Foresight Ventures Co-Founder Says Hong Kong is Well-Positioned for Web3, but Local Infrastructure Needs Improvement

At the "Web3 Connect: Hong Kong and the World" conference, hosted by Hong Kong Cyberport, Forest Bai, co-founder of Foresight Ventures and Chairman of The Block, delivered a keynote titled "Exploring the Challenges and Opportunities of Building a Global Web3 Supply Chain Network in Hong Kong: A Foresight Perspective."

Bai argued that Web3 is inherently more international than traditional industries. He highlighted Hong Kong's strengths in Web3, citing its history as a global financial hub and key port, along with the following advantages:

• Global Top Universities: Hong Kong boasts world-class universities, providing a strong foundation for Web3 talent.
• Robust Support for Startups: The city offers numerous incubators and accelerators for Web3 businesses.
• Strong Local Funding: Local businesses have significant capital, readily available for Web3 investment.
• Open and Transparent Regulatory Environment: Hong Kong offers a welcoming environment for Web3 companies.
• Talent and Supply Chain Reserve from Mainland China: Hong Kong has access to a large talent pool and a robust supply chain from the mainland.
• Convenient Visas and Transportation: The city provides easy access for global Web3 professionals.

However, Bai also acknowledged challenges, specifically the weakness of the local Web3 ecosystem. He believes this issue can be addressed through rapid growth and development.