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Home»ADOPTION NEWS»Pioneering Web3 financing platform for small and medium-sized businesses in Hong Kong and the Greater Bay Area
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Pioneering Web3 financing platform for small and medium-sized businesses in Hong Kong and the Greater Bay Area

By Crypto FlexsMarch 6, 20243 Mins Read
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Pioneering Web3 financing platform for small and medium-sized businesses in Hong Kong and the Greater Bay Area
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NPC Representative Wu Jiezhuang proposed establishing a Web3 financial platform in the Greater Bay Area to promote small and medium-sized enterprise innovation and international expansion.

China’s National People’s Congress (NPC) representative Wu Jiezhuang submitted a proposal to establish an international Web3 financial platform for small and medium-sized enterprises (SMEs) in the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong reported. Bean TKWW. This innovative measure aims to accelerate the international expansion of China’s niche, specialized and innovative small and medium-sized enterprises, while fostering markets centered on green, technology and innovation sectors.

The proposal comes at a critical time for Hong Kong as it actively supports the development of the third generation of the Internet, known as Web3. Building an international innovative financial platform based on Web3 technology will not only leverage Hong Kong’s traditional financial strengths, but also leverage its unique position as a global digital technology hub. The goal of the platform is to become a benchmark for providing innovative financing models and international application scenarios for niche, specialized and innovative small and medium-sized enterprises.

Wu Jiezhuang suggests that to make this vision a reality, relevant national ministries must lead the charge by researching and developing precise support policies and drafting a roadmap for the practical application of innovative financial services and urban application scenarios. This includes establishing an action plan to promote and foster potential ‘little giant’ small and medium-sized enterprises, and integrating projects that promote small and medium-sized enterprise development, investment, innovation and management cooperation into national key projects.

Accordingly, differentiated strategies and innovative investment and financing methods must be developed to suit the diverse business environments of each country and region. Sustainable development of overseas investment and financing projects can be achieved by utilizing various financial instruments such as equity, loans, bonds, and leases, and by raising investment or cooperation funds for equity investment, mergers and acquisitions, and debt participation.

Wu also calls for exploring cross-border reliable data exchange technologies and tools to interconnect national service platforms and international innovative finance platforms for niche markets, specialized enterprises, and innovative small and medium-sized enterprises. This will ensure interoperability and create a one-stop service system for technical insight, digital innovation, financial support and scenario development, moving towards a standardized and regulated environment.

Wu Jiezhuang highlighted Hong Kong’s extensive experience in infrastructure construction, transportation, logistics and investment finance. Compared with mainland operations, Hong Kong’s management level and commercial operation mode are more mature, international and market-oriented. By leveraging the Public-Private Partnership (PPP) model and leveraging the ‘Blockchain+’ strategy, important sectors such as the Belt and Road Initiative can raise the funding they need through a Hong Kong-based digital asset trading platform.

If accepted, this proposal would position Hong Kong as a pioneering city in integrating Web3 technology for international SME collaboration, further underscoring the region’s commitment to embracing the future of digital finance.

Image source: Shutterstock

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