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March 2024: Hong Kong

Tech news headlines in Hong Kong in March 2024 touched on items including HK’s steps into the RISC-V alternative to ‘standard’ semiconductor architectures, Hong Kong as an experimental sandbox for mainland China’s cryptocurrency ambitions, Hang Seng Bank’s bid for SME funding with a focus on China’s Greater Bay Area, and more.

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Canton Project Pilot Project Results

Canton Project Pilot Project Results – Tokenized Real World Assets

  • Hong Kong: BlockShow x BlockDown Asia 2024 conference set for May 8-9, looking at all things Web3 / read it here
  • Hong Kong: Gov’t to allocate US$383M to Cyberport business park in 3-year AI subsidy scheme in bid to push universities, research institutes and businesses to use AI Supercomputing Centre / read it here

‘While mainland China bans all forms of crypto trading, the gov’t leaves the option open in Hong Kong… as a sandbox for Beijing to toy with web3 without potentially incurring financial volatility for the rest of the country.’ / read it here

  • Hong Kong: Gov’t unveils Project Ensemble initiative to test functionality of a wholesale central bank digital currency and tokenization of private bank deposits / read it here
  • Hong Kong Science & Tech Parks Corp unveils 74 global startups for biggest iteration of Elevator Pitch Comp 2024, drawn from semi-finals in HK, Silicon Valley, Stuttgart and Singapore / read it here
  • Hong Kong: An overview of the upcoming BlockShow X BlockDown Asia 2024 event, and the Cointelegraph Accelerator Startup Connect element connecting Web3 and crypto startups with leading VCs / read it here
Digital assets 2023-2024

KPMG: Virtual Assets 2023 Review and 2024 Outlook

  • Hong Kong Monetary Authority rolls out Phase 2 of e-HKD Pilot Program, opening applications for proposals on potential use cases of a digital HK dollar / read it here
  • Animoca Brands invests in UAE’s Eesee, web3 company allowing users to place small bids on high-value assets like cryptocurrencies, NFTs and tangible assets / read it here
  • Hong Kong: Hang Seng Bank launches $4.2BN SME Power Up Fund to boost small business development, including cross-border opportunities in China’s Greater Bay Area / read it here
  • Hong Kong: HSBC now allows retail investors in Hong Kong to purchase real gold using digital ledger-based digital tokens / read it here
  • China’s UBTech Robotics Corp stock price more than tripled in 2 days following the firm’s entry to the Hong Kong stock connect program, allowing mainland China investors to purchase its shares / read it here
  • China’s Starfive Technology chip design firm to open R&D center in Hong Kong, focusing on the company’s RISC-V chips and alongside partnership looking at data center-focused chips / read it here
Deloitte - Tokenization of real-world assets

Deloitte: Tokenization of real-world assets (pdf link)

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