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BOC Hong Kong overlaid smart contracts in digital Hong Kong dollar

BOC Hong Kong has officially launched a simulated digital Hong Kong dollar trial to validate the use case of digital Hong Kong dollar prepaid service. The first phase of the trial is open to some of the Bank's staff to purchase prepaid service contracts through the BOC Hong Kong mobile payment application, BoC Pay, and eligible customers will be invited by participating SMEs to join later.

BOC Hong Kong has successfully overlaid smart contracts in its Digital Hong Kong Dollar application and conducted a trial in a prepaid consumer application scenario. In this trial, the Bank introduced about 10 merchants covering industries such as beauty, medical, fitness and education. After purchasing a pre-paid service contract from a preferred participating merchant via BoC Pay, the customer's pre-paid funds will be converted into a digital Hong Kong dollar under the customer's name, which will be managed by the smart contract operation. When the customer makes a purchase, the conditions of the smart contract will be automatically executed and payment will be made to the merchant automatically.

Mr. Chen Guang, Deputy General Manager of the Digital Currency Project Working Group of BOCHK, said that the simulated digital Hong Kong dollar trial is conducted through the existing BOCHK BoC Pay and BoC Bill collection service, which effectively reduces the technical threshold and additional resource investment for merchants to participate in this trial of pre-payment consumption. The Bank expects to capitalize on the opportunity of this HKMA Digital Hong Kong Dollar Pilot Scheme to create a new business model for retail SMEs and build a healthy ecological cycle of pre-payment consumption.

Hong Kong's Web3 industry has been developing at a rapid pace

Hong Kong's Web3 industry has been developing at a rapid pace

Hong Kong's Web3 industry has been developing at a rapid pace. Cyberport, as a wholly-owned enterprise of the Hong Kong government and a policy enforcer, has been instrumental in promoting the development of the Web3 ecosystem in Hong Kong. Since the announcement of Hong Kong's Virtual Asset Development Declaration in October last year, the industry has grown rapidly.

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Cybersecurity: More than 70% of enterprises have suffered cyber security attacks in the past year

Cybersecurity: More than 70% of enterprises have suffered cyber security attacks in the past year

More than 70% of the surveyed enterprises had suffered from cyber security attacks in the past year, which is a record high. Phishing attacks are the most common type of cyber security attack encountered by almost all affected enterprises. Financial Services (64.9 points) and Information and Communications Technology (63.3 points) sectors continue to be ranked in the "Manageable" category.

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HKMA's Digital Hong Kong Dollar Pilot Program

HKMA's Digital Hong Kong Dollar Pilot Program

Standard Chartered Hong Kong and Giesecke+Devrient have recently completed trials for the HKMA's Digital Hong Kong Dollar Pilot Program. These tests and experiential activities covered a range of application scenarios, including public transportation, restaurants, small businesses and university campuses.

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Hang Seng Bank to test programmable payment

Hang Seng Bank to test programmable payment

Hang Seng Bank is one of the banks with three selected use cases, including programmable payment for merchant reward schemes and disbursement of government qualifications. Four real-world simulation tests were successfully completed in September. Over 500 simulated digital Hong Kong dollar transactions were processed.

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Cyberpolice International Forum to be held in France

Cyberpolice International Forum to be held in France

The Cyberpolice International Forum, organized by the Police Force, will be held for three consecutive days from today (13) The recent hacking of Cyberport has aroused public concern over cyber security. Senior police officers and cybersecurity experts from more than 40 countries or regions, including France, Australia and Israel, participated.

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Cyberport hacked, data stolen

Cyberport hacked, data stolen

Cyberport was hacked in mid-August, involving the theft of up to 400GB of staff data. According to the hacker's latest website, the information has been "leaked" and can be downloaded for free from the dark web. A computer security researcher criticized the Cyberport for its poor security awareness.

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Cyberport claims to have lost 400 gigabytes of personal data to hacker group

Cyberport claims to have lost 400 gigabytes of personal data to hacker group

Cyberport is suspected to have lost more than 400 gigabytes (GB) of personal data to a hacker group that claimed today (December 12) that the data had been "leaked" Cyberport claims that it has contacted the potentially affected persons directly and will provide them with free identity monitoring services.

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Cyberport says it has contacted affected individuals

Cyberport says it has contacted affected individuals

Cyberport is suspected to have lost more than 400 gigabytes of personal data to a hacking group last month. The data included personal names and contact details, information on employees, former employees and job applicants, and a small amount of credit card information. Cyberport said it had contacted the potentially affected individuals directly and would provide them with free identity monitoring services by professional security consultants.

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Hong Kong's cybercrime rate rises by nearly half

Hong Kong's cybercrime rate rises by nearly half

More than 15,000 technology crimes in Hong Kong in the first half of this year, which soared by nearly half compared with the same period last year. Police jointly organized the first "Net Hunting Campaign with Cyberbay, a start-up in cyberport network vulnerability detection. During the event, network security experts discovered a total of 197 network security vulnerabilities.

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Standard Chartered Bank stands out in Cyberport's Fintech Fast Track Programme

Standard Chartered Bank stands out in Cyberport's Fintech Fast Track Programme

The Hong Kong Monetary Authority (HKMA) has launched a pilot plan for the digital Hong Kong dollar, and Standard Chartered Bank has become one of the participating banks. Due to geographical limitations, many loyalty reward programs currently face technical, regulatory, and tax complexities in cross-border transactions. Lin Yuandong, the Chief Executive Officer of Standard Chartered Greater Bay Area, stated that the central bank's digital currency (CBDC) would have significant importance in creating seamless and innovative cross-border digital economic capabilities within the Guangdong-Hong Kong-Macao Greater Bay Area.

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The Losses of Hong Kong's Financial Industry Development

The Losses of Hong Kong's Financial Industry Development

Charles Li, the former Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEX), has passed away at the age of 76. He made significant contributions to the development of Hong Kong's financial and securities industry. Zhang Huafeng, former member of the Legislative Council representing the financial services sector, expressed that his death is a loss to Hong Kong's financial industry and expressed eternal remembrance for him.

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Cyberport Dollar: Pioneering the Future of Virtual Assets and International Payments

Cyberport Dollar: Pioneering the Future of Virtual Assets and International Payments

The Hong Kong Monetary Authority (HKMA) has officially launched the Digital Hong Kong Dollar Pilot Project, with 16 companies selected to participate in testing across six major application scenarios. The Digital Hong Kong Dollar will serve as a bridge between traditional currency and virtual assets, primarily used for settlement of tokenized assets and international cross-border trade payments. It is expected to reduce intermediaries and transaction costs in cross-border payments.

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