Breakthrough growth’ will be driven by Web3: Hong Kong financial secretary

Hong Kong’s financial secretary, Paul Chan Mo-po, has reiterated his support for blockchain technology, calling it the next wave of “breakthrough growth” in the digital technology industry.

In an Aug. 27 blog post, Chan wrote that emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, are set to lead the next generation of digital entertainment.

“The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life.”


Chan’s statements came in the wake of his visit to a three-day blockchain-focused event called the Digital Entertainment Leaders Forum, hosted in Cyberport in Hong Kong.

Cyberport is a 25 hectare, mixed-use tech and multimedia hub which provides grants, funding and office space to a wide range of companies across the tech, digital entertainment and finance sectors.

Notably, Chan mentioned he had allocated an additional $50 million from this year’s budget to Cyberport earlier this year— to help it accelerate the development of a “vigorous” Web3 ecosystem.

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Aug-28-2023 09:32:47 AM