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Home Industry Verticals Finance & Insurance

HK business leaders form new group to push for Web3 innovations

Gigi Onag by Gigi Onag
June 6, 2023

Hong Kong last week saw the formation of Web3 Harbour, a nonprofit industry association, that aims to create a “model market” committed to the long-term development of a decentralised internet that maximises the societal and economic benefits of blockchain technologies.

Web3 is growing at an unprecedented pace, and even with macro headwinds, the market is expected to reach billions of users and trillions of dollars in value by 2030. Despite this massive opportunity, obscure terminology, insufficient understanding, opaque policies, inconsistent regulations, and varying degrees of leadership conviction remain barriers to Web3 growth.

As coordinated community, Web3 Harbour will help inform policy and regulation that accelerates Web3 innovation in Hong Kong.

Gary Liu, Web3 Harbour

The new association is composed of Web3 builders, investors, users, and leaders. Gary Liu, co-founder and CEO of Terminal 3 is founding chair with Lawrence Chu, co-founder and chairman of VSFG (parent company of Hong Kong’s first SFC-approved virtual asset manager), serving as the association’s founding vice-chair.

Member organisations include AngelHub, Animoca Brands, DLA Piper, Finoverse, FoundersHK, hi.com, HKG DAO, Memeland, PwC Hong Kong, Stratford Finance, Terminal 3, VSFG, Web3 Marketing Association, and WHub. InvestHK has also expressed their support to the association.

“Web3 Harbour is committed to promoting a pro-innovation, pro-collaboration, and truly inclusive environment for Web3 development in Hong Kong,” said Liu. “We look forward to working with stakeholders from across many sectors, including other associations that have been supporting the fintech, blockchain, and digital asset industries.”

Web3 Harbour plans to officially launch community and research activities in July, including regular forums for leadership exchanges, startup pitches, and industry education.

Chu, meanwhile, pointed out that while the benefits of Web3 are clear, its development will require an inclusive and action-oriented community that can promote responsible and sustainable change.

Lawrence Chu, Web3 Harbour

“The entrepreneurial, investment, and policy momentum in Hong Kong make it a prime market for the launch of an association that will become the champion for this industry and its future,” he added.

Forging a new frontier in decentralised internet

As Hong Kong becomes a global leader in virtual asset trading and infrastructure, it is important to have local organisations like Web3 Harbour that unite the industry's brightest minds, according to Yat Siu, co-founder and executive chairman of Animoca Brands.

“We are happy to join Web3 Harbour and amplify our collective efforts to advance the local development of Web3 and the open metaverse. Together, we will forge new frontiers and drive the mass adoption of the decentralised internet,” he said.

Minh Do, co-chief operating officer of Animoca Brands and a founding board member for Web3 Harbour, added: “The emergence of digital assets has created infinite possibilities for entrepreneurs. Establishing a forum now in which startups, investors, business leaders, and regulators can collaborate and address the opportunities and challenges that come with this new technology will benefit everyone.”

“We are building a platform for open discussion and cooperation to equip and support Web3 innovators in Hong Kong, and I am truly thrilled to be part of this remarkable journey,” said Karena Belin, co-founder of WHub and AngelHub, and a founding board member for Web3 Harbour. “

Aligned with our unwavering passion for driving impactful change and fostering an open ecosystem, WHub and AngelHub stand as dedicated partners of this association, and we are honoured to serve its mission alongside the esteemed board and exceptional member organisations,” she said.

Related:  Swire Hotels adds more payment options with Adyen
Tags: blockchaindecentralised internetdigital assetsHong KongmetaverseWeb3
Gigi Onag

Gigi Onag

Gigi has more than 15 years of experience in technology journalism, covering various aspects of enterprise IT and telecommunications from both business and technology perspective. Before joining CXOCIETY as editor for FutureIoT in July 2019, she was assistant editor of ComputerWorld Hong Kong. Based in Hong Kong, she started with regional IT publications under CMP Asia (now Informa), including Asia Computer Weekly, Intelligent Enterprise Asia and Network Computing Asia and Teledotcom Asia. She had contributed articles to South China Morning Post, TechTarget and PC Market among others.

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