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

Since the announcement of Hong Kong's Virtual Asset Development Declaration in October last year, Hong Kong's Web3 industry has been developing at a rapid pace, and 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.

In January this year, Cyberport set up a Web3 base, which was qualified as the Hong Kong Web3 base in the Financial Secretary's Budget in February. Currently, Cyberport has a well-established Web3 ecosystem with more than 200 Web3 enterprises, including HashKey Exchange, Animoca Brands, ZA Bank, and so on.

Recently, Techub News interviewed Yam King Shun, CEO of Hong Kong Cyberport, an industry leader with nearly 40 years of experience in the information technology industry, and a former executive director and CEO of SUNeVision Group.

Ren Jingxin said that people in the Web3 industry are very different from the Web2 industry, they see the subversive nature of technology and want to do things that are different from the traditional, so there will definitely be a lot of breakthroughs in the future in the Web3 field.

In Ren Jingxin's impression, dealing with Web3 companies is especially fun, there is no baggage, the field of thought is wider, and there are often a lot of different ideas, and they are pursuing their dreams.

Regarding Cyberport's achievements in Web3, Mr. Yam said that it has exceeded its expectation, and that although it was promoted by the Hong Kong Government's policy, he did not expect Web3 to be so popular. At the same time, he hoped to strengthen the Web3 infrastructure and enhance the introduction of enterprises in this area.

In April next year, Mr. YAM King-sun will be stepping down as Cyberport's Chief Executive Officer, and he said he would like to take a break first, as he is really too busy. He is very interested in Web3 and hopes to know more about it and may go to school.

Techub News: When was your first exposure to cryptocurrency?

Ren Jingxin: About 10 years ago, I watched a funny TV show in the U.S. in which the main character was involved in cryptocurrency, and I've been paying attention to it since I got interested. 2015 was a good opportunity for many Mainland blockchain technicians to come to Hong Kong, so I've been paying more attention to the development of cryptocurrencies in Hong Kong since that time.

Techub News : What was your impression of cryptocurrency ten years ago?

Ren Jingxin: At that time, the understanding was a very deep discipline, blockchain technology content is relatively high, is a product of mathematics, very interested. Blockchain also contains decentralized currency, not just currency, just cryptocurrency as a start, to achieve decentralization, data can be owned by the user themselves, they have the greatest control, this is a very new concept.

Techub News: It's not just a currency, there's some philosophy behind it.

Ren Jingxin: Yes, there are a lot of different applications of the idea behind this, just that people may be more concerned about cryptocurrencies, which have been more successful over the past years and have accumulated wealth, so to speak.

Techub News: What do you think of the relationship between cryptocurrencies and Web3?

Ren Jingxin: Web3 is a third-generation network or network into another era through blockchain technology as the basis for some applications. You can decentralize the complete ownership of your data, you have full control, do not need a platform to give you these capabilities, you produce asset data, not through the platform to own, can be controlled through this technology.

So it's a great technological development that has allowed the internet to evolve even further. The first generation of networks we experienced was unidirectional, the second generation was interactive, and the third generation, more importantly, was able to control its own data. Nowadays, data is a very important asset, and it is becoming more and more important. I think Web3, through the application of blockchain technology, is just the beginning.

The cryptocurrency that we often come across is one of the financial services in Web3, and it is also one of the digital assets, which are not only cryptocurrencies. Digital assets are also an aspect of Web3's application in the financial technology field, and there are many other applications besides financial technology and services.

Techub News: When did you first realize the importance of Web3? Was there an opportunity?

Jensen Yam: We have been keeping an eye on the development of different technology areas, be it blockchain, artificial intelligence, or cybersecurity, and so on, and these have been the areas that Cyberport has been focusing on in the past five or six years. It was five or six years ago that I started to invest resources in my position to keep track of developments in this area.

Techub News: In your dealings with Web3 businesses, what do you see as the difference between Web3 businesses and traditional Web2 businesses?

Ren Jingxin: People in the Web3 ecosystem are very different from the Web2 industry. They see the subversive nature of technology, and feel that they have to do something different from the traditional, which is a very strong culture. This is a very distinctive aspect of the Web3 ecosystem, but also an important breakthrough in the field of science and technology on the development of a basic culture, so there should be no surprises, the Web3 field will certainly have a lot of different breakthroughs, and the traditional approach is very different, because of those who are like this.

