Just twenty years after its launch, Cyberport has achieved astronomical growth in Hong Kong, living up to its expectations as the main driving force behind the government’s Web3 ideals. Elsewhere, China is pushing for greater cooperation with advanced and developing countries to close the digital divide.
According to a discussion paper issued by the Legislative Council of Hong Kong, Cyberport has grown to host more than 270 Web3 entities since its inception. It also highlighted Cyberport’s major leaps and informed the public about the initiative’s progress in Web3 development.
The fourteen-page report shows that the government-owned commercial hub is now leading Hong Kong’s emerging technology ambitions, supporting the advancement of blockchain technology, artificial intelligence (AI) and Big Data.
The report notes that there are 270 blockchain companies based in the hub, three of which are unicorns. These companies are building solutions in smart living, digital entertainment, fintech and data security “to facilitate the development of a vibrant ecosystem.”
While most companies are local, 15% of Web3 companies come from mainland China and other countries, including the United States and the United Kingdom.
An important part of Cyberport is the support of young startups characterized by providing capital injection and regulatory support for companies. An incubation program distributed up to $500,000 in grants to new startups, in addition to technical support and advisory services.
For companies looking to turn their blockchain-based ideas into prototypes, the Cyberport Creative Micro Fund will provide $100,000 in support to each startup, while up to 30 companies will receive up to $200,000 for market research activities.
In addition to merely providing financing, Cyberport would like to expand its partner network by signing a Memorandum of Understanding (MoU) with various entities. At the beginning of this year, Cyberport signed a deal with Hangzhou Shangcheng District to collaborate with the American Draper Dragon for a Web3 Accelerator Program.
A key piece in the puzzle is Cyberport’s commitment to a steady stream of investors for young companies, with the launch of the Cyberport Investor Network in 2017. The hub was followed by the rollout of the Web 3.0 Investors Circle (W3IC) to focusing on blockchain-based businesses. show great promise.
Cyberport also aims to develop individual talents to drive the blockchain revolution in the region, by launching an internship program that matches university students with blockchain companies.
A radiant light
Hong Kong has emerged as a shining light in the region for all things Web3, thanks to a range of government policies to improve the sector. Foreign Web3 companies are being offered tax breaks and licensing subsidies to set up shop in Hong Kong, with the banking regulator urging financial institutions to extend banking services to the new players.
A clear playbook is seen as a step in the right direction for service providers and investors, while an active regulatory watchdog ensures compliance obligations. As digital assets continue to flourish, Hong Kong is exploring the prospects of a central bank digital currency (CBDC) to improve local and cross-border payments.
China calls for more cooperation
As the Special Administrative Region works towards its Web3 ambitions, China has taken up the gauntlet of bridging the digital divide between countries around the world, pushing for greater cooperation and resource sharing between countries.
In a video at the World Internet Conference in Wuzhen, Chinese President Xi Jinping said his country will support efforts to democratize the Internet, while emphasizing the need for developing countries to catch up with advanced economies.
The incumbent leader pointed to the rapid development of emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Web3 and Big Data and the rapid pace of adoption. He noted that it is easy for advanced economies to leave underdeveloped countries behind, widening the digital divide.
Chinese Vice Premier Ding Xuenxiang echoed Xi’s call, drawing attention to the ripple effects of the widening digital divide between countries. Ding identified potential cybersecurity risks, income inequality, education inequality and dependency risks as pitfalls arising from the digital divide.
The Prime Minister made several recommendations to level the playing field for countries, including improving global governance and promoting cooperation in AI. Ding added that investments in developing countries by advanced economies will play an important role in bridging the technology gap, while focusing on talent development.
Conversely, developing economies will need to focus on creating an enabling environment for innovation through policies and a progressive playbook. A focus on research facilities Web3, AI, Big Data and IoT technologies will ensure that developing countries tackle challenges and join advanced economies.
Meanwhile, local Chinese enterprises attending the summit have indicated their intention to reflect the government’s policies to support technological development in developing countries. Xiaomi CEO Lei Jun noted that the tech company will advocate an inclusive cyberspace for all and push for manpower support for African and Latin American countries.
Ericsson China shared similar sentiments, while telecommunications company GSMA pointed to China’s pioneering role in bridging the gap.
A hot streak
China has an impressive record of its efforts to bridge the digital divide, with the country pushing for uniform AI standards by United Nations member states. Hailed as a step in the right direction, several member states have adopted the standards put forward by China in an effort to rein in the fledgling ecosystem.
Despite a blanket ban on digital assets for speculative use, the economic powerhouse is at the forefront of Web3 innovation. The People’s Bank of China (PBoC) has entered into several partnerships with its peers to test the viability of CBDCs for cross-border use.
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Credit : cryptonews.net
