By Carl, Techub News

As a wholly-owned enterprise and policy implementer of the Hong Kong government, Cyberport has played an important role in promoting the development of Hong Kong’s Web3 ecosystem.

In January this year, Cyberport set up a Web3 base, and in February, the base was designated as a Hong Kong Web3 base in the Hong Kong Financial Secretary’s budget. At present, Cyberport has a well-established Web3 ecosystem, with more than 210 Web3 companies, including HashKey Exchange, Animoca Brands, ZA Bank, etc.

Techub News recently interviewed Kenneth Yam, CEO of Hong Kong Cyberport, an industry leader with nearly 40 years of experience in the IT industry, and former Executive Director and Chief Executive Officer of SUNeVision Group.

Ren Jingxin said that people in the Web3 industry are very different from the Web2 industry, they see the disruptive nature of technology, and they have to do something different from the tradition, so there will definitely be many breakthroughs in the Web3 field in the future.

In Ren Jingxin’s impression, dealing with Web3 companies is particularly inspiring, there is no baggage, the field of thought will be wider, and there are often many different ideas, they are pursuing their dreams.

Regarding Cyberport’s achievements in Web3, Ren Jingxin said that although the expectations were exceeded and promoted by the Hong Kong government’s policies, he did not expect Web3 to be so popular. At the same time, he hopes to strengthen the Web3 infrastructure and strengthen the introduction of enterprises in this area.

Yam, who will step down as Chief Executive Officer of Cyberport in April next year, said that the Web3 world is changing with each passing day, and my interest in Web3 continues unabated, and I would like to spend more time to learn more about it.

Cyberport Web3 Living Lab

Web3 is just the beginning

Techub News: When was your first exposure to cryptocurrency?

Ren Jingxin: About 10 years ago, I watched a sitcom in the United States, in which the main character was involved in cryptocurrency, and I have been following it since I was interested. In 2015, many mainland blockchain technicians came to Hong Kong, which was also a good opportunity, and at that time, more attention was paid to the development of cryptocurrencies in Hong Kong.

Techub News: What was your impression of crypto 10 years ago?

Ren Jingxin: At that time, my understanding was a very deep science, and the blockchain technology content was relatively high, and it was a product in mathematics, so I was very interested. Blockchain also contains decentralized currency, not just currency, but with cryptocurrencies as a start, to achieve decentralization, data can be owned by the user himself, and he has the greatest control, which is a very new concept.

Techub News: It’s not just a currency, it’s the philosophy behind it.

Ren Jingxin: Yes, there are many different applications of the concept behind this.

Techub News: What do you think is the relationship between cryptocurrencies and Web3?

Ren Jingxin: Web3 is an application based on blockchain technology, and the third generation of the Internet or the Internet has entered another era. You can completely own your data in a decentralized way, you have full control by yourself, and you don’t need a platform to give you these capabilities, and the asset data you produce is not owned through the platform, but can be controlled through this technology.

The cryptocurrency we often come into contact with is one of the links in financial services in Web3, and it is also one of the digital assets, and digital assets are not only cryptocurrencies. Digital assets are also an aspect of Web3 applications in the field of fintech, and there are many other applications in addition to fintech and services.

Techub News: When did you first realize the importance of Web3 and what was the trigger?

Yam King-shun: We have been keeping an eye on the development of different technology sectors, whether it is blockchain, artificial intelligence, cyber security, etc., which are all areas that Cyberport has been focusing on in the past five to six years. I started investing resources in my role to track some of the developments in this area five or six years ago.

Dealing with Web3 businesses is instructive

Techub News: In your dealings with Web3 companies, what do you think are the differences between Web3 companies and traditional Web2 companies?

Ren Jingxin: The people in the Web3 ecosystem are very different from the Web2 industry, and everyone sees the disruptive nature of technology more, and feels that they need to do something different from the tradition, so the culture is very strong. This is a very distinctive aspect of the Web3 ecosystem, and it is also a fundamental culture that has made important breakthroughs in the field of technology, so it should come as no surprise that there will be many different breakthroughs in the Web3 space, which is very different from the traditional approach, because those people are like that.

Techub News: Because of the different cultures, have you ever had any misunderstandings when dealing with them?