Techub News: Have you had any misunderstandings when dealing with them because of the different cultures?

Ren Jingxin: I am actually like that myself, I am a person who can be compatible with both sides, including the traditional and the breakthrough development of cutting-edge technology. Not only do I not have a problem with them, but I think it's fun to be with them, and it's very important for us experienced people to have new perspectives to look at different things.

If you look at something without any baggage, your field of thought will be wider, and you will have a greater chance of making breakthroughs and subversive developments. This is how the world is now, and even more so in the field of science and technology. What may take five or six years to happen in general industries may take three years in the field of science and technology, and one year in the field of Web3.

Techub News: You just mentioned fun, can you expand on that?

Jensen Yam: When I say fun, I don't mean that they are not serious or casual, I mean that they are very interesting and they often have a lot of different ideas. Another thing is their cultural characteristics, everyone is very enthusiastic, and many Web3 entrepreneurs who have settled in the Cyberport Web3 base are like that. They are not like people in other technology fields who feel that they are working, but they are pursuing their dreams, and they are very enthusiastic, and they are very interested, so I think this is the place where it's fun or interesting.

They can also bring inspiration to many people. When you talk to them, you may not necessarily agree with their ideas, but at least you will find them very interesting, for their ideas are very different from the conventional approach, and this is very interesting.

Techub News: What do you think is behind this?

Ren Jingxin: Web3 is a fairly new field, there are new things happening all the time, there are different applications, like the cryptocurrency that I just talked about, it's just a small part of the whole Web3 field, so there is a lot of potential, and every day you can create some new fields to be developed. In such an environment, those who participate in it will be more open and active in their thinking, and they will be exposed to new things every day, and they will be more interested in it and devote themselves to it with greater enthusiasm. So it's very different from what a part-time job does every day, and the sense of value is completely different.

Techub News: What are some of the Web3 businesses that stand out to you, and can you give us a few examples?

Ren Jingxin: One is Wanxiang, which has the HashKey Exchange, the first virtual asset trading platform licensed in Hong Kong. Wanxiang is very passionate and has a culture of innovation, and more importantly, the people at Wanxiang, especially Dr. Xiao Feng, have a wealth of experience in traditional finance, as well as Web3's experience and passion, so the two can be blended together to get twice the result with half the effort.

The other one is Animoca Brands, a company nurtured by Cyberport and with strong internationalization. The founder, Siu Yat, is very idealistic and has an open and innovative mindset to explore different new ideas. He has been in Cyberport for many years, almost at the beginning of the Cyberport has been here, the development of more than ten years, from doing games to do block chain games, to do NFT to do the meta-universe, non-stop embrace of new developments, and now the valuation has reached 6 billion U.S. dollars.

Techub News: You once said that you joined Cyberport with the intention of giving back and contributing to the community, helping young people and entrepreneurs, why?

Ren Jingxin: I tried to start my own business, but I was unsuccessful to a certain extent. In the end, I sold it to my investor, and instead, I joined the investor's group and became the CEO, which was a very rewarding experience, and it was one of the hardest times I've ever had, but also one of the best times I've had, and one of the times I've gotten the most out of it.

Therefore, I very much hope that more young people can be encouraged to start their own business. The entrepreneurial atmosphere in Hong Kong was very strong in the 1970s, but as the economy of Hong Kong has become more mature, young people do not have such a strong entrepreneurial spirit anymore. I hope that Hong Kong people will realize their dreams more and start their own businesses. Even if they do not meet their own expectations, they will still have a great harvest, and this is a very wonderful experience in life, which cannot be experienced by those who work part-time.

I have also benefited from Hong Kong's technological development over the years, which has brought me a good life, a good life and wonderful experiences. The Hong Kong government hopes to make use of the Cyberport to develop and strengthen the science and innovation ecosystem, and I am obliged to participate in it, as well as to give back to the community, so that young people can have the opportunity to develop their own ideals and realize their dreams.

Techub News: What are the policies that Cyberport has introduced in realizing its original vision and what are the results?

Jensen Yam: The Cyberport has a good incubation program, it is a national incubator, it is already very mature and there are different stages of the incubation program. The foundation of the incubation program is not only to provide subsidies, but also to provide places and training courses, and more importantly, to make it easier for them to succeed after entering the Cyberport than outside, and to help them find business opportunities, capital, and technology partners, so that they can enter the market more quickly.

