HK legislator’s firm to lure 1,000 Web3 start-ups over 3 years
A start-up accelerator co-founded by Hong Kong legislative council member Jonny Ng Kit-Chong wants to attract 1,000 Web3 businesses to set up shop in the city-state over the next three years.
Ng Kit-Chong is a member of the legislative council for the election committee constituency and has been in office since January this year. The engineer and politician has his finger in a lot of pots as he has declared owning shares in roughly 40 different companies.
One such company is the start-up accelerator G-Rocket, which he co-founded alongside Casper Wong in 2016.
Wong is the current CEO and spoke to the South China Morning Post on Dec. 23 about the firm’s new aptly named program “Hong Kong Web 3.0 Hub.”
The CEO outlined that G-Rocket is first looking to help 100 Web3 start-ups get their business off the ground, before scaling the number up to 1,000 within three years.
“We hope to help bring good companies and talent back to Hong Kong in the post-pandemic era,” Wong said.
In particular, Wong stated that the firm will work in tandem with the virtual ZA Bank, a government-run incubator dubbed Cyberport and property conglomerate New World Development to help Hong Kong startups get access to office space, banking and government services.
G-Rocket’s initiative comes as part of a broader push from the Hong Kong government to make the special administrative region (SAR) of China a crypto hub that can compete with Singapore.
In late October, Elizabeth Wong, the head of the fintech unit at the Securities and Futures Commission (SFC) of Hong Kong, announced a host of progressive regulatory crypto proposals, including the legalization of virtual asset trading.
“We will put in place timely and necessary crash barriers to mitigate actual and
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