Hong Kong’s Cyberport Fuels Web3 Growth as China Seeks Global

In
just
two
decades
since
its
inception,
Hong
Kong’s
Cyberport
has
achieved
remarkable
growth
and
has
become
the
key
driver
of
the
government’s
Web3
initiatives.
With
over
270
Web3
entities
calling
Cyberport
home,
the
government-owned
commercial
hub
is
leading
the
way
in
advancing
technologies
such
as
blockchain,
artificial
intelligence
(AI),
and
Big
Data.

A
recent
report
released
by
Hong
Kong’s
Legislative
Council
detailed
the
impressive
strides
made
by
Cyberport,
highlighting
its
role
in
fostering
a
vibrant
ecosystem
around
smart
living,
digital
entertainment,
fintech,
and
data
security.
Of
the
270
blockchain
firms
housed
within
the
hub,
three
have
achieved
unicorn
status,
a
significant
milestone
in
the
tech
industry
indicating
a
valuation
of
over
$1
billion.

Notably,
while
the
majority
of
these
Web3
firms
are
local,
15%
are
international
enterprises
hailing
from
Mainland
China,
the
United
States,
and
the
United
Kingdom.
This
underscores
Cyberport’s
global
appeal
as
a
hub
for
emerging
tech
companies
and
the
government’s
commitment
to
supporting
these
businesses
through
initiatives
like
the
incubation
program,
which
offers
grants
of
up
to
$500,000
along
with
technical
support
and
consultancy
services.

Besides
financial
support,
Cyberport
is
also
focused
on
fostering
partnerships
and
collaborations,
having
signed
a
Memorandum
of
Understanding
(MoU)
with
several
entities,
including
Hangzhou
Shangcheng
District
and
U.S.-based
Draper
Dragon.

In
its
pursuit
of
attracting
investors
for
these
fledgling
companies,
Cyberport
launched
the
Cyberport
Investor
Network
in
2017,
followed
by
the
Web
3.0
Investors
Circle
(W3IC)
specifically
for
blockchain-based
companies.

To
fuel
the
region’s
blockchain
revolution,
Cyberport
also
initiated
an
internship
program
that
matches
university
students
with
blockchain
firms,
thereby
cultivating
the
next
generation
of
talent
in
this
field.

Meanwhile,
China
has
been
advocating
for
greater
collaboration
among
advanced
and
developing
countries
to
address
the
digital
divide.
Chinese
President
Xi
Jinping
emphasized
the
need
for
democratizing
the
Internet
and
ensuring
that
developing
nations
are
not
left
behind
in
the
rapid
development
of
emerging
technologies
like
AI,
Internet
of
Things
(IoT),
Web3,
and
Big
Data.

Echoing
these
sentiments,
Chinese
Vice
Premier
Ding
Xuenxiang
highlighted
the
potential
risks
associated
with
a
widening
digital
divide,
such
as
cybersecurity
threats,
income
inequality,
educational
disparities,
and
dependency
risks.
He
proposed
several
measures
to
level
the
playing
field,
such
as
improving
global
governance,
promoting
collaboration
in
AI,
and
encouraging
advanced
economies
to
invest
in
developing
countries.

With
Hong
Kong’s
Cyberport
leading
the
way
in
Web3
development
and
China’s
commitment
to
bridging
the
digital
divide,
it’s
clear
that
the
region
is
poised
to
be
a
key
player
in
the
global
technological
landscape.
As
digital
assets
continue
to
thrive
and
with
the
exploration
of
a
central
bank
digital
currency
(CBDC)
underway,
the
future
of
Web3
in
Hong
Kong
and
China
looks
brighter
than
ever.