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The University of Hong Kong Accepts $20 Mln Funding for Blockchain Payment System

On Aug 12, 2018, by an online Chinese news portal a research grant of $20 mln disclosed for The Hong Kong University of Science and Technology Business School (HKUST) towards the advancement of security competences of electronic payment systems and effective deployment of blockchain technology.

The HKUST has reportedly come into an association with the University of Hong Kong (HKU), the Chinese University of Hong Kong (CUHK), and the City University of Hong Kong (CityU) to work on the research and analysis project towards the strong proficiencies for the country’s development.

Professor Tan Jiayin, a notable personality who embraces blockchain technology, network security, and artificial intelligence (AI) for the country’s evolution and known for his contribution on “Strengthening Hong Kong’s Strategic Position as a Regional and International Business Center” will be coordinated by the interdisciplinary research department.

Professor Tan Jiayin appreciated the involvement of banks due to the possible exploration towards the innovative financial products by blockchain technology, new and advanced digital currencies, and further distribution services platforms which will help Hong Kong’s conversion into a global financial technology hub.

With the aim of promoting constructive trade links between China and its global partners while aiding the country in its participation in China’s Belt and Road Initiative, the Hong Kong government during 2017, revealed some important plans to establish a blockchain-powered trade financing system. This act will significantly reduce the input of human resources and time that trade finance normally requires, and reduce chances of fraud, reported by the news platform.

This year in June, Alibaba subsidiary Ant Financial, formerly known as AliPay, tested its first blockchain remittances in a pilot project by exchanging a transaction between AliPayHK app in Hong Kong and Filipino payment app GCash in three seconds.

The blockchain is one of the fastest evolving and expanding industries in history, with implications that will impact several generations. So many countries including Hong Kong can be seen on the positive side of promoting legitimate blockchain development projects through education, research, and other progressive activities and is constantly trying to bridge the gap between the real world and the most disruptive technology to provide the rapid services worldwide.

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