We will provide some professional services so that they can protect their intellectual property rights and get tax incentives and marketing promotions when they develop overseas, which are generally unnoticed by start-ups but are very important. If they can protect their intellectual property right from the beginning, Cyberport can also find different application scenarios to enhance their applications, and more importantly, they can get some big enterprises as their users, which can attract more capital and talents to come in.

Cyberport has a series of networking programs, Enterprise Networking Program, Investor Networking Program, Technology Networking Program, Professional Services Networking Program, etc. These are the reasons why enterprises are more likely to succeed after entering Cyberport.

Techub News: Does Cyberport have a specific support policy for Web3 companies?

Ren Jingxin: Yes, the Foundation Incubation Program mentioned just now is offered to Web3 enterprises. Enterprises can get HK$1.1 million, free of charge, and do not need to give the Cyberport any equity, and they can also use the free incubator office for two years, and they can continue to participate in the shared space or rent an office building after graduating from the incubator in the next two years. This policy has proved to be a good one. Early this year, Cyberport officially launched the Web3 Base, and at that time there were about 70 Web3 enterprises, but now there are more than 200.

Techub News: How do you feel about the year's accomplishments and did they meet your expectations?

Jensen YAM: To a certain extent, we have exceeded our target. At the beginning, we were groping our way through the process, and even though we had the Hong Kong government's policy to promote it, we did not expect it to be so popular. Not only from the figures, but also from the achievements of these enterprises in Hong Kong, I hope they can develop the Web3 ecosystem in Hong Kong, so that Web3 enterprises can integrate with the traditional economy of Hong Kong, which is what I want to see the most.

On the other hand, we hope to strengthen the Web3 infrastructure. Among the more than 200 Web3 enterprises mentioned just now, most of them are at the application layer, and there are also some at the tool layer, while there are fewer than a dozen or so at the infrastructure layer. We hope to strengthen the entry of enterprises in this area. These enterprises generally have a certain volume and strength, and through them, we can attract more enterprises in the tool layer to come in, and there are quite a number of tools on each infrastructure platform. In this way, the application layer will be more diversified, and there will be more opportunities for integration with the traditional economy, which I hope can be further developed.

Techub News: I remember you said you built your first computer by yourself, like building blocks, it's very mysterious, more than 40 years ago, so over the years, in your opinion, what are the changes that technology has brought to mankind, and what's the most crucial change that Web3 has brought to mankind?

Ren Jingxin: It's a big change, needless to say, we all feel it every day, now mobile phones are not far away from the hand, in the future there will certainly be a lot of wearable electronic devices. web3 the biggest change is in the data, how to put our own data generated by their own full right to control the ownership of data assets will change a lot of different applications.

Simply put, the application of the landing, such as smart contracts, digital currency is actually a kind of smart contracts, the future of digital currency can be turned into smart money, you can specify its use, parents to children's pocket money can be specified not to spend in unhealthy places, the government issued by the elderly can only be used by myself, other people get it can not be used. This can prevent fraud, and the cost of realization is extremely low, the administrative costs of supervision will be greatly reduced.

Techub News: Many places around the world are embracing Web3, what do you think is the future opportunity for Web3 in Hong Kong?

Mr. Simon Yam: Hong Kong is an international financial center, and the first shot will definitely be fintech-related services, and there will be quite a good development of digital assets. Digital assets will develop quite well. In terms of industry, it will be widely used in the next few years, thanks to the government's promotion. For example, in February this year, Hong Kong issued the world's first tokenized green government bonds, greatly reducing operating costs, Hong Kong will further launch the use of digital assets.

Techub News: What are your favorites for Web3?

Ren Jingxin: In addition to the financial sector and government-promoted industrial applications mentioned above, I think the insurance industry will have a good development. On the one hand, the development of more and more virtual assets, there may be different insurance products to reduce the risk of virtual assets. On the other hand, integrating blockchain technology into the insurance industry process can reduce costs. We at Cyberport are going to launch a Web3 Pilot Program, which will subsidize enterprises to participate in digital assets, insurance and other services.

Techub News: You will step down as Cyberport's CEO in April next year, what are your plans after that? Are you interested in joining Web3?

Ren Jingxin: My plan now is to take a break and learn more. I'm really too busy now, and I'm already behind on a lot of things. I'm really interested in Web3, I hope I can learn more about it, and maybe I'll go to school.

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