Conflux joins Hong Kong’s new Web3 Institute
We’re excited to announce our new role as senior members of the Institute of Web 3.0 in Hong Kong.
Further solidifying our growing partnership with Web3 advancements in Hong Kong, Conflux is pleased to announce that it has become a senior member of the Institute of Web 3.0 in Hong Kong.
As the only regulatory-compliant public blockchain in China, Conflux holds a unique advantage for projects seeking to build and expand into Asia. Therefore, our decision to join the Hong Kong Web 3.0 Institute as a senior member aligns perfectly with our initiatives. We are honored and enthusiastic about collaborating with other industry players in the Web3 space and actively demonstrating our support for Web3 development in Hong Kong.
Hong Kong is taking significant strides toward becoming a prominent hub for Web3 technology in the region. The Institute of Web 3.0 Hong Kong was established by Chinese institutions based in Hong Kong and local universities. Its membership includes legislators from the Hong Kong Special Administrative Region, academicians from the Chinese Academy of Engineering, university professors, fintech specialists, and other experts in technology and finance.
The Institute’s objectives revolve around enhancing and advancing Web3 in Hong Kong through the exchange of research and resources, technical cooperation, and industrial partnerships. Additionally, it aims to foster a talent pool capable of supporting collaborative endeavors. By embracing transparency and efficient collaboration, the Institute seeks to overcome existing technical challenges in Web 3.0, establishing Hong Kong as a role model for Web 3.0 smart cities in the Greater Bay Area, China, Asia, and potentially worldwide.
The Institute will be led by Norman Chan, the former Head of the Hong Kong Monetary Authority (HKMA). Li Feng, CEO of China Mobile International, will serve as the Honorary Chairperson. Chan’s extensive experience in traditional finance during his tenure at the HKMA will contribute to establishing a standardized framework for digital currencies within the new Institute.
The Institute’s agenda also prioritizes data monetization, asset tokenization (especially NFTs), and guiding traditional industries towards digitalization. During his speech at the Hong Kong Web 3.0 launch ceremony in April, Chan highlighted the crucial role of Web 3.0 in enabling Hong Kong to achieve a leading position in the global digital economy. He also expressed support for exploring the digitization of various traditional assets alongside cryptocurrencies and digital artwork.
Given the Institute’s membership composition, which includes prominent figures from the Chinese technology entrepreneurship sector and former government officials, this newly established body holds the potential to become a vital participant in Hong Kong’s digital currency landscape. Together with the city-state’s plans to introduce a Web3 fund aimed at attracting additional digital currency firms, the Institute could prove enticing to fintech companies considering the advantages of establishing themselves in Hong Kong compared to Singapore. Hong Kong has already succeeded in attracting 80 Web3 firms, including virtual asset exchanges, blockchain infrastructure companies, virtual currency wallets, and payment enterprises, building towards its Web3 development objectives.
