Ren Jingxin stated that the Web3 base of Cyberport hopes to focus on the development of talent cultivation, industry development, and public awareness.

Speech: Ren Jingxin, CEO of Hong Kong Cyberport Management Company

Mr. Xiao, Honorable Member Qiu, experts, guests, and online friends, good morning everyone! It is a great honor and excitement to share the development of the Web3 base of Hong Kong Cyberport here. You may have heard of Cyberport, which is a government platform in Hong Kong for innovation and technology, especially in the digital economy and digital technology. Cultivating technology talents in Hong Kong and developing the industry ecosystem are our main tasks.

When it comes to Web3, I am particularly excited. 2023 is not only the 20th anniversary of Cyberport, but also the first year of Web3 in Hong Kong. Why do I say this? Looking back at the events that happened this year, in January, Hong Kong officially established the Web3 base at Cyberport. Following that in February, as Mr. Xiao mentioned, the government took the lead in promoting blockchain applications and tokenizing green bonds, which is a strategic development. Hong Kong, as a bond center, issues a large number of bonds every year, and in the future, through trial and error, the experience gained will be widely used, that is, the tokenization of bonds. In February, the budget of the Hong Kong Financial Secretary's Office classified Cyberport's Web3 base as Hong Kong's Web3 base. In April, there was the Web3 Carnival, with a high level of participation. As Mr. Xiao confirmed, there were over 17,000 registered participants, and more importantly, the foot traffic exceeded 50,000, which was more popular than Token2049 and had a higher level of participation. This also represents Hong Kong as an international exchange center, whether in finance or culture, using blockchain technology to enhance industrialization, which is an advantage of Hong Kong. At the same time in April, Hong Kong collaborated with Cyberport to hold a digital economy summit, with the theme also being Web3, and it set a new record for foot traffic. These are the hot Web3 activities and developments that are constantly happening in Hong Kong.

In June, the Hong Kong Securities and Futures Commission launched the licensing system for virtual assets or digital assets, which is also a very important milestone. Then in August, HashKey obtained two licenses (License No. 1 and License No. 7) under the new licensing system, which not only serves professional and institutional investors, but also retail customers, taking a big step forward. In August, there was another major event, which was the annual digital entertainment event held by Hong Kong Cyberport. This time, digital entertainment also focused on Web3 as the main theme, showcasing Web3 applications related to entertainment outside of finance. Many senior figures from around the world also shared their experiences on how to blockchainize games and entertainment.

Just now, Member Qiu mentioned that Hong Kong is now trying out the Cyberport Dollar. Cyberport is collaborating with the Hong Kong Hang Seng Bank to test the general consumption of the digital Cyberport Dollar in a new scenario at Cyberport in September. Now, in designated Cyberport cafes and Hong Kong-style tea restaurants, you can use the digital Cyberport Dollar to buy coffee and snacks. These are some of the exciting developments of Web3 in Hong Kong. I hope that through the activities and developments I just mentioned, everyone can have a sense and picture that Hong Kong is pushing Web3 with all its might. At the same time, it is also using Hong Kong's advantages to carry out promotional activities under the "one country, two systems" framework, and has also attracted many international talents to come to Hong Kong for development.

Before sharing the recent developments of the Web3 base with everyone, let me first talk about the fact that 2023 is the first year of Web3 in Hong Kong, and many things have happened in Hong Kong. There will be more to come, and I hope to have the opportunity to share with everyone again in Hong Kong or Shanghai.

Now back to the theme of sharing the Web3 base. In the past period of time, many overseas and domestic Web3 companies have been established or settled in Cyberport, and there is a solid foundation. Now Cyberport has more than 190 Web3-related companies, including very important companies and enterprises in the underlying blockchain infrastructure. Equally important are the second-layer related technical services. It is interesting that the emergence of blockchain Web3 technology has brought about many new services. In the traditional economy, how to conduct an audit for a Web3 enterprise in the blockchain environment is different from the standardized audit services provided by the audit departments of the Big Four accounting firms. With the combination of new technology, the audit services of the audit departments of the Big Four accounting firms have also been improved and a new ecosystem has been rebuilt. Therefore, the second layer of professional service tools is also a very important part. We are fortunate to have gathered these companies at Cyberport.

Of course, the most important thing is application. In addition to the need to develop applications, there are also application scenarios. With applications, there must also be a wide range of usage scenarios. With widely used scenarios, there will be transactions, which will lead to activities related to the real economy. This is very important. What our Web3 team is vigorously promoting is application. We need to promote applications, combine them with the real economy, and make them practical and applicable. The Hong Kong government is promoting financial technology or digital assets, and is also leading the issuance of tokenized bonds. It also hopes to improve the development of the entire ecosystem by setting an example or taking the lead.

Cyberport now has over 190 Web3 companies, and the number is still increasing, including many well-known enterprises in various fields, including financial technology, digital entertainment, and what I believe has even greater potential, smart living, including many scenarios.

The Web3 base of Cyberport hopes to focus on three aspects of development.

First, talent cultivation.

Talent cultivation is the most important. The development of Web3 and blockchain is in great need of talent, and we need to vigorously cultivate talents in applications and technology. We also cooperate with different universities and educational groups to provide training. We have also established a Web3 Academy and, in the past period, have conducted workshops, courses, speeches, and teaching with various partners to involve more people and raise awareness of blockchain and Web3 in terms of technology and applications. The number of people who have participated in our cultivation efforts has exceeded 3,000, and we hope to not only cultivate talents, but also widely promote everyone's understanding of blockchain applications.

Second, industry development.

Integrating Web3 with the real economy. In August, we officially opened the Web3 experience area at Cyberport. This area allows applications in the park to be showcased and allows people to experience Web3 applications. In addition to applications related to digital currency and financial technology, there are also applications that are very relevant to daily life, which is also an important part of driving industry development. We have promoted a series of activities in the industry, with a Web3-related activity every week, either on Monday, Wednesday, or Friday. Monday is for technology-related activities, Wednesday is for entertainment and fun-related projects, and Friday is for life application-related projects. We hope that more people will participate, share, and engage in more activities. We are currently closely planning a new concept, hoping to provide more opportunities for people to use or understand Web3 applications through different scenarios. We will also establish a sandbox scenario here for Web3 application enterprises to use or test.

Third, public awareness.

This is also the technological education of Web3, allowing everyone to realize that Web3 not only has applications in financial technology, but also in other application scenarios. We have also conducted many activities, which I will not go into detail about here, but I can share that there have been more than 20 large and small activities in the past few months, and these activities have brought in a lot of foot traffic and international exchanges.

The current situation of the Hong Kong Web3 Fund. In the past period, we have been in close contact with more than 40 funds specializing in Web3 in the industry, with a total of $4 billion in assets or funds. This is very important fuel that will make Web3 burn more vigorously and have a greater impact.

We will continue to work hard to bring these funds into Hong Kong and establish a dedicated Web3 investment fund. This is a very important part, and I hope everyone will promote it more.

Now let's take a look at the facilities in the Web3 experience area at Cyberport. The main purpose is to let everyone understand some of the exciting developments of Web3 in Hong Kong. Especially since this year is the first year of Web3, if anyone is interested in visiting Hong Kong, you can directly contact Cyberport. We warmly welcome everyone to land at Cyberport and use Hong Kong's international environment to further develop the Web3 ecosystem. Thank you, everyone!

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