On August 12, 2018, China News reported that the government approved a $20 million grant for research to the Hong Kong University of Science and Technology (HKUST) Business School. The objective of the grant is the grant is to improve the security potentials of the electronic payment systems.
$20 Million grant
In order to complete the project, HKUST Business School has partnered with several universities. Some of the universities are University Of Hong Kong (HKU), the Chinese University of Hong Kong (CUHK), and the City University of Hong Kong (CityU). These teams will discuss the possibility of transforming Hong Kong into a global financial technology hub. And will also explore the applications of blockchain technology along with methods of improving the electronic payment security system.
Professor Tan Jiayin will coordinate this research and its activities. He quite renowned for his work on “Strengthening Hong Kong’s Strategic Position as a Regional and International Business Center”. It focused on the blockchain, network security, and artificial intelligence (AI). He also opened the doors for the participation of banks in the research as digital currencies and financial product design. Moreover, distribution services will also be explored upon as a topic of the research.
Blockchain powered Finance System
The Hong Kong government announced its idea of establishing a blockchain-powered trade financing system in 2017 so as to “significantly reduce the input of human resources and time that trade finance normally requires, and reduce chances of fraud”. China is planning to promote trade links between its nation and the global partners through its Belt and Road Initiative. This system thus hopes to benefit the nation in the move.