New possibilities keep Hong Kong at forefront of cutting-edge Web3 expansion

As Hong Kong moves towards its goal of being an international hub for cutting-edge developments in the innovation and technology (I&T) sector, it is essential to offer an entrepreneurial environment that can attract suitable talent and investment.

A range of targeted schemes are in place to do just that. Importantly, though, any venture looking for practical support and assistance, whether to set up or start expanding, can also turn to InvestHK.

This government agency is responsible for attracting foreign direct investment and provides practical advice for mainland Chinese and overseas-based businesses that are new to the city and region. It helps to put companies from every sector – from recent start-ups to long-established institutions – on the right course as they navigate challenges such as local rules, regulations and tax codes to corporate formation, finding premises, recruiting staff, or exploring new markets in Southern China’s Greater Bay Area and beyond.

As countless examples can confirm, its efforts benefit not only the enterprises involved, but also the wider economy by creating high-quality jobs and adding lustre to Hong Kong’s reputation as a centre for innovation, investment, and early adoption of the latest tech advances such as Web3. This term refers to the third stage of internet development that uses technologies that decentralise data ownership and online control – and make greater use of artificial intelligence.

In Hong Kong, Web3 developments are already opening up all kinds of new possibilities, and InvestHK has been quick to support go-ahead companies looking to lead the way.

“Our experience in Hong Kong has shown that the city offers far more than a supportive business environment,” says Sebastien Borget, chief operating officer and co-founder of The Sandbox, a metaverse platform developer. “It also serves as a dynamic hub for testing new ideas, building communities and scaling global operations.”