Web 3.0 should be a new network to maintain a global community with a shared future

Author: Bai Shipan, Visiting Professor of National University of Singapore and Nanyang Technological University, Senior Advisor of Hainan Financial Development Promotion Association, China; Source: Lianhe Zaobao

Is Web 3.0 a competitive track or a cooperative platform? Recently, many public opinions have enthusiastically reported that Web 3.0 has become an important track for many financial innovation centers around the world to compete. Especially in Asia, Hong Kong and Singapore are often described by industry players as fierce contenders for Web 3.0 supremacy. However, based on the following three perspectives, Hong Kong and Singapore should develop in tandem to build a fairer, more democratic, global next-generation network of shared cooperation and shared governance for the international community.

Does not change the physical advantage pattern

Point one. Web 3.0 is just a new era of open and intelligent Internet, is a network tool, the ultimate value lies in the integration with physical finance, economy and society. Web 3.0's large-scale collaboration across time and space may lead to some data-driven changes, especially in the field of knowledge digital economy. But basically it will not change the overall pattern of the country's original physical advantages, such as Hong Kong is China's international window, or Singapore's status as an international entrepot trade hub. On the contrary, with Web 3.0, Singapore can provide ASEAN and even Asia, while Hong Kong can provide better digital financial and economic services