Polkadot Hong Kong Innovation Hub: Blockchain Push Accelerates
Background: Polkadot Joins OASES Program
Hong Kong has welcomed blockchain protocol Polkadot as a participant in its “Office for Attracting Strategic Enterprises” (OASES) initiative. The move forms part of the city’s strategy to establish itself as a global leader in digital innovation and Web3 development. Polkadot, a prominent layer one blockchain network known for its interoperability and decentralized governance, will set up research, development, and business operations in Hong Kong, reporting via CryptoNews.
The OASES initiative, launched in late 2022, is designed to attract world-class firms in sectors ranging from technology to finance. By joining this program, Polkadot becomes one of the first protocol-level blockchain projects to formally align with Hong Kong’s innovation policies.
This fifth batch of strategic enterprises includes 18 companies operating in areas such as artificial intelligence, biotechnology, and cultural creative technology, with nearly 40% hailing from overseas. The addition of Polkadot marks a significant milestone for the blockchain sector’s presence in the city.
Market Reaction and Broader Impact
As Hong Kong continues its push to become an innovation hub, the expansion of its OASES program underscores growing international confidence in its policy direction. Yam Jingxin, Director of the Office, emphasized Hong Kong’s strengths, stating the city offers “unique advantages, including proximity to mainland innovation centers like Shenzhen and robust financial infrastructure,” according to CryptoNews.
With the addition of this fifth group, OASES now counts 102 major enterprises among its partners in just two years. Collectively, these businesses are projected to introduce about 60 billion yuan (US$8.3 billion) in investment and create over 22,000 high-quality jobs in Hong Kong. Notably, nearly 90% of participating companies have established regional or international headquarters in the city, and many are launching R&D centers and pilot projects, particularly in cutting-edge fields such as AI, clinical research, and blockchain applications.
What’s Next for Hong Kong and Web3 Expansion
Polkadot’s entry into Hong Kong is expected to strengthen the city’s status as an emerging blockchain capital in Asia. The OASES initiative further diversifies the economy with the introduction of cultural and creative enterprises for the first time, a step that builds on Hong Kong’s tradition as an open, globally connected hub with strong creative industries. Financial Secretary Paul Chan Mo-po highlighted these qualities, attributing them to the city’s growing reputation in digital innovation.
Other additions to this batch include the mainland internet company Xiaohongshu, British pharmaceutical firm GlaxoSmithKline (GSK), and autonomous driving technology developer WeRide. These companies represent a blend of global expertise and new technologies that are expanding Hong Kong’s innovation ecosystem.
Enterprises joining OASES are not only pouring capital into the city but also collaborating with local institutions. Several pharmaceutical companies, for example, have commenced clinical trials in partnership with Hong Kong’s universities and hospitals. Such collaboration is expected to further drive research, innovation, and job creation.
The inclusion of Polkadot Hong Kong innovation hub efforts illustrates the city’s commitment to securing its place as a leading center for blockchain and Web3 development in the region and beyond. The ongoing influx of strategic enterprises, including significant blockchain players, reaffirms Hong Kong’s path towards becoming a global innovation powerhouse. For more developments in the digital asset space, visit the Cryptocurrency section on Vizi.com.
