TechFlow News, according to Foresight News, at the "Is Web3 on the Verge of Mass Adoption?" panel during the 2023 Shanghai Blockchain Week & Global Summit hosted by Wanxiang Blockchain Labs, Leung Hon-ching, Head of Financial Services and FinTech at Invest Hong Kong, said that by analogy with the development stages of the internet—rated from 1 to 10—Web3 is currently at stage 3. The Hong Kong government believes that at this stage, it's essential to establish solid foundations in regulation and legal frameworks.
Regarding opportunities for Web3 mass adoption, he shared insights from a financial sector perspective, stating that Hong Kong banks and the Monetary Authority will issue stablecoin licenses early next year. Currently, multiple countries including Singapore and Canada are showing strong interest in stablecoins. Use cases for stablecoins include cross-border payments; in emerging markets such as Africa and Latin America, where currency depreciation and inflation are severe, demand for stablecoin payments is high. However, users face risks such as service providers absconding. Therefore, issuing licensed stablecoins under a supportive regulatory environment would promote new technologies and tools.
Leung noted that a killer application does not necessarily have to be innovative—traditional products can also be significantly improved. From Hong Kong’s position and its role within the nation, financing via RWA (Real World Assets) and STO (Security Token Offering) could become a killer application. As an international hub for asset financing, listing on the Hong Kong Stock Exchange typically costs between HK$20 million and HK$30 million. However, using RWA and STO can save 3 percentage points, thereby reducing costs. He added that in traditional financing, invested capital usually remains locked for around ten years, but given recent economic conditions, exit periods have shortened. With STO and RWA, exit timelines could be reduced to just one year, significantly enhancing liquidity.
