Hong Kong’s Finance Minister, Paul Chan Moo Po, touts the potential of Web 3 and blockchain, envisioning them as catalysts for the city’s next technology-driven growth phase.

In the previous decade, there has been significant growth in the fields of music streaming, video, social media, and mobile gaming. Chan envisions the next transformational growth will come from web3 and blockchain technology.

He mentioned this while speaking at the 2023 Digital Entertainment Leadership Forum. Chan pointed out the various avenues in the entertainment industry that have attracted significant investment from global giants.

These trends include NFTs, Play-to-Earn (P2E) models, and immersive entertainment. The potential of blockchain and web3 applications has stimulated Hong Kong’s interest in harnessing the emerging sector.

Furthermore, the Finance Minister emphasized that web3’s impact extends far beyond entertainment and digital assets. The underlying blockchain technology also provides immutability, security, transparency, and cost-effectiveness.

According to Chan, these traits extend far beyond entertainment, finding applications in finance, trade, supply chain management and everyday life.

Hong Kong is looking to take advantage of blockchain technology

Hong Kong’s pursuit of web3 development is evidenced by the government’s $50 million allocation to Cyberport, with the aim of accelerating the creation of a vibrant web3 ecosystem.

More than 180 web3-related companies, including unicorn companies and licensed virtual asset trading platforms, gathered at Cyberport.

In addition, Hong Kong formed a web development task force 3 last month to ensure the steady and sustainable growth of the industry in the region.

Chan’s predictions underscore Hong Kong’s determination to take advantage of technological innovation to achieve economic development, with responsibilities for prudence and proper oversight.

As an international financial center and a technology-oriented city, Hong Kong aims to seize the opportunities offered by this technology-driven era and promote economic growth for the benefit of its citizens.

Remarkably, a couple of months ago, it was reported that the Hong Kong Monetary Authority was urging prominent banks, including Standard Chartered and HSBC, to take on crypto-focused clients.