In the mid-1 990 s, Johnson Leung embarked on a vocation in sending. In the early 2000 s, he moved to finance. And now, he leads a Hong Kong startup that aims to improve how container carries are booked exerting blockchain technology.
Many in Hong Kong hope the city can make a similar rush. The ship and bank centre, which has struggled for years to encourage a domestic engineering industry, is cuddling the blockchain change as it looks for sources of growth.
Skeptics say it’s a risky bet on an unproven engineering — one with more than its fair share of promotion and, in a number of cases, scam. But a thriving number of Hong Kong entrepreneurs and policy makers are persuaded the online ledger organization that underlies cryptocurrencies like bitcoin will eventually reshape everything from financial services to supply bonds. They say the city’s laissez faire approach toward regulation, along with its expertise in finance and logistics, make it a natural hub for blockchain startups.
” I don’t see why Hong Kong can’t be a leader of blockchain technology ,” said Leung, who co-founded 300cubits. tech after more than a decade in the financial industry that included stints as studies and research reporter at JPMorgan Chase& Co. and Jefferies Group LLC.” It’s so new that it’s not like different countries has a huge advantage compared to us .”
Hong Kong’s government has been propelling aids at the technology. The city’s monetary jurisdiction is developing its own digital currency and is testing blockchains for transaction busines, mortgage employments and e-check moving. Hong Kong’s defences regulator has joined R3, a world consortium that develops blockchain engineering for financial transactions, while a government-backed research institute has worked on a blockchain-based plan for tracking property valuations, among other initiatives. Hong Kong Exchanges& Clearing Ltd ., the city’s publicly-traded exchange monopoly, plans to start a blockchain platform for early-stage companies and their investors next year.
” Blockchain is a very high priority for us ,” said Charles d’Haussy, head of fintech at InvestHK, a government financial improvement agency.