Hong Kong Faces Competition from Singapore

Hong Kong is embracing blockchain technology in search for a new business identity and opportunities. The city has been a household name in shipping and finance, but the rise of the tech behind cryptocurrencies might add a new dimension to it.

As with the cryptocurrency itself – opinions are divided. Some believe that blockchain will revolutionize multiple industries, including logistics and supply chain management. Others are of the opinion that the technology is still too young to place any serious bets on it.

Hong Kong’s history as a rather lenient financial hub makes it an excellent candidate for the blockchain technology centre. Naturally, the most obvious implementation of blockchain is in finance, and Hong Kong officials have been investing into the technology, even going as far as developing their own digital currency. In contrast with neighbouring China, Hong Kong is a lot more lenient towards cryptocurrencies, which led to the most prominent Chinese exchanges moving there after the recent ban.

Hong Kong, however, is not the only financial hub embracing blockhcain and cryptocurrencies. Singapore seems to be just as dedicated in its pursuits of cryptocurrency opportunities. It’s a serious competitor, offering major tax breaks and government assistance to businesses.

Despite its spotty tech startup record, Hong Kong hopes to become the capital of the emerging cryptocurrency industry, solidifying its role as THE financial hub of the region.