The following is a speech by Mr Chan Ho-lim, Under Secretary for Financial Services and the Treasury, at the Hong Kong Web3 Carnival today (April 7):
Hello everyone! It is a great honor to participate in the 2025 Hong Kong Web3 Carnival. Today, we gather here to witness and celebrate the vigorous development of Hong Kongs third-generation Internet (Web3) and financial technology, and explore the unlimited opportunities it brings. Earlier today, the Financial Secretary spoke in English, so I chose to speak in Chinese for this session. First of all, I would like to sincerely thank Wanxiang Blockchain Lab and HashKey Group for organizing this event and building a key communication platform for the industry. At the same time, I would also like to thank all the guests who attended the meeting. Your participation and contribution are crucial to building the future of virtual assets.
Hong Kong has the institutional advantage of one country, two systems. Under the unique background of backed by the motherland and connected to the world, Hong Kong has developed into Asias leading international financial center. In terms of capital markets, Hong Kong continues to be the largest Asian international bond issuance center in Asia. In terms of cross-border wealth management, Hong Kong ranks second in the world and first in Asia in terms of asset size. Hong Kong is also the largest hedge fund center in Asia. In terms of risk management, Hong Kongs insurance density is also second in the world and first in Asia.
As an international financial center, Hong Kong has always been at the forefront of technological innovation. As of September last year, Hong Kong had more than 1,100 financial technology companies, with an annual growth rate of 15%, covering a variety of fields such as digital banking, virtual insurance, and virtual asset trading platforms, including 8 digital banks, 4 virtual insurance companies and 10 licensed virtual asset trading platforms, providing innovative and convenient financial services to global users. In recent years, the integration of technologies such as blockchain, tokenization, and artificial intelligence has opened up new horizons for financial technology.
To accelerate the development of Web3, the Hong Kong government has taken all-round measures. This morning, the Financial Secretary elaborated on the development of the regulatory system. In terms of industry support and talent cultivation, the government has allocated HK$50 million to support Cyberport in promoting the construction of the Web3 ecosystem. Currently, it has gathered many third-generation Internet companies and also hopes to guide talent cultivation work in an industry-oriented way. Cyberport has launched a number of talent cultivation programs, including arranging college students to work in internships related to third-generation Internet applications in science and technology enterprises through the Cyberport Web3.0 Internship Program 2024.
In terms of overall fintech talent initiatives, including Web3, Hong Kong has continued to attract top global talent since the first Talent List included fintech in 2018. The Pilot Scheme for Fintech Practitioner Training Subsidy provides tuition subsidies for practitioners who have successfully obtained fintech professional qualifications. To date, more than 560 practitioners have enrolled in related courses; the Greater Bay Area Post-secondary Students Fintech Bidirectional Internship Program subsidizes students from Hong Kong and the Mainland to work in fintech companies for short-term internships, thereby strengthening talent exchange and expanding the fintech talent pool. The internship program provides more than 150 internship places in total, and has successfully matched more than 80 students to fintech companies for internships since its launch. In addition, the Investor and Financial Education Committee, together with the Hong Kong University of Science and Technology and Cyberport, held a competition to educate young people about the importance of the third-generation Internet and fintech to the financial services and investment sectors.
Hong Kong has always played the role of a bridge between tradition and innovation. As the worlds third largest and Asias largest international financial center, we are not only committed to cultivating a vibrant, secure and forward-looking blockchain and financial technology ecosystem, but also committed to promoting innovation and sustainable development in the industry. We look forward to working with global partners to jointly create a new era of Web3 and financial technology. Looking to the future, Hong Kongs goal is not only to become the Asian Web3 hub, but also an important node in the global innovation network. We will continue to improve the regulatory framework, encourage the implementation of technology applications, and promote cross-border exchanges and cooperation through international platforms such as todays carnival.
Here, I would like to thank Wanxiang Blockchain Lab, HashKeyGroup and all partners for supporting the development of web3, and thank everyone for participating. Let us work together to drive the future with technology and promote the sustainable development of web3!
Thank you everyone!
