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<p class="is-style-lead">On Nov. 2, the Hong Kong Monetary Authority (HKMA) co-organized the eighth edition of the city’s flagship event alongside InvestHK.</p>
<p>At the event came several releases including HSBC prototyping a Decentralized Identity (DID) solution using Polygon ID and the release of a 30th anniversary commemorative NFT from the HKMA.&nbsp;</p>
<h2 class="wp-block-heading" id="building-for-digital-identities">Building for digital identities&nbsp;</h2>
<p>In a follow-up post on the&nbsp;<a target="_blank" href="https://polygon.technology/blog/why-hsbc-is-building-a-decentralized-identity-solution-with-polygon-id?utm_source=twitter&amp;utm_medium=social&amp;utm_content=hsbc-blog" rel="noopener noreferrer nofollow">Polygon website</a>, more information about the DID solution and its use cases are brought to light, including how it works. The post states that upon opening an account with HSBC, customers undergo a KYC process, resulting in the creation of a verified credential. This credential would effectively allow users to access their HSBC account, make purchases, apply for loans and manage carbon credits.&nbsp;</p>
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   <p lang="en" dir="ltr">That’s a wrap.<br><br>After an invigorating time at <a href="https://twitter.com/HongKongFinTech?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@HongKongFinTech</a> week, it’s no surprise that the Asian metropolis has emerged as one of the regional hubs of web3 activity.<br><br>The highlights:<br>‣ <a href="https://twitter.com/theaftermint?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@theaftermint</a> dropped an exclusive <a href="https://twitter.com/hkgoodsofdesire?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@hkgoodsofdesire</a> NFT for <a href="https://twitter.com/hashtag/HKFTW2023?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#HKFTW2023</a> attendees<br>‣ Hong… <a href="https://t.co/W6rnhN0rwz" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/W6rnhN0rwz</a></p>— Polygon (Labs) (@0xPolygonLabs) <a href="https://twitter.com/0xPolygonLabs/status/1720421218325602437?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 3, 2023</a>
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<p>Notably, the HSBC ID system has the flexibility to draw information from a wide array of identity issuers, which may include government agencies, credit bureaus, telecommunications companies, and utility providers.</p>
<p>You might also like: <a href="https://crypto.news/opensea-rolls-out-pro-version-on-polygon-adds-support-for-cross-chain-swaps/" rel="noopener noreferrer nofollow"> OpenSea rolls out Pro version on Polygon, adds support for cross-chain swaps </a></p>
<p>This demo came alongside Animoca Brands, AWS Cloud and Mocaverse NFT’s hackathon, Cyberport Hong Kong, AWS and Polygon introducing an enablement program and&nbsp;<a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/11/20231102-4/#:~:text=The%20Hong%20Kong%20Monetary%20Authority,and%20share%20their%20fintech%20journeys." target="_blank" rel="noopener noreferrer nofollow">announcements</a>&nbsp;from the HKMA, including the FPS x PromptPay QR Payment for Dec. 4, e-HKD Pilot Programme and the release of a commemorative NFT for guests who attended the event.&nbsp;</p>
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<h2 class="wp-block-heading" id="top-spot-for-crypto-ready-countries">Top spot for crypto-ready countries</h2>
<p>This week’s event, alongside the number of announcements that came out of it, provide another indication that Hong Kong has truly become one of the most cryptocurrency-ready countries and that the Oct. 2022 announcement made by authorities to help with developing the market does&nbsp;<a target="_blank" href="https://crypto.news/how-hong-kong-became-the-new-hub-for-cryptocurrencies/" rel="noopener noreferrer nofollow">hold some weight</a>.</p>
<p>Read more: <a href="https://crypto.news/analysts-bullish-on-shiba-inu-investors-diversify-with-everlodge-and-polygon-for-higher-roi/" rel="noopener noreferrer nofollow"> Analysts bullish on Shiba Inu; investors diversify with Everlodge and Polygon for higher ROI </a></p>

Hong Kong Fintech Week introduces the world to HSBC DID solution and commemorative NFTs

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