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A consortium aimed at promoting the technology development of virtual assets was established by The University of Hong Kong – Standard Chartered Hong Kong 150th Anniversary Community Foundation FinTech Academy (HKU - SCF FinTech Academy) and the Department of Computer Science at the University of Hong Kong (HKU), in collaboration with the Strategic Centre for Research in Privacy-Preserving Technologies & Systems (SCRIPTS) of the Nanyang Technological University of Singapore, as well as supported by Cyberport.

A launching ceremony for the Virtual Asset Technology Consortium (VATC) was held today ( October 11) which was officiated by Ms Mary Huen, Co-chair of the HKU-SCF FinTech Academy and CEO, Hong Kong, Standard Chartered. Over 60 academia and industry practitioners attended the event.

The consortium aims to provide technical insights and advice on virtual assets, promote research and development collaboration on virtual assets and serve as a platform for discussing the latest trends and developments in virtual assets and related fintech technologies. Furthermore, the consortium will organize seminars and other educational activities to help the industry and general public acquiring knowledge about virtual asset technologies from time to time.

"The HKU - SCF FinTech Academy has made great strides in grooming future-fit FinTech talents since its establishment in 2020. I am particularly thrilled today that we are taking our efforts even further by co-founding this Consortium to support the industry. The Consortium provides a timely response to the ongoing and rapid development of virtual assets, enabling stakeholders to stay at the forefront of the evolving virtual asset technologies and opportunities,’" said Ms Huen.

Professor SM Yiu, Deputy Head of the Department of Computer Science, HKU and Executive Director of HKU-SCF Fintech Academy said: "Virtual assets, web3 plus CBDC, Stablecoins, tokenized deposits, and e-payment systems would play important roles in the coming emerging e-commerce environment. Technology, security and privacy are among the key components of this new scenario. The consortium, like others (e.g., Linux foundation) could enable the researchers and practitioners to interact and provide feasible solutions to potential problems."

Professor HX Wang, Deputy Director of SCRIPTS, whom is VATC’s co-founder said: "By fostering research, collaboration and knowledge-sharing, this consortium will unlock the potential of virtual assets and contribute to the growth and prosperity of our community."

During the ceremony, Professor Yiu unveiled the VATC website, which will be opened to the public this coming November. The website will serve as a convenient platform for leaders and practitioners from academia, industry, user groups and government organizations to provide and exchange information, insights and advice on technical issues related to virtual assets.

Moreover, the ceremony featured two experts in the field, who gave talks on virtual assets. Dr. John Yuen from HKU spoke about the applications and challenges of virtual assets, while Dr. Jianing Yu, President of UWEB, gave a talk on empowering the real economy with Web3.0 and real-world assets. 

About The HKU-SCF FinTech Academy
The HKU-SCF FinTech Academy was established in 2020 with the mission to groom world-class talents and support innovative research in Financial Technology, which is important for Hong Kong in strengthening its position as an international financial centre. With a donation of HK$60 million from the Standard Chartered Hong Kong 150th Anniversary Community Foundation, the HKU-SCF FinTech Academy was established in HKU’s Faculty of Engineering, with strong support from the Faculty of Law and the Faculty of Business & Economics. For more information about the Academy, please refer to https://fintechacademy.cs.hku.hk.

About the Department of Computer Science at HKU
The Department of Computer Science was established in 1980’s. At present it admits over 800 undergraduate and postgraduate students in a year and it offers several bachelor’s and taught master’s programmes in Computer Science, Data Science & Engineering, Financial Technology, and Electronic Commerce and Internet Computing. Research activities and the MPhil and PhD programmes are broadly categorized into five main streams: (1) Artificial Intelligence, Robotics and Visual Computing; (2) Cyber Security, FinTech and Blockchain; (3) Data Science and Engineering; (4) Foundations of Computer Science; (5) Systems and Networking. The Department currently has 38 faculty members, with more than ten members ranked by Stanford University as the World’s Top 2% Scientists in 2022. The Department’s research, which is often interdisciplinary in nature, has been well funded by the government, industry and charities (like Jockey Club and Standard Chartered Foundation). For more information about the Department, please visit https://www.cs.hku.hk.

For media enquiries, please contact the HKU-SCF FinTech Academy at email: fintech@cs.hku.hk.