According to the China news report a University of Science and Technology Business school in Hong Kong was granted research fund of about $20 million to develop the security capabilities of electronic payments.
To work on the project, The Hong Kong University of Science and Technology Business School collaborated with the Hong Kong University (HKU), the City University of Hong Kong (CityU) and the Chinese University of Hong Kong (CUHK). Besides the development of the electronic payment security systems, these entities are planning to discover the blockchain technology and examine the prospect of Hong Kong’s emergence into a global financial technology hub.
Last year, The Hong Kong government revealed its plans to build a blockchain-powered trade financing system, to “reportedly diminish the input of human resources and time which trade finance usual needs, and lessen the chances of scam,”. The system was believed to benefit the nation by its participation in China’s Belt and Road Initiative, which focuses on promoting trade links amongst China and its global partners.
Professor Tan Jiayin who is well known for his contribution on the “enhancing Hong Kong’s Position as an International Business and Regional Center” with an aim on artificial intelligence (AI), Blockchain and network security. The interdisciplinary research project will be organised by the professor. He encouraged the participation of banks as the research will also discover digital currencies, distribution services and financial product design.
Alibaba subsidiary Ant Financial, which is reportedly known as AliPay, tested its first blockchain payments in June 2018, by allowing a transaction within three seconds between AliPay HK app in Hong Kong and Filipino payment app GCash.
In the Previous month, A Ping An Group fintech subsidiary and the Hong Kong Monetary Authority declared the release of their unique blockchain trade finance solution with 21 banks. The solution focus is to reduce the amount of time and paperwork associated with signing up of new emergent businesses for banking services by smoothing over transactions.