Interview with Hong Kong Legislative Council Member Ng Kit-chi: Web3.0 Is a New Opportunity for Young People to Avoid Saturated Traditional Industries
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Interview with Hong Kong Legislative Council Member Ng Kit-chi: Web3.0 Is a New Opportunity for Young People to Avoid Saturated Traditional Industries
Talent leads in every industry; whether it's Web3.0 or any other sector, without talent, even with funding, failure is inevitable.
Navigating Web3 tides with focused insightsAuthor | Alma
Editor | Marco
Techub News conducted a one-hour interview with Ng Kit-chung at the Legislative Council of Hong Kong. Not long ago, the Legislative Council Secretariat released a Web3.0 research report upon his request. The report outlines the global development status of Web3.0 and explores its potential implementation and growth in Hong Kong.
Since the arrival of the Web3.0 wave in Hong Kong, Legislative Council member Ng Kit-chung has served as a bridge between the industry and the Hong Kong government—encouraging companies to establish operations in Hong Kong, gathering industry feedback, and relaying it to the government to create favorable conditions for Web3.0 enterprises.
Web3.0’s endorsement by the Hong Kong government is also attributed to Ng Kit-chung's recommendations. As early as August last year, he proposed to the Chief Executive that Web3.0 be positioned as a key focus area for Hong Kong's technology sector.
Ng Kit-chung, Member of the Legislative Council of Hong Kong (Photo provided by the interviewee)
A native-born Hong Konger, Ng Kit-chung earned both his bachelor’s and doctoral degrees from the Hong Kong Polytechnic University. He began his entrepreneurial journey during his PhD studies and was once awarded the title of “Top 10 Outstanding Digital Youth in Hong Kong.” He founded GF Holdings and serves as Chairman of its Board.
In January 2022, Ng Kit-chung entered politics and was elected as a Member of the Legislative Council. He is also a member of the National Committee of the Chinese People's Political Consultative Conference. He has consistently promoted the development of technology industries in Hong Kong and supported local entrepreneurs. G-Rocket, the startup accelerator he co-founded, announced on December 23, 2022, its plan to help 1,000 Web3 startups set up offices in Hong Kong over the next three years.
Ng Kit-chung told Techub News that Web3.0 could become a future emerging industry for Hong Kong. “I’ve been actively looking for a new industry that can bring development opportunities to Hong Kong’s youth,” he said, adding that Web3.0 enables young people to bypass saturated traditional sectors and find new paths for advancement.
Ng believes Hong Kong’s unique geographical location, status as an international financial center, and proximity to mainland China’s population of 1.4 billion give it the potential to become a global hub for Web3.0.
1 Web3.0 Is an Opportunity for the Youth
Techub News: Recently, the Legislative Council Secretariat released a Web3.0 research report at your request, analyzing the global development of Web3.0. Why did you initiate this report?
Ng Kit-chung: Legislative Council members periodically request the Research Division of the Legislative Council Secretariat to study various topics. In August last year, I recommended to the Chief Executive that Web3.0 should be a strategic direction for Hong Kong. During both oral and written questions in the Legislative Council, I have raised this issue with the government.
I also considered initiating a formal motion. Around December last year, I hoped the Legislative Council would conduct a survey on this topic. They spent about four or five months researching comparable countries and regions from policy and technological perspectives. Through comparative analysis, we aim to understand the current state of development globally, identify opportunities, assess market size, and determine how we can improve.
I hope Web3.0 can become a future emerging industry for Hong Kong. I have been actively searching for a new industry that can provide development opportunities for Hong Kong’s youth.
Techub News: You mentioned focusing on development opportunities for Hong Kong’s youth. You started your entrepreneurial journey early. How significant is the impact of the environment on entrepreneurship?
Ng Kit-chung: As someone who has walked this path, I began my entrepreneurial journey before completing my PhD. Starting a business as a young person is extremely difficult. Beyond personal capabilities, the broader social and industrial environment plays a crucial role.
