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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) <a rel="dofollow" title="solution" href="https://thebittimes.com/tag/solution.html">solution</a> using Polygon ID and the release of a 30th anniversary <a rel="dofollow" title="commemorative" href="https://thebittimes.com/tag/commemorative.html">commemorative</a> 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;Polygon website, more information about the DID <a rel="dofollow" title="solution" href="https://thebittimes.com/tag/solution.html">solution</a> 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 @HongKongFinTech 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>‣ @theaftermint dropped an exclusive @hkgoodsofdesire NFT for #HKFTW2023 attendees<br>‣ Hong… pic.twitter.com/W6rnhN0rwz</p>— Polygon (Labs) (@0xPolygonLabs) November 3, 2023
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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> 
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 <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;announcements&nbsp;from the HKMA, including the FPS x PromptPay QR Payment for Dec. 4, e-HKD Pilot Programme and the release of a <a rel="dofollow" title="commemorative" href="https://thebittimes.com/tag/commemorative.html">commemorative</a> NFT for guests who attended the event.&nbsp;</p> 
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    <iframe title="Hong Kong's Plans For Crypto: Secretary For Financial Services And The Treasury | In Conversation" width="1020" height="574" src="https://www.youtube.com/embed/MNWyRbHSpQ0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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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;hold some weight.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Analysts bullish on Shiba Inu; investors diversify with Everlodge and Polygon for higher ROI 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/hong-kong-fintech-week-introduces-the-world-to-hsbc-did-solution-and-commemorative-nfts-tbt68974.html">https://thebittimes.com/hong-kong-fintech-week-introduces-the-world-to-hsbc-did-solution-and-commemorative-nfts-tbt68974.html</a></p>

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

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