The Hong Kong University of Science and Technology Business School has been awarded a staggering sum of $20 million research grant, according to a recent report by China News on the 12th August. This is apparently borne out of the desire to improve the quality of electronic payment security and ensure a world class financial system.
It is obvious that the reputable Hong Kong University of Science and Technology (HKUST) Business School will not single-handedly carry out this project of national importance. Therefore, some other prominent institutions such as the University of Hong Kong (HKU), City University of Hong Kong (CityU), the Chinese University of Hong Kong (CUHK) will be in collaboration to achieve the best possible result.
It seems as though, the research grant will not only be going solely into the enhancement of the of electronic payment security system but will also delve into the trusted, transparent and incorruptible public ledger (blockchain) technology.
Also, the research team will have to discuss the possibilities of Him Kong developing into the world’s financial technology hub (which seems to be the goal of most countries today). The team of undoubtedly excellent experts will reportedly be led by Professor Tan Jiayun who is popularly known for his work:
“Strengthening Hong Kong’s Strategic Position as a Regional and International Business Center.”
The team will be placing its focus on the blockchain system, artificial intelligence (AI) and network security. Tan Jiayun notably welcomed actors in the banking sector who are part of the research simply because the study (in no small way) is going to consider virtual currency and other variety of financial product designs as well as distribution channels of these products in the economy of the country.
The Hong Kong government announced in 2017 that in its bid to “significantly reduce the input of human resources and time that trade finance normally requires, and reduce chances of fraud,” plans are already on its formative way to establish a blockchain-powered financial system for trade.
This system is therefore speculated to give the country an edge while participating in China Belt and Road Initiative. All these will amount to the strengthening of the trade ties of China with other countries of the world.
Earlier this year, a subsidiary company of Alibaba, which was formerly known as Alipay, launched its first blockchain application and had come to realize the fantastic potentials of the blockchain technology as in the space of 3 seconds, seamless transactions were successfully made between Filipino payment applications.
Also, in July, numerous institutions came to realize the potential of what some public figures have referred to as “the missing part of the internet.” It was reported that financial bodies such as the Hong Kong Monetary Authority and a fintech subsidiary of Ping An Group, both joined forces together to launch their first blockchain-based trade finance advancement application for over 20 local banks in the country.
The initiative was reportedly targeted towards reducing the unnecessary waste of time which is usually experienced when new businesses intend to sign up for banking activities. This initiative will ease the cause of transactions.