Ren Jingxin: Actually, I am like this myself, I am a person who can be compatible with both sides, both traditional and breakthrough cutting-edge technologies. Not only am I not at odds with them, but I find it very interesting and inspiring to be with them, so that we experienced people can see different things from a new perspective, which is very important.

If you look at some things without baggage, the field of thought will be wider, and there will be greater opportunities for breakthrough and subversive development. That’s the way the world is right now, and it’s even more so in the tech space, what might take 5, 6 years for the general industry to happen, 3 years in the tech space, and 1 year in the Web3 space.

Techub News: You just mentioned the fun, can you tell us more about it?

Ren Jingxin: When I say fun, I don’t mean that they are not serious and casual, but it means that they are very enlightening, and they often have a lot of different ideas. The other thing is their cultural characteristics, everyone is very enthusiastic, many Web3 business talents in the Cyberport Web3 base are like this, they don’t feel like they are working like other people in the technology field, they are pursuing their dreams, they are very enthusiastic, very interested, so I think this is a fun or interesting place.

They can also be an inspiration to a lot of people, and you may not agree with them when you talk to them, but at least you will find it interesting, and their ideas are very different from traditional practices, which is very interesting.

Techub News: What do you think is the reason behind this?

Ren Jingxin: Web3 is a fairly new field, there are new things happening all the time, there are different applications, just like the cryptocurrency just mentioned, it is only a small part of the entire Web3 field, so there is a lot of potential, and some new fields can be created and developed every day. In such an environment, the person involved will also be more open, his mind will be more active, and he will be exposed to new things every day, and he will be more interested and enthusiastic. So it’s very different from what I do every day like a part-time job, and my sense of value is completely different.

Techub News: What are some of the Web3 companies that impress you the most, and can you give a few examples?

Ren Jingxin: One is Wanxiang, which has the first HashKey Exchange to obtain a license for a virtual asset trading platform in Hong Kong. Wanxiang is very enthusiastic and has a culture of innovation, and more importantly, the people of Wanxiang, especially Dr. Xiao Feng, have rich experience in traditional finance, as well as experience and enthusiasm in Web3, and the two can be combined to achieve twice the result with half the effort.

The other is Animoca Brands, which has been nurtured by Cyberport and is more international, and its founder, Yat Siu, is idealistic, open-minded and innovative, and can explore different new ideas. He has been here at Cyberport for many years, almost at the beginning of Cyberport, and has been developing for more than ten years, from making games to blockchain games, to making NFTs to making metaverses, constantly embracing new developments, and now the valuation has reached $6 billion.

Cyberport project on display, photo by Techub News

We want to strengthen our Web3 infrastructure

Techub News: You said that your original intention to join Cyberport was to give back and contribute to the society and help young people and entrepreneurs, why?

Ren Jingxin: I tried to start a business, but it was unsuccessful to a certain extent, and in the end it was sold to my investor, and I instead joined the investor’s group and became the CEO, this experience was very useful, it was the hardest for me, but also the best feeling, and the most I got the most time.

Therefore, I very much hope to encourage more young people to participate in entrepreneurship. The entrepreneurial atmosphere in Hong Kong was strong in the 70s, and then the Hong Kong economy was more mature, and young people did not have as much entrepreneurial spirit. I hope that Hong Kong people will realize their dreams and start their own businesses, even if they do not meet their expectations, they will have great gains, which is a very wonderful experience in life, and part-time jobs cannot be experienced.

I have also benefited from the development of science and technology in Hong Kong for many years, which has brought me a good life, a good life and wonderful experiences. The Hong Kong government hopes to use Cyberport to develop and strengthen the I&T ecosystem, and it is incumbent upon me to participate in it and give back to the society, so that young people can have the opportunity to develop their dreams and realize their dreams.

Techub News: What policies did Cyberport introduce when it implemented its original intention, and what were the results?

Ren Jingxin: Cyberport has a good incubation plan, it is a national technology business incubator, it is very mature, and there are different stages of incubation plans. A series of incubation programmes, providing up to HK$1.1 million in funding and 2 years of free office space, and more importantly, making it easier for them to succeed in Cyberport than outside, helping them find business opportunities, capital, and technology partners, so that they can enter the market faster.

