G-Rocket Hopes to Lure 1000 Web3 Firms to Hong Kong over 3 Years

• Honk Kong aims to draw 1000 Web3 startups to the city-state with G-Rocket.
• G-Rocket co-founder, Kit-Chong’s political influence will aid in this initiative.
• This is part of the Hong Kong government’s plans to become a crypto giant.

Jonny Ng Kit-Chong is a constituent of Hong Kong’s Legislative Council and co-founded a startup accelerator that seeks to attract 1000 Web3-based firms to the city within the next three years. In the wake of the pandemic, he said,

We aim to help attract strong firms and people back to Hong Kong.

One of these firms is the startup accelerator, G-Rocket, which he co-founded with Casper Wong in 2016. Wong currently serves as the company’s CEO.  He recently gave an interview with the South China Morning Post concerning G-Rocket’s new initiative, “Hong Kong Web 3.0 Hub.”

Wong said that G-Rocket’s initial aim is to help 100 Web3 startups by growing their operations. The long-term plan is to increase this number to 1000 over the next three years.

Wong explicitly stated that the firm would collaborate with the online ZA Bank, the government-run incubator Cyberport, and the real estate powerhouse New World Development. He hopes this will aid Hong Kong businesses in obtaining access to commercial office space, banking, and governmental services.

G-Rocket is part of a bigger Web3 movement initiated by the Hong Kong government to convert the city-state into a cryptocurrency behemoth with hopes of rivaling its Asian counterpart, Singapore. His political influence will undoubtedly have a huge impact on bringing these aspirations to fruition.

Jonny Ng Kit-Chong has been a representative on the legislative council for the election committee constituency since January 2022. Chong has divulged his holdings in nearly 40 companies in many different sectors. As both a politician and an engineer, he carries significant influence in Hong Kong’s business market.