Interview: Kyle, PANews
Written by: Joy, PANews
Since Hong Kong released the Virtual Asset Policy Manifesto in October last year, encouraging the development of Web3, Cyberport, located in the Southern District of Hong Kong, which once bore the heavy responsibility of nurturing and revitalizing the technology industry in Hong Kong, has become a pioneer in the development of Web3. In February of this year, the Hong Kong government's financial budget clearly designated Cyberport as the "Hong Kong Web3 Base."
Now, how is the development of Web3-related industries at Cyberport, and what kind of strong support will it provide to enterprises in the future? Recently, at the "2023 Digital Entertainment Leaders Forum" hosted by Cyberport, PANews interviewed Cyberport's CEO, Mr. Herman Lam. According to him, in the 20 years since its establishment, Cyberport has accumulated over 1,900 companies, and in recent years, it has gathered more than 180 Web3-related companies and nearly 400 fintech companies, including unicorns such as Animoca and ZA Bank.
In terms of supporting the development of Web3 enterprises, Cyberport has done its homework. In the interview, Mr. Herman Lam introduced that in terms of talent cultivation, Cyberport has launched the Web3 Academy to popularize Web3 knowledge among the public and change their stereotypical negative impressions of the Web3 field.
In terms of funding, the Hong Kong government has allocated HK$50 million to support the development of Cyberport, and these funds will be gradually disbursed to park companies over the next two years. In addition to Cyberport's own funding support, the park also builds an investor network, regularly holds events, and acts as a bridge to help companies obtain venture capital support.
In response to the previous difficulty of Web3 enterprises in opening accounts, Cyberport also reminds and explains to banks to avoid a one-size-fits-all negative judgment on all Web3 enterprises, and specifically handles individual cases based on the enterprise's situation. ZA Bank within the park has now become a bank friendly to virtual assets.
In addition, for innovative business, Cyberport also has a Proof of Concept (PoC) program, setting up a platform for testing concepts, such as testing Cyberport dollars (e.g. Hang Seng Bank), and the formal PoC opportunities will officially begin in September.
Cyberport CEO Herman Lam with PANews Kyle
The following is a summary of the interview:
PANews: As the "Silicon Valley of Hong Kong," what role does Cyberport play in promoting the development of Web3 in Hong Kong, and can you share the achievements it has made so far?
Herman Lam: At the beginning of this year, we established the Web3 Base at Cyberport, and in February of this year, the Hong Kong government's financial budget designated Cyberport as the "Hong Kong Web3 Base." Subsequently, we have carried out many related activities and training, mainly from three directions: talent cultivation, industry development, and creating new opportunities.
In terms of talent cultivation, Cyberport has set up the Web3 Academy, mainly cooperating with different universities and industry groups and experts to carry out training, and recording videos for online upload to allow more people to learn about Web3 knowledge.
In terms of industry development, we will actually promote some projects, such as the Web3 Living Lab, to create an application experience area for Web3, allowing Web3 companies in the park to showcase their applications and promote these Web3 applications.
In addition, Cyberport also has a Proof of Concept (PoC) program, setting up a platform for testing concepts, such as testing Cyberport dollars (e.g. Hang Seng Bank), and the formal PoC opportunities will officially begin in September.
In creating new opportunities, we will have some Web3 popularization to the general public, allowing people to experience Web3 concepts, hold events, and let the public feel the benefits of Web3, so that practitioners can consider transitioning to Web3. We hope to educate the market, as many people's understanding of the impact of Web3 is still stuck at virtual currency, which is a relatively negative influence. We hope to change people's impressions through holding events.
PANews: How are the current situations of Web3 enterprises at Cyberport, and what specific support can be provided?
Herman Lam: There are over 800 companies in the park, with over 180 related to Web3, most of which are companies from outside Hong Kong, and of course, there are also some local projects and companies from Hong Kong. The total number of companies (currently and previously in the park) accumulated by Cyberport is over 1,900 (all types of companies), and they have always maintained linkage with Cyberport.
Cyberport's four networks:
Cyberport Enterprise Network, Investor Network, Technology Partner Network, Professional Service Network
- Enterprise Network:
Cyberport will lead the pairing of these companies, mainly to match business opportunities and help companies match resources with each other. For example, they have maintained cooperation with China Resources, which has many application scenarios and also needs some new applications, and Cyberport helps match such needs.
- Investor Network:
There are some local and international venture capital institutions inside, with at least one medium-scale investment pairing per quarter, and one large-scale investment pairing per year. In December, the Cyberport Venture Capital Forum (CVCF) will be held to help project parties find money and technology partners, allowing them to land and enter the market more quickly.
