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 <p class="is-style-lead">Hong Kong’s Financial Secretary, Paul Chan Mo-po, touts the potential of web3 and blockchain, envisioning them as catalysts for the city’s next tech-driven growth phase.</p> 
 <p>In the preceding decade, there was a remarkable growth in the realms of music streaming, videos, social media, and mobile gaming. Chan envisions the next transformative growth to come from web3 and blockchain technology.</p> 
 <p>He noted this while speaking at the 2023 Digital Entertainment Leadership Forum. Chan pointed out various avenues in the entertainment industry that have garnered substantial investments from global behemoths.</p> 
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 <p>Included in these directions are NFTs, Play-to-Earn (P2E) models, and immersive entertainment. The potential of blockchain and web3 applications has spurred Hong Kong’s interest in harnessing the emerging sector.</p> 
 <p>Moreover, the Financial Secretary stressed that web3’s influence extends beyond entertainment and digital assets. The foundational blockchain technology also provides immutability, security, transparency, and cost-effectiveness.</p> 
 <p>According to Chan, these attributes extend beyond entertainment, finding applications in finance, commerce, trade, supply chain management, and daily life.</p> 
 <h2 class="wp-block-heading" id="hong-kong-looks-to-leverage-blockchain">Hong Kong looks to leverage blockchain</h2> 
 <p>Hong Kong’s pursuit of web3 development is evident in the government’s allocation of $50 million to Cyberport, aimed at accelerating the establishment of a vibrant web3 ecosystem.&nbsp;</p> 
 <p>More than 180 web3-related companies, including unicorns and licensed virtual asset trading platforms, have congregated in Cyberport.&nbsp;</p> 
 <p>Additionally, Hong Kong formed a task force on web3 development last month to ensure the steady and sustainable growth of the industry in the region.</p> 
 <p>Chan’s outlook underscores Hong Kong’s determination to leverage technological innovation for economic development, all while embracing the responsibilities of prudence and proper supervision.&nbsp;</p> 
 <p>As an international <a rel="dofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> hub and a tech-oriented metropolis, Hong Kong aims to seize the opportunities presented by this tech-driven era, fostering economic growth for the benefit of its citizens.</p> 
 <p>Remarkably, two months back, reports suggested that the Hong Kong Monetary Authority is urging prominent banks, including Standard Chartered and HSBC, to onboard crypto-focused clients.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/hong-kong-s-financial-secretary-paul-chan-sees-web3-as-future-tbt60629.html">https://thebittimes.com/hong-kong-s-financial-secretary-paul-chan-sees-web3-as-future-tbt60629.html</a></p>

Hong Kong’s financial secretary Paul Chan sees web3 as future

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