Blockchain technology will have a major impact on fintech and other sectors, according to discussions during a fintech conference organized by Cyberport, a technology hub of more than 700 members owned by the Hong Kong SAR government.

Speakers at the Blockchain Strategies for Business conference in Hong Kong focused on the technology’s transformational potential, practical considerations for adopting the technology, and implications for the Belt and Road Initiative, according to a report on the organization’s website.

The Belt and Road Initiative is a development strategy and framework proposed by Chinese president Xi Jinping that focuses on connectivity and cooperation among countries in Eurasia, consisting of the land-based “Silk Road Economic Belt” and the oceangoing “Maritime Silk Road,” according to Wikipedia.

Cyberport Nurtures Fintech

As a global innovation and digital technology hub, Cyberport has worked to nurture fintech innovation, particularly blockchain technology. Blockchain Strategies for Business advocates the adoption and application of blockchain technology in different business sectors.

Conference keynote speakers included Michael Casey, senior advisor of digital currency initiatives at the MIT Media Lab; Marley Gray, director of business development and strategy for cloud and enterprise for blockchain at Microsoft; Matt Lucas, global blockchain enablement team and chief technology officer for Europe at IBM; and Pindar Wong, founder of Smart Contracts Initiatives.

Herman Lam, CEO of Cyberport, said the organization has always attempted to promote the development of the global fintech ecosystem by creating platforms and networks for cross-market partnerships.

He said:

By leveraging the transformational nature of blockchain technology, we believe that companies would be able to navigate through game-changing challenges and capture new opportunities brought by global fintech advancement.

Also read: Hong Kong lays financial groundwork for robust fintech ecosystem

More To Come

Cyberport is nurturing blockchain in a city that has a robust blockchain community and is a center of global finance.

Hong Kong’s financial secretary has pledged $17 billion HK to begin building the key infrastructure necessary to support a thriving fintech and tech center in the city, CCN.com reported earlier this year. John Tsang Chun-wah noted interest in fintech makes sense within the greater context of Hong Kong’s positioning within global finance.

Cyberport will continue to work with industry partners to harness fintech and blockchain in Hong Kong.

Cyberport, managed by Hong Kong Cyberport Management Company Limited, nurtures digital industry entrepreneurs and startups, supports the pooling of resources and creation of business opportunities. The organization has state-of-the-art tech facilities and a cutting-edge broadband network. It also offers four grade-A intelligent office buildings, a retail entertainment complex, and a five-star hotel.

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