In the context of actively building a global digital asset center and an international innovation technology center in Hong Kong, a series of significant announcements once again highlight its strategic ambitions in the Web3 field. On October 11, 2025, the Hong Kong Special Administrative Region (HKSAR) government’s Office for the Introduction of Key Enterprises announced the fifth batch of key enterprises, with the globally renowned blockchain protocol layer project Polkadot prominently listed, which will establish a presence in Hong Kong to participate in research and business development. Meanwhile, the Vice President of the Hong Kong Monetary Authority (HKMA), Yu Guoheng, announced that the People's Bank of China has decided to regularize the "Cross-Border Credit Information Sharing" pilot program to be launched in 2024, and for the first time, the Shenzhen-Hong Kong cross-border data verification platform, which utilizes blockchain technology, will be included. The entry of Polkadot and the deepening of cross-border credit information sharing together signify that Web3 giants are accelerating their layout in the Guangdong-Hong Kong-Macao Greater Bay Area, heralding the arrival of a new era of digital economy driven by blockchain technology.

1. Polkadot's Entry into Hong Kong: Web3 Giants Accelerate Layout

The Office for the Introduction of Key Enterprises of the HKSAR government held a signing ceremony for the fifth batch of key enterprises yesterday, with 18 key enterprises establishing or expanding their businesses in Hong Kong.

Polkadot's Strategic Choice: The globally renowned blockchain protocol layer project Polkadot will establish a presence in Hong Kong to participate in research and business development. As an important infrastructure in the Web3 field, Polkadot's entry into Hong Kong will not only bring top blockchain technology and talent to Hong Kong but also promote the development of Hong Kong in the Web3 ecosystem.

Attraction Continues to Increase: The Director of the Introduction Office, Ren Jingxin, pointed out that nearly 40% of the fifth batch of key enterprises introduced are from overseas, with a significant increase in foreign investment compared to previous batches, reflecting the continuous enhancement of Hong Kong's attractiveness as an international metropolis, making it a favored destination for global innovation and technology enterprises.

Diversified Industrial Development: The enterprises introduced this time cover fields such as artificial intelligence, biomedicine, and cultural and creative technology, with the first-time introduction of cultural and creative enterprises that combine technology with art and entertainment, bringing new industrial development to Hong Kong.

Rich Achievements: Together with the 84 enterprises that have already joined, the total number of key enterprise partners introduced has reached 102, expected to bring approximately HKD 60 billion in investment to Hong Kong and create about 22,000 high-quality jobs. Nearly 90% of the enterprises will establish regional or overseas headquarters in Hong Kong, nearly half are already listed in Hong Kong, and nearly 10% are preparing to list in Hong Kong.

2. Regularization of Cross-Border Credit Information Sharing: Blockchain Empowers Financial Connectivity in the Greater Bay Area

The HKMA and the People's Bank of China have decided to regularize the "Cross-Border Credit Information Sharing" pilot program to be launched in 2024, marking a significant breakthrough in the construction of financial infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area.

Pilot Regularization: The pilot covers the Guangdong-Hong Kong-Macao Greater Bay Area and will be trialed in Hong Kong and Shenzhen, with participating institutions including seven local retail banks in Hong Kong such as HSBC, Standard Chartered, and Bank of China Hong Kong, as well as three local credit reporting agencies.

Empowerment through Blockchain Technology: The pilot has incorporated the Shenzhen-Hong Kong cross-border data verification platform, which uses blockchain technology to establish a node in both Hong Kong and Shenzhen. Users independently obtain personal or corporate data from data providers, upload it to a designated platform, and generate a 64-bit hash code using encryption algorithms. The other party (data user) across the border matches it with the same 64-bit hash code, thus enabling legal cross-border data transfer while ensuring it cannot be tampered with by users.

Significant Implications: The regularization of this mechanism will effectively address the pain points of cross-border credit data sharing, enhance the risk management capabilities of financial institutions, promote financial connectivity in the Greater Bay Area, and provide more convenient cross-border financial services for small and medium-sized enterprises and individuals.

3. Hong Kong's Strategic Ambition: Building an International Innovation Technology Center

The Office for the Introduction of Key Enterprises of the HKSAR government has been operational since the end of 2022, as a new measure announced by Chief Executive John Lee in his policy address in October 2022, aimed at more actively attracting investment and enhancing Hong Kong's competitiveness to accelerate industrial development.

Focusing on Leading Enterprises in Innovation and Technology: The Introduction Office focuses on leading enterprises in the innovation and technology sector, covering five categories, including artificial intelligence, data science, financial technology, biomedicine, advanced manufacturing, and new energy, with the cultural and creative industry newly added this time.

Physical Projects on the Ground: When considering key enterprises, the Introduction Office requires companies to commit to investing in Hong Kong and creating jobs, and also considers whether the enterprises have physical projects established in Hong Kong. The vast majority of settled enterprises have business operations, offices, and facilities in Hong Kong.

Support from Capital Markets: In recent years, Hong Kong's capital markets have grown significantly, benefiting corporate financing and being one of the reasons for attracting enterprises to settle.

Financial Secretary Paul Chan also pointed out that the HKSAR government will introduce more strategically significant enterprises to Hong Kong in the future, promoting Hong Kong to become an international innovation technology center.

Conclusion:

Polkadot's inclusion in the list of key enterprises introduced in Hong Kong, along with the HKMA and the People's Bank of China's decision to regularize the "Cross-Border Credit Information Sharing" pilot program, collectively demonstrate Hong Kong's strategic ambitions in the Web3 and digital economy fields. Blockchain technology is becoming a key connector for the financial infrastructure of the Guangdong-Hong Kong-Macao Greater Bay Area, providing innovative solutions for legal cross-border data transfer and financial connectivity. With the entry of more Web3 giants and the improvement of digital financial infrastructure, Hong Kong is expected to build a more open, efficient, and secure digital economy ecosystem, consolidating its position as an international innovation technology center and digital asset center.

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Original: “Polkadot Named Among Hong Kong's Key Introduced Enterprises, HKMA and PBOC Normalize Cross-Border Credit Data Sharing”

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