We provide professional services to protect their intellectual property rights, tax incentives and marketing when expanding overseas, which are often unnoticed but important for start-ups. If the intellectual property rights are protected from the beginning, Cyberport can also find different application scenarios to improve their applications, and more importantly, get some large enterprises as its users, so that it can attract more financial talents.

Cyberport has a series of network programs, such as the Corporate Network Program, the Investor Network Program, the Technology Network Program, the Professional Services Network Program, etc., which are the reasons why enterprises are more likely to succeed after entering Cyberport.

Techub News: Does Cyberport have a specific support policy for Web3 businesses?

Ren Jingxin: Yes, the basic incubation program I just talked about is provided to Web3 companies, and enterprises can get 1.1 million Hong Kong dollars, free of charge, without giving Cyberport any equity, and can also use free incubator office space for two years, and after two years, they can continue to participate in shared space, or rent office buildings. This policy has proven to be good, and Cyberport officially launched Web3 sites earlier this year, and now there are more than 210 of them.

Techub News: What do you think of the year’s achievements and did they meet your expectations?

Ren Jingxin: To a certain extent, it was completed beyond the standard, and it was groping at the beginning, although it was promoted by the Hong Kong government’s policy, but I didn’t expect it to be so popular. Not only from the numbers, but also from the achievements of these companies in Hong Kong, I hope that they can develop Hong Kong’s Web3 ecosystem, so that Web3 companies can integrate with Hong Kong’s traditional economy, which is what I want to see the most.

On the other hand, we want to strengthen the Web3 infrastructure. Of the more than 200 Web3 companies I just mentioned, most of them are in the application layer, and there are also some in the tool layer, and there are relatively few infrastructure construction companies, only a dozen. We hope to strengthen the entry of enterprises in this area, which generally have a certain volume and strength, and through them they can attract more enterprises with a tool layer to come in, and there are a lot of tools on each basic platform. In this way, the application layer will be more diversified, and there will be greater opportunities for integration with the traditional economy, which I hope can be further developed.

Cyberport NFT Gallery, Photo by Techub News

Digital currencies can be turned into “smart money”

Techub News: I remember you said that your first computer was built by yourself, like building blocks, very mysterious, more than 40 years ago, over the years, what changes do you think technology has brought to human beings? What is the most critical change that Web3 has brought to human beings?

Ren Jingxin: It has brought a lot of changes, needless to say, everyone feels every day that there will be a lot of wearable electronic devices in the future. The biggest change in Web3 is in the data, how to take full control of the data we generate, and the ownership of data assets will change many different applications.

Simply talking about the application of landing, such as smart contracts, digital currency is actually a kind of smart contract, in the future, digital currency can become smart money, you can specify its use, parents can specify the pocket money for children can not be spent in unhealthy places, the government issued by the elderly can only be used by themselves, and others can not use it if they get it. This prevents fraud, and the cost of implementation is extremely low, and the administrative and regulatory fees will be greatly reduced.

Techub News: Many parts of the world are embracing Web3, what do you see as the opportunities for Web3 in Hong Kong in the future?

Ren Jingxin: Hong Kong is an international financial center, and the first shot will definitely be fintech-related services, and digital assets will develop quite well. On the industrial side, it will also be widely used in the next few years, depending on the government’s promotion. For example, in February this year, Hong Kong issued the world’s first tokenized green government bond, which greatly reduced operating costs, and Hong Kong will further launch the use of digital assets in the future.

Techub News: What segments of Web3 are you optimistic about?

Ren Jingxin: In addition to the above-mentioned financial field and the industrial application promoted by the government, I think the insurance industry will have good development. On the one hand, more and more virtual assets are developing, and different insurance products may come out to reduce the risk of virtual assets. On the other hand, the integration of blockchain technology into the processes of the insurance industry can reduce costs. At Cyberport, we are going to launch a Web3 pilot programme, which will subsidize enterprises to participate in digital assets, insurance and other services.

Techub News: You will be stepping down as CEO of Cyberport in April next year, what are your plans for the future, and are you interested in joining Web3 businesses?

Ren Jingxin: The world of Web3 is changing with each passing day, and my interest in Web3 continues unabated, and I would like to take the time to learn more about it.

Source: Golden Finance