Technology

Breaking News: Hong Kong Launches Revolutionary Web3 Financing Platform for SMEs in the Greater Bay Area

NPC Delegate Proposes Creation of Web3 Financing Platform for SMEs in Greater Bay Area

The Chinese National People’s Congress (NPC) delegate Wu Jiezhuang has put forward a proposal for the establishment of an international Web3 financing platform targeted specifically at Small and Medium Enterprises (SMEs) in the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative aims to support the international expansion of Chinese niche, specialized, and innovative SMEs, with a focus on green, tech, and innovation sectors.

At a time when Hong Kong is actively promoting the development of Web3, the proposal for an international Web3 financing platform holds significant promise. By leveraging Hong Kong’s expertise in finance and its status as a global digital technology hub, the platform seeks to set a new standard in innovative financing models and application scenarios for SMEs.

Wu Jiezhuang has called for national ministries to take the lead in researching and developing support policies, as well as implementing practical applications for innovative financing services. The proposal also includes plans for nurturing and incubating SMEs with high growth potential, integrating projects that promote investment, innovation, and management cooperation into national initiatives.

To cater to the diverse business environments across different countries and regions, the proposal suggests the formulation of differentiated strategies and innovative investment and financing methods. By utilizing a variety of financial tools such as equity, loans, bonds, and leasing, sustainable development of overseas projects can be achieved.

In addition, Wu advocates for the exploration of cross-border data exchange technologies to connect the international financing platform with the national service platform for SMEs. This would create a seamless system for technology insights, digital transformation, financial support, and scenario development, promoting standardization and regulation.

Highlighting Hong Kong’s expertise in infrastructure, logistics, and investment financing, Wu emphasizes the city’s potential to lead in the integration of Web3 technologies for international SME cooperation. By implementing the Public-Private Partnership (PPP) model and utilizing ‘Blockchain+’, Hong Kong could facilitate compliant digital asset trading platforms to raise funds for initiatives such as the Belt and Road Initiative.

If accepted, this proposal has the potential to position Hong Kong as a frontrunner in utilizing Web3 technologies for international SME collaboration, demonstrating the region’s dedication to embracing the future of digital finance.

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