Everyone knows Hong Kong is a developed region, but many traditional industries such as finance, real estate, and trade already have successful pioneers. It is very difficult for young people to break through in these established fields.
When I ran for the Legislative Council, one of my key campaign platforms was to provide a larger stage for Hong Kong’s youth to pursue bigger dreams. While the Greater Bay Area has expanded geographically from over a thousand to nearly nineteen thousand square kilometers, we still need to define what industries to develop and create the necessary conditions.
Techub News: Do you see Web3.0 as such an opportunity?
Ng Kit-chung: Web3.0 is broadly defined—it includes not only virtual assets but also the metaverse, GameFi, DeFi, AI, and more.
Web3.0 is an emerging industry without dominant monopolistic players yet. I hope developing this sector will create more opportunities in Hong Kong, especially upward mobility for young people.
We often talk about decentralization—decentralizing interests—to encourage more innovative startups rather than allowing wealth and power to concentrate in the hands of a few large corporations.
Techub News: How do you attract more young people into the Web3.0 industry?
Ng Kit-chung: Talent leads all industries. Without talent, even ample funding will lead to failure, whether in Web3.0 or any other field.
Beyond local talent, it is even more important to attract global talent. The Hong Kong Special Administrative Region government has recently launched initiatives like the Top Talent Pass Scheme to attract skilled professionals. Over 30,000 individuals have already been approved to come to Hong Kong under this scheme.
AI and big data specialists are included in the talent attraction list, as they are critical to the underlying technologies of Web3.0. Once talent arrives, we can support them with government funds, policies, and clear development pathways.
We must also cultivate local talent by organizing more local events, building an ecosystem, and encouraging university and secondary school students to join our teams, giving them better career prospects.
Techub News: Do you have any new proposals or plans regarding talent development?
Ng Kit-chung: I have an idea to establish a Web3.0 Talent Qualification Framework.
Professionals like lawyers and doctors receive certification from accredited institutions. I hope to build a similar framework for Web3.0 talent—both technical and non-technical—where experts conduct exams and interviews. Upon passing, individuals would receive recognized professional credentials, making it easier for companies to recruit in Hong Kong.
This way, Hong Kong can truly become a Web3.0 Hub where all talents are supported and nurtured.
2 Virtual Asset Trading Aligns Well With Hong Kong’s Financial Center Status
Techub News: Hong Kong is promoting virtual asset trading as the first step in Web3.0 development. What considerations led to this decision?
Ng Kit-chung: Launching virtual asset trading first aligns well with Hong Kong’s positioning. As a financial center, we have a mature stock and bond market with sophisticated financial instruments.
Virtual assets represent an emerging industry. Though currently small—with a total market cap of around one trillion USD, less than the valuation of a single large company—the future potential is vast.
As Web3.0 integrates into daily life and the real economy, its scale will grow significantly.
Techub News: Recently, HKVAC, a Hong Kong-based virtual asset rating agency, launched a cryptocurrency index. What are your thoughts on this?
Ng Kit-chung: I’m delighted that a local Hong Kong rating agency has launched a global virtual asset index, aggregating data from dozens of cryptocurrencies into a single index.
Hong Kong has now entered a regulated era. Starting June 1, licenses will be issued to compliant exchanges. However, there needs to be a reference point for which tokens can be listed. Currently, most indices are based in Western countries, leaving few references for Asia.
The index launched by HKVAC provides not only a valuable benchmark for the industry but also guidance for future licensed exchanges and local investors in Hong Kong.
Techub News: Hong Kong’s “Guidelines for Virtual Asset Trading Platform Operators” have been in effect for over a month. Exchanges operating in Hong Kong must apply for a license. What is the current progress? When might the first license be issued?
Ng Kit-chung: Over 150 companies have expressed interest in applying for a license. While we don’t have final figures yet, I believe several have already begun submitting applications.
