Hong Kong Cyberport CEO Yam King-shin: Mastering the new power of the Web3 era

On September 19, 2023, the “2023 Shanghai Blockchain International Week·The Ninth Blockchain Global Summit” opened in Shanghai. Ren Jingxin, CEO of Hong Kong Cyberport Management Co., Ltd., gave a live speech titled “Mastering the New Power of the Web3 Era”.

Golden Finance conducted on-site tracking and reporting of the entire meeting. The following is a summary of the speech content.

Dear experts, distinguished guests, and online friends: Good morning, everyone!

I am very honored to share the development of the Web3 base of Hong Kong Cyberport here. Cyberport is the Hong Kong government’s government platform in innovation and technology, especially in digital economy and digital technology. Cultivating Hong Kong’s scientific and technological talents and developing the industrial ecosystem are our (Cyberport’s) main tasks.

Speaking of Web3, I am particularly excited. 2023 is not only the 20th anniversary of Cyberport, but also the first year of Web3 in Hong Kong. Why do you say that? Looking back on what happened this year, in January, Hong Kong officially established the Web3 Base Cyberport. In February, the government took the lead in promoting blockchain applications and tokenizing green bonds, which is also a strategic development. As a bond center, Hong Kong issues many bonds every year. In the future, it will try it step by step. Through the experience gained from the trial, it will be widely used, which is the tokenization of bonds. In February, the Hong Kong Financial Secretary’s budget bill defined Cyberport’s Web3 base as Hong Kong’s Web3 base. In April, the Web3 Carnival was held, with more than 17,000 registered people and more than 50,000 visitors, making it more popular than Token2049. This also means that Hong Kong, as an international exchange center, is promoting industrial development through blockchain technology, whether in finance or culture. This is Hong Kong’s advantage. At the same time in April, Hong Kong and Cyberport co-organized the Digital Economy Summit, with the theme also being Web3, and the number of visitors reached a record high.

In June, Hong Kong’s licensing system for virtual assets or digital assets was launched, which is also a very important milestone. In August, HashKey obtained two licenses (No. 1 and No. 7) under the new license system. It can not only serve professional investors and institutional investors, but also retail customers, which is a big step forward. There is another large-scale event in August, which is the digital entertainment event held annually by Hong Kong Cyberport. This time digital entertainment also takes Web3 as the theme, and many international veterans also shared their experiences on how to blockchain-based games and entertainment.

Cyberport is cooperating with Hang Seng Bank in Hong Kong to create a new scenario in Cyberport in September to test the general consumption of digital Hong Kong dollars. Now you can use digital Hong Kong dollars to buy coffee and snacks at designated Cyberport cafes and Hong Kong-style tea restaurants. These are some of the development processes of Web3 in Hong Kong. Hong Kong is sparing no effort to promote Web3.

2023 is the first year of Hong Kong’s Web3 industry, and a lot of things are happening in Hong Kong. There is much more to come.

Now back to the sharing topic of Web3 base. In the past period, many overseas and domestic Web3 companies have been established or settled in Cyberport. Now there are more than 190 Web3-related companies in Cyberport, including very important underlying blockchain infrastructure companies and enterprises. There are Second-tier related technical services. The emergence of blockchain Web3 technology has created many new services. Combined with new technologies, the services of the audit departments of the four major companies are also being re-improved and a new ecology has been rebuilt. Cyberport is lucky to have these companies gathered together.

Of course, the most important thing is application. With applications, there must be a wide range of usage scenarios. With widely used scenarios, there will be transactions and activities related to the real economy will be derived. This is very important. Our Web3 team is vigorously launching applications, and we need to develop applications based on the real economy. The Hong Kong government uses financial technology or digital assets as a promotion, and it also conducts different tokenized bond issuances. It hopes to have a demonstrative role and make the entire ecosystem develop better.

Cyberport now has more than 190 Web3 companies, and the number continues to increase, including many companies that everyone is familiar with, including companies in financial technology, digital entertainment and other fields. I think the potential is greater in the field of smart life, which can include Lots of scenes.

Cyberport’s Web3 base hopes to focus on three aspects of development.

First, talent cultivation.

The cultivation of talents is the most important. The development of Web3 and blockchain lacks talents, and we must vigorously cultivate application and technical talents. We also collaborate with different universities and educational groups for training. We have also established a Web3 Academy to conduct workshops, courses, lectures and other activities with different partners to allow more people to participate and understand the technology and applications of blockchain and Web3. The number of people participating in the training has exceeded 3,000. We hope that in addition to cultivating talents, we will also widely promote everyone’s understanding of blockchain applications.

Second, industrial development.

Integrate Web3 with the real economy. In August, Cyberport officially opened a Web3 experience area. This experience area is to showcase the applications in the park and let everyone experience Web3, in addition to digital currency and financial technology-related applications, what other applications are related to general life, which is also an important part of driving industry development. We have launched a series of activities in the industry. On Monday, Wednesday, and Friday, there will be a Web3-related activity. Mondays are technology-related activities, Wednesdays are entertainment, play, and fun-related projects, and Fridays are life-application-related projects. We hope that more people will participate, more people will share, and more activities will be held. We are closely preparing a new concept, hoping to give everyone more opportunities to use Web3 or understand Web3 applications through different scenarios. A sandbox scenario will also be established so that Web3 enterprises can use or test it.

Third, public perception.

This is also Web3-related technology education, allowing everyone to realize that Web3 has other application scenarios besides financial technology application scenarios. I won’t go into details here, but I have held more than 20 events in the past few months. These events have brought a lot of people and international exchange opportunities.

Current status of Hong Kong Web3 Fund. In the past period, we have been in contact with funds in the industry that specialize in Web3. There are more than 40 funds in close contact, and their assets or funds add up to 4 billion US dollars. This is a very important fuel that makes Web3 burn vigorously. Greater influence.

We will continue to work hard to introduce these funds into Hong Kong and establish a dedicated Web3 investment fund. This is a very important part, and everyone should promote it more.

Let’s take a look at Cyberport’s Web3 experience area facilities. This year is the first year of Web3. If you are interested in visiting Hong Kong, you can contact Cyberport directly. You are very welcome to come to Cyberport and develop the Web3 ecosystem better through Hong Kong’s international environment. Thank you!