-money laundering, investor protection, and market integrity.
- Planning to create a legislative framework for stablecoins. This framework would regulate the issuance and circulation of stablecoins in Hong Kong.
These factors, along with the influx of web3 firms, the financial backing from the government, and the vibrant tech community in Cyberport, set the stage for a dynamic and forward-looking digital landscape in Hong Kong.
The city is poised to become a major player in the global digital economy as it leverages the opportunities presented by web3 and other emerging technologies.