Two companies previously received partial licenses and are now supplementing their materials, particularly regarding retail investor participation. I trust the regulators will review each application as quickly and carefully as possible. I ask everyone to remain patient and look forward to good news.
Techub News: HSBC now allows clients to trade Bitcoin and Ethereum futures ETFs listed on the Hong Kong Stock Exchange. What impact do you think this will have on Hong Kong’s crypto industry?
Ng Kit-chung: Trading volume for Bitcoin and Ethereum futures ETFs on the HKEX is not particularly high yet, but demand exists and volumes are gradually increasing.
I believe as the industry grows, more investors will participate. With greater information flow—including the newly launched Hong Kong virtual asset index—there may come a day when Hong Kong news reports not only the Hang Seng Index but also a crypto index. Public awareness and participation in such products will continue to rise.
Techub News: Beyond its financial attributes, what other advantages does Hong Kong have in developing Web3.0?
Ng Kit-chung: Geographically, Hong Kong is highly convenient—close to mainland China’s 1.4 billion population, within three hours of most Southeast Asian destinations, and just three to four hours from Northeast Asia. We are at the heart of Asia.
In terms of talent, engineers from the mainland can support Hong Kong-based companies, providing foundational technology for Web3.0 development.
On the policy front, I believe the new SAR government will actively push for policy implementation to attract talent, businesses, and capital to Hong Kong. Our stable legal and policy framework inspires confidence. Hong Kong’s policies are consistent, and despite multiple past financial crises, capital inflows and outflows have never been disrupted.
Therefore, I believe Hong Kong has a strong chance of becoming a Web3.0 hub.
3 Aiming to Cultivate 10 Unicorns in the Web3.0 Space
Techub News: Cyberport has established a Web3 Base. At the time, you mentioned aiming to attract 1,000 high-quality global companies to Hong Kong within three years. How is this progressing? Why did you propose this goal?
Ng Kit-chung: The response since launch has been overwhelming. Over 500 companies have registered online, and nearly 100 are currently in the process of establishing operations. Beyond quantity, I hope that among these 1,000 companies, 10 unicorns will emerge.
I believe industry ecosystems and clusters are vital. Once leading companies arrive, entire supply chains follow. This initiative also aims to capture market attention and demonstrate Hong Kong’s determination to develop Web3.0.
We want to expand the pie—when the market grows, everyone benefits, and government support strengthens accordingly.
Techub News: The Web3 Hub has also launched an Accelerator Fund and an Ecosystem Fund. Can you share some updates on their progress?
Ng Kit-chung: Both funds are being implemented simultaneously. The Accelerator Fund has completed two rounds, and the selected companies will be announced soon. We are selecting promising participants and partners based on market needs and key ecosystem nodes, and several major partnerships have already been confirmed.
As companies supported by the Accelerator Fund grow, they will require further backing from the Ecosystem Fund. These are complementary initiatives. I expect positive developments from the Ecosystem Fund in the third and fourth quarters.
Techub News: After the U.S. sued Coinbase, you publicly invited Coinbase to come to Hong Kong, expressing hope that more exchanges would apply for licenses here. What is the latest status of your communication with Coinbase?
Ng Kit-chung: We’ve maintained contact with Coinbase and had several discussions, providing them with requested information. There’s no concrete timeline yet. I always emphasize that Hong Kong is an open city, welcoming all entrepreneurs to develop here—of course, while complying with local laws.
Techub News: You mentioned on social media that some people question Hong Kong’s small population—only over 7 million—and wonder why so many exchanges would choose to operate here. How large could Hong Kong’s market realistically be?
Ng Kit-chung: Hong Kong’s market is not small. Beyond its resident population, millions visit annually, and consumer spending power is strong. In investment, though the number of people is limited, the total capital involved is substantial. I believe Hong Kong will experience a cumulative effect.
Competition among virtual asset exchanges in Hong Kong will intensify, and only the strongest and best-run will survive. That’s precisely Hong Kong’s appeal—competition drives growth and excellence.
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