Hong Kong University Receives $20 Million Funding For Research On Payment SystemsOn 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 report, 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.
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Here to read what Hong Kong government made plans to launch a blockchain-powered trade financing system.
