Hong Kong Startup G-Rocket Aims To Lure 1,000 Web3 Companies

Key Points:

• In the next three years, Johnny Ng Kit-Chong, a member of the Legislative Council, and his co-founder G-Rocket hope to assist 1,000 Web3 start-ups in establishing their enterprises in Hong Kong.
• The accelerator’s newest Web3 company-targeting initiative is known as the “Hong Kong Web3.0 Hub.”
• The accelerator wants to assist candidates who want to use G-Rocket to start businesses in Hong Kong in sectors including office space, banking, and government resources.

Jonny Ng Kit-Chong, a member of the Hong Kong Legislative Council, is a co-founder of the startup G-Rocket accelerator that aims to lure 1,000 Web3 companies to the city-state over the next three years.

Ng Kit-Chong has served as a legislative council representative for the election committee constituency since January of this year. The politician and engineer have disclosed owning interests in almost 40 different companies, putting his finger in many pies.

The accelerator’s new program targeting Web3 companies, named “Hong Kong Web3.0 Hub”, was launched last month after Hong Kong announced a push to boost its virtual asset industry and has already drawn more than 150 start-ups to sign up, Casper Wong, co-founder and CEO of G-Rocket, told the South China Morning Post in an interview on Wednesday.

The G-Rocket plan is a part of a larger effort by the Hong Kong government to turn the SAR of China into a crypto powerhouse that can rival Singapore.

Exchange-traded funds (ETFs) that give exposure to Bitcoin and Ethereum can now be listed with the Securities and Futures Commission (SFC), with CSOP Asset Management being one of the first to do so as of October 31.

The Anti-Money Laundering (AML) and Terrorist Financing System in Hong Kong were amended on December 8 to include virtual asset service providers in addition to conventional financial institutions.

The CEO explained that G-Rocket’s initial goal is to assist 100 Web3 startups in expanding their operations before increasing the total to 1,000 within three years.

In order to assist Hong Kong businesses in gaining access to office space, banking, and government services, Wong specifically mentioned that the company would collaborate with the online ZA Bank, the government-run incubator Cyberport, and the real estate giant New World Development.

“We hope to help bring good companies and talent back to Hong Kong in the post-pandemic era,” Wong said.

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