Hong Kong University Receives $20 Million Funding For Research On Payment Systems
On August 12, the China news reported that The Hong Kong University of Science and Technology Business School has got $20 million research grant in order to improve the security efficiency of electronic payment systems.
According to the reports, there are three universities that The Hong Kong University of Science and Technology (HKUST) Business School has combined with. They are: University of Hong Kong (HKU), the Chinese University of Hong Kong (CUHK), and the City University of Hong Kong (CityU). These universities will now work on the research project.
The other motive that these parties will fulfill is to find out more about blockchain technology applications and also to discuss the possibility of Hong Kong to turn into a worldwide financial and technological hub.
This research will be coordinated by Tan Jiayin, who is best known for his amazing work on the “Strengthening Hong Kong's Strategic Position as a Regional and International Business Center”. He worked with the focus on the blockchain, network security, and artificial intelligence(AI). He included the role of banks in the research as well. The motive was to explore more about cryptocurrencies and financial product design and distribution services.
The Hong Kong government made plans to launch a blockchain-powered trade financing system. The main aim was to “significantly reduce the input of human resources and time that trade finance normally requires, and reduce chances of fraud.” This project was supposed to benefit the country as its goal is to promote trading between China and its partners worldwide.
Earlier this year, in June, Alibaba subsidiary that is Ant Financial also known as AliPay, rolled out it first blockchain transactions by transferring between AliPayHK app in Hong Kong and Filipino payment app GCash in only the matter of three seconds!
Last month the Hong Kong Monetary Authority and a Ping An Group fintech announced that they will introduce their own blockchain trade finance solution. 21 banks will be taking part in it. This solution will aim to reduce the amount of time and domination that is involved in signing up newly growing business for banking services by making smooth transactions.
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