Government-backed studies in Hong Kong have identified decentralized finance and metaverse technologies as new opportunities to enhance the region's dominance in the global fintech landscape.
The Hong Kong Institute for Monetary and Financial Research , the research arm of the Hong Kong Academy of Finance , released two reports on June 25, each detailing the implications of DeFi and metaverse on the finance sector.the ecosystem’s explosive growth from a modest $6 billion market capitalization in 2021 to over $80 billion in 2023. It added:DeFi, which accounts for 4% of the overall crypto-asset market, currently remains a widely untapped market.
“DeFi has the potential to provide new financial services, such as liquid staking, flash loans, and automated market makers, with reduced transaction speed and enhanced innovation, automation and financial inclusion.”that local financial institutions displayed a moderate level of engagement despite their high interest in it. This finding aligns with the sentiment displayed by the Hong Kong respondents.
“The emerging technologies of DeFi and the metaverse, which are closely connected to the broader virtual asset and Web3 developments, will likely present various opportunities for the financial services industry in Hong Kong.”
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