Hong Kong Financial Secretary: The next wave of breakthrough growth in the internet may be driven by Web3 and blockchain technology

ChainCatcher news, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated that the next wave of breakthrough growth in the internet is likely to be driven by third-generation internet (Web3) and blockchain technology. NFT, GameFi, Play to Earn, and "immersive" entertainment are all directions that many global entertainment giants are currently investing resources to explore. The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability, and low cost, can be applied across various fields, including finance, commerce, trade, supply chain management, and even daily life. The Hong Kong SAR government is also actively applying Web3 technology.

For example, in February this year, the Monetary Authority issued the world's first government-issued tokenized green bonds, consolidating bonds and other related financial instruments, participants, and activities onto a single digital platform, enhancing the efficiency of the entire process, reducing the traditional bond issuance time from 5 business days (T+5) to just 1 business day (T+1). To accelerate the development of Web3, I allocated HKD 50 million in this year's Budget to Cyberport to expedite the establishment of a thriving Web3 ecosystem, including actively attracting businesses and talent to settle, as well as organizing related educational and promotional activities.

So far, Cyberport has gathered over 180 companies related to Web3 technology, including unicorns and licensed virtual asset trading platforms, with more than 20% of the companies coming from the mainland and overseas.