Norman Chan, chief executive of the Hong Kong Monetary Authority from 2009 to 2019, will head the Institute of Web 3.0 Hong Kong, set up to aid development of the next-generation Internet built around blockchain, artificial intelligence and Internet of Things, according to a report by Hong Kong China News Agency.

See related article: Hong Kong financial secretary eyes Web3 push despite market fluctuations

Fast facts

  • China Mobile International, the global business arm of China Mobile, is one of the founding members of the institute. China Mobile’s chairman and CEO Li Feng will be one of the nonprofit’s honorary chairperson.
  • The institute aims to establish standards, facilitate collaboration in the industry, consult for the Hong Kong government, and develop talents in the sector.
  • The organization will also focus on the monetization of data, digitalization of traditional industries and the tokenization of assets, especially through non-fungible tokens.
  • The nonprofit organization comprises former high-ranking government officials, members from the city’s legislative council and technology entrepreneurs from mainland China.
  • Hong Kong will also launch a Web3Hub fund to attract foreign companies to the city, according to the report.
  • Hong Kong aims to build itself into a global hub for the Web3 industry, and has so far attracted over 80 Web3 firms to set up shop in the city, including those from mainland China where cryptocurrency trading was banned in September 2021.

See related article: China state-owned banks turn crypto-friendly in Hong Kong: Bloomberg