The goal of a start-up accelerator that was co-founded by Jonny Ng Kit Chong, a member of the Hong Kong Legislative Council, is to attract 1,000 Web3 companies to locate their operations in the city-state over the next three years. This goal was established with the intention of achieving it in the next three years.

Johnny Ng Kit-chong has represented the Election Committee Constituency as a member of the Election Committee Constituency Legislative Council since the beginning of this year. Since the beginning of that month, he has served in his current role.

The politician and engineer has admitted to having financial interests in roughly 40 different companies, indicating that he has his hands in a variety of different pots.

One of these companies is a startup accelerator by the name of G-Rocket, which he and Casper Wong co-founded in 2016. Casper Wong is also a co-founder of this company.

Wong now works as the company’s CEO, and on December 23 he gave an interview to the South China Morning Post in which he explained the new project the company is launching, aptly named “Hong Kong Web 3.0 Center.”

The chief executive officer (CEO) of G-Chief Rocket explained that the company’s first goal is to help one hundred Web3 startups to launch their businesses, and that after that, within three years, the company plans to scale this number up to one thousand. The CEO also stated that the company’s long-term goal is to help 1,000 Web3 startups launch their businesses.

In particular, Wong stated that the company will collaborate with the digital ZA Bank, a government-run incubator known as Cyberport, and the real estate conglomerate known as New World Development to help Hong Kong startups gain access to office spaces. , banking and other government services.

The action that G-Rocket has taken is part of a larger campaign by the Hong Kong government to turn China’s special administrative area into a crypto hub that is capable of competing with Singapore. This action was taken by G-Rocket.

In addition, on December 8, the Hong Kong Legislative Council revised its anti-money laundering and anti-terrorist financing (AML/CTF) system to cover conventional financial institutions as well as virtual asset service providers. This was done in order to combat the growing threat of money laundering and terrorist financing.