Hong Kong Web3.0 Association and Web3Hub Fund Established to Boost Overseas Web3.0 Companies

According to reports, the Hong Kong Web3.0 Association was established on the 11th, according to the Hong Kong China News Agency. In addition to relevant associations, Hong Kong will also establish a Web3Hub fund to support more overseas Web3.0 companies to settle in Hong Kong. The fund will be chaired by the Financial Secretary of Hong Kong, Chen Maobo, and will be managed by a management committee composed of experts from various fields such as fintech, blockchain, and cryptocurrency. The fund will collaborate with institutions such as the Hong Kong Science and Technology Park and the Innovation and Technology Department to provide one-stop services for overseas Web3.0 enterprises. It is reported that the fund has received applications for multiple Web3.0 projects from the United States, Europe, Singapore, and other regions, covering areas such as decentralized finance (DeFi), non homogeneous tokens (NFT), metaverse, and decentralized social media (Dsocial). The fund plans to start investing and supporting these projects in the second half of this year.

Hong Kong to establish Web3Hub Fund, chaired by Chen Maobo

The Hong Kong Web3.0 Association was officially established on the 11th of this month, according to the Hong Kong China News Agency. This is great news for the tech industry, as it is expected to provide support to overseas Web3.0 companies looking to settle in Hong Kong. Additionally, the Hong Kong government is introducing the Web3Hub Fund, which will be chaired by the Financial Secretary of Hong Kong, Chen Maobo, and managed by a committee of experts from various fields like fintech, blockchain, and cryptocurrency.

What is the Hong Kong Web3.0 Association?

The Hong Kong Web3.0 Association is a non-profit organization that aims to drive the development of Web3.0 in Hong Kong. This technology can be defined as the third generation of the internet, which is focused on decentralization and the use of blockchain technology. The association will support the implementation of Web3.0 in various areas, such as finance, transportation, and healthcare. It will also work to create a favorable environment for the growth of Web3.0 startups.

What is the Web3Hub Fund?

The Web3Hub Fund is a government-backed fund that aims to support the growth of Web3.0 companies in Hong Kong. The fund will work closely with institutions like the Hong Kong Science and Technology Park and the Innovation and Technology Department to provide one-stop services for overseas Web3.0 enterprises. The fund is expected to start investing and supporting international Web3.0 projects in the second half of this year.

Overseas Web3.0 Companies and the Hong Kong Web3.0 Association

International Web3.0 companies will be able to benefit greatly from the establishment of the Hong Kong Web3.0 Association and the Web3Hub Fund. The association will connect these companies with local resources, such as talent, funding, and infrastructure, to facilitate their entrance into the Hong Kong market. They will be able to tap into the expertise of the management committee to help them navigate the local market and regulations. The fund will also provide financial support to help these companies settle in Hong Kong.

Examples of Web3.0 Projects Supported by the Fund

The Web3Hub Fund has already received applications for multiple Web3.0 projects from the United States, Europe, Singapore, and other regions. These projects cover a wide range of areas, including decentralized finance (DeFi), non-homogeneous tokens (NFT), metaverse, and decentralized social media (Dsocial). The fund will provide funding and support to these projects, which will help drive the development of Web3.0 technologies, both locally and globally.

Conclusion

The establishment of the Hong Kong Web3.0 Association and the Web3Hub Fund is great news for the tech industry, as it provides support for the growth of Web3.0 in Hong Kong. The association will provide local resources and create a favorable environment for Web3.0 startups. The fund will provide financial support and work closely with local institutions to provide one-stop services for overseas Web3.0 enterprises. This initiative is expected to enhance technological innovation in Hong Kong, and to drive the city’s economy forward.

FAQs

1. What is Web3.0?
Web3.0 is the third generation of the internet that emphasizes decentralization and uses blockchain technology.
2. How will the Web3Hub Fund help overseas Web3.0 companies settle in Hong Kong?
The fund will provide financial support, along with local resources and expert guidance from the management committee.
3. What are some Web3.0 projects supported by the fund?
The fund has received applications for projects covering areas like decentralized finance (DeFi), non-homogeneous tokens (NFT), metaverse, and decentralized social media (Dsocial).