- Technology Partner Network:
In the past, everyone might have wanted to develop their own technology, but now there are many mature tools and modules that can allow teams to directly integrate, helping entrepreneurial teams to perfect their products more quickly, put products into the market, conduct multiple tests, and increase the success rate of subsequent stages (members of the incubator plan and cultivation plan can use it for free) to verify such business models. Cyberport has cooperated with large technology teams such as Tencent and Alibaba to provide some cloud tool platforms for companies in the park.
- Professional Service Network:
There are some intellectual property and audit companies inside, providing the best tax solutions or other professional services for companies in the park. When projects need to go overseas, they will need these resources, especially technology (technical background) companies, which particularly need this support.
PANews: Secretary Chen Maobo previously revealed a HK$50 million allocation to promote the development of Web3 enterprises at Cyberport. Can you reveal the direction and specific plans for the use of this allocation?
Herman Lam: It will mainly be used in the following three areas: talent cultivation, industry development, and market promotion (with a slightly higher proportion). It is important to emphasize that this HK$50 million is for Cyberport to use funds (to promote the development of Web3), rather than directly giving it to Web3 teams. The use period of this HK$50 million is 2 years, but it is expected that most of the funds will be used up in the first year. Although this HK$50 million will not be directly given to Web3 teams, these Web3 teams can enjoy the coverage of the original HK$1.1 million subsidy.
PANews: Compared to traditional enterprises, the management and risk control of Web3 projects are more difficult. How will Cyberport deal with this kind of risk?
Herman Lam: Cyberport has different types of Web3 companies, and Cyberport has its own classification system to classify them: infrastructure companies (chain companies), tool/data/professional service/application companies (i.e. some auxiliary infrastructure companies). Because of the development of blockchain, some new service companies have emerged (security companies, audit companies). Traditional audit methods may not be suitable for Web3 projects or companies, and regulatory agencies need to understand Web3 audits and also need to formulate some rules and standards for everyone to refer to.
Cyberport will not adjust the risks of these companies, because Cyberport is not a regulatory agency, and it does not need to license these enterprises, so it also does not have the ability to evaluate their risks. What Cyberport needs to do is to construct a Web3 ecosystem, understand what kind of related companies are needed for a complete and thriving ecosystem, and find these companies to enter Cyberport, so Cyberport maintains a very open attitude.
PANews: There have been reports that many Web3 enterprises are facing difficulties in opening bank accounts due to KYC and anti-money laundering regulations. Will Cyberport help park companies solve the problem of opening bank accounts?
Herman Lam: When regulatory agencies (SFC, HKMA) introduce KYC or other regulatory frameworks, they will not make very lenient rules. In Cyberport's view, regulatory agencies will not propose stricter or looser regulatory standards for Web3 companies compared to other standards.
As for the difficulty of Web3 enterprises in opening accounts, I think it can be viewed from two aspects. First, as mentioned earlier, these standards will not become stricter or looser because you are a Web3 enterprise; they are aligned with other standards. Second, the difficulty of Web3 enterprises in opening accounts is not directly related to KYC and anti-money laundering. It is mainly because some traditional banks, when they hear that you are doing Web3, will equate you with virtual currency and then refuse to open an account for you.
Cyberport does not have the right to require banks to open accounts, and can only, like the HKMA, remind these traditional banks to handle specific cases seriously when facing Web3 enterprise account applications, rather than treating Web3 as virtual currency and directly rejecting it.
On the other hand, in Cyberport's enterprise network, there are also some financial companies, including two banks including ZA Bank, we can explain to these banks what Web3 is like, hoping that they can conduct audits in accordance with government standards. On the one hand, these banks may be within the Web3 circle, and on the other hand, they are also cultivated by Cyberport, so they are relatively friendly to Web3 enterprises. In general, the problem of difficulty in opening accounts is a thing of the past, and the situation is different now.
PANews: Since the implementation of the new encryption policy, many companies have come to Hong Kong for development. Can you reveal the current plans of Cyberport to attract and help more Web3 enterprises and talents?
Herman Lam: Cyberport has always had related plans and subsidies for talent cultivation at different periods and stages, providing corresponding subsidies for teams, and all the free subsidies for each company can add up to HK$1.1 million, to promote the successful landing of these projects in Hong Kong.
Only ideas or concepts, without even having a company established, can apply for a HK$100,000 subsidy (to be used within six months).
When there is a specific business model and a specific application prototype, after establishing a Hong Kong company and participating in Cyberport's incubation plan, you can apply for a HK$500,000 subsidy, plus two years of free use of Cyberport's office space, and can also apply for two extended subsidies, including an accelerator plan (HK$300,000) and market promotion (HK$200,000), for a total of up to HK$1.1 million in subsidies + two years of free office space.
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