The Hong Kong University of Science and Technology Business School received a $ 20 million research grant to improve the security capabilities of electronic payment systems, China News reported on August 12.
Hong Kong University of Science and Technology (HKUST The Business School has collaborated with the University of Hong Kong (HKU), the Chinese University of Hong Kong (CUHK) and the City University of Hong Kong ( CityU) to work on the research project
In addition to improving the electronic payment security system, the parties will also explore the applications of blockchain technology and discuss the possibility of Hong Kong's transformation into a global financial technology hub.  Interdisciplinary research will be coordinated by Professor Tan Jiayin, who is known for his work on "Strengthening Hong Kong's strategic position as a regional and international business center" with a focus on blockchain, network secu compassion and artificial intelligence (AI) Has welcomed the participation of banks as research will also explore digital currencies and PR design and distribution services financial habits.
In 2017, in order to "significantly reduce the contribution of human resources and time that trade finance normally requires and reduce opportunities for fraud", the Hong Kong government has announced plans to establish a commercial financing system based on blockchain. The system should benefit the country in its participation in the Chinese Belt and Road initiative, which aims to promote trade links between China and its global partners.
In June of this year, the Alibaba Ant Financial subsidiary, formerly known as AliPay, has been experimenting with its first blockchain remittances, sending a transaction between the AliPayHK app in Hong Kong and the Philippine GCash payment app in three seconds.
Last month, the Hong Kong Monetary Authority and a subsidiary of Ping An Group announced the launch of its blockchain financial solution business with 21 banks. The solution aims to reduce the amount of time and bureaucracy needed to enroll in new businesses for banking services by simplifying transactions.