Hong Kong University Secures $20 Million Grant for Payment Systems and Blockchain Research

Hong Kong University Obtains $20 Million Grant for Payment Systems and Blockchain Research

The Hong Kong University of Science and Technology (HKUST) Business School has secured a research grant worth $20 million to bolster the security of electronic payment systems and explore potential applications of blockchain technology. The institution will be collaborating with the Chinese University of Hong Kong (CUHK), the University of Hong Kong (HKU), and the City University of Hong Kong (CityU) in the research initiative.

Other Information About the Research Project

Based on a report by China News on August 12, 2018, the partners will find ways to transform Hong Kong into a global financial technology (fintech) center. The interdisciplinary research initiative will be coordinated by Professor Tan Jiayin. The professor is well-known for his work on blockchain, artificial intelligence (AI), and network security.

The project will also include various banks. According to professor Jiayin, the participation of banks is a welcome development because the initiative will also tackle digital currencies, as well as financial product design and distribution services.

Other Blockchain Developments in Hong Kong

Several blockchain activities were also seen in the special administrative region in the past months. In June, Alibaba subsidiary Ant Financial, formerly AliPay, piloted its first blockchain remittance service, in which it sent a transaction between the payment app GCash in the Philippines and the AliPayHK app in Hong Kong in just three seconds.

Meanwhile, the Hong Kong Monetary Authority and a fintech subsidiary of the Ping An Group announced the launching of their proprietary blockchain trade finance platform with 21 banks in July. The platform is designed to lessen the amount of time and bureaucracy in the signing up of emerging businesses for banking services.