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The Department of Computer Science at The University of Hong Kong and The University of Hong Kong - Standard Chartered Hong Kong 150th Anniversary Community Foundation FinTech Academy announced today (January 19)  that agreement has been reached with the Strategic Centre for Research in Privacy-Preserving Technologies & Systems of the Nanyang Technological University of Singapore to jointly establish the Virtual Asset Technology Consortium ("VATC"). VATC aims to bring together 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. VATC will be governed by a Management Board for which Professor Siu Ming YIU, Associate Head of the Department of Computer Science at HKU and Associate Director of the HKU-SCF FinTech Academy will serve as the chairman and members include Professor Kwok-Yan LAM of NTU and professionals from supporting units.

Providing a platform that brings the technology development of virtual assets to new heights
The world has witnessed immense advances in virtual assets (also referred to as digital assets) in recent years. This disruptive innovation has created new ways in which financial activities can be carried out using digital technologies. The market has responded positively to expectations that virtual assets, both private and government-issued, will be an unavoidable part of the global monetary and economic system.  The Virtual Asset Technology Consortium is set up with the following missions:

• Representation – Provide insights and advice on the technical aspects of virtual assets

• Research – Foster R&D collaboration on virtual assets

• Networking – Provide a platform for discussing the latest developments and trends of virtual assets and related FinTech technologies

• Education – Organize seminars and other educational activities to enable the industry and the general public to acquire knowledge on technologies related to virtual assets

Several organizations including Cyberport Hong Kong, Hang Seng Bank, Hong Kong Blockchain Society and Standard Chartered Hong Kong have already indicated to HKU regarding their interest and support for the establishment of VATC.  VATC will be officially launched in the second quarter of 2023 and it welcomes experts and enthusiasts who are passionate about supporting the stability and continued development of virtual assets to join the consortium.

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.

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.

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