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.
