The High-Hopes Initiative

G-Rocket, co-founded by Jonny Ng Kit-Chong, a member of Hong Kong’s legislative council, has set out on an ambitious journey. The start-up accelerator is on a mission to attract 1,000 Web3 businesses to the city-state in just three years. That’s like trying to cram a whole Chinese buffet into a lunchbox!

Who’s Feeding this Initiative?

Ng, an engineer and politician with shares in around 40 different companies, seems to have his finger in quite a few pies. His co-founder, Casper Wong, who now serves as CEO, expressed their enthusiasm for the newly launched program, “Hong Kong Web 3.0 Hub,” in a recent interview.

Getting the Party Started

Initially, G-Rocket aims to help 100 Web3 start-ups get their wheels turning before speeding up to a thousand. This isn’t just a way for them to pass the time; it’s a concerted effort to revive Hong Kong’s business scene in the post-pandemic era.

Collaborations and Support

To bolster their efforts, G-Rocket is teaming up with a slew of important partners, including virtual ZA Bank and the government-run incubator Cyberport. But wait, there’s more! Even New World Development—yes, a property conglomerate that can make dreams come true and a billion-dollar skyscraper—is in the game to help start-ups secure office space and essential services.

Why Now? Why Web3?

G-Rocket’s initiative dovetails with a larger push from the Hong Kong government to position the region as a leading crypto hub, intent on competing with Singapore. Under the banner of crypto regulations that are as slippery as an eel, Elizabeth Wong, head of the fintech unit at the Hong Kong SFC, has announced some pretty exciting proposals to regulate virtual asset trading.

Rolling Out the Red Carpet

In fact, as of late October, Hong Kong has started welcoming exchange-traded funds (ETFs) offering crypto exposure. This means New World Development (No relation to G-Rocket) can now freely distribute magical unicorns (or rather, ETFs that manage to combine Bitcoin and Ether) to investors faster than you can say “blockchain!” Only time will tell if this will lure in those elusive crypto enthusiasts back to the territory.

New Regulations in Play

Following the ongoing transformation, the legislative council recently amended its Anti-Money Laundering and Counter-Terrorism Financing regulations, including virtual asset service providers within the same framework as traditional finance. This is akin to inviting the shy cousin to the family reunion—better get them comfortable!