Cyberport, an innovation hub backed by the Hong Kong government, now hosts more than 270 blockchain-related companies, reflecting the rapid growth in the region’s Web3 and crypto sectors.
In just 16 months, the hub added over 120 new firms, according to a discussion paper published by the Legislative Council (LegCo) of the Hong Kong Special Administrative Region (HKSAR) on November 19.
Currently, its ecosystem includes notable firms like Animoca Brands, HashKey, CertiK, and SlowMist, alongside three unicorns.
Cyberport was initially established in 2004 as a business park in the Southern District of Hong Kong for companies working at the forefront of emerging technologies in various industries, including fintech. By mid-2023, Cyberport had already attracted over 150 Web3 companies, according to Financial Secretary Paul Chan Mo-po.
The companies within Cyberport’s network are leveraging blockchain technology across diverse industries, including smart living, fintech, digital entertainment, and cybersecurity. The hub is also actively recruiting firms specializing in blockchain security, crypto wallets, and asset custody to promote collaboration within the ecosystem.
Cyberport’s growth aligns with Hong Kong’s broader push to establish itself as a global leader in Web3 development. This expansion follows a $50 million government allocation in the 2023-24 budget to support Web3 initiatives.
However, challenges persist. Lawmaker Johnny Ng has urged the government and banks to ease restrictions for crypto and Web3 firms, which struggle to access local banking services.
A recent survey found that 95% of Web3 companies in Hong Kong faced difficulties opening local bank accounts. Among them, 70% reported being required to make multiple visits to Hong Kong, while 54% stated it took six months or longer to open accounts. Only 20% managed to do so within two to five months. Ng emphasized the importance of virtual banks and traditional banks collaborating to accommodate the needs of these firms and drive the sector’s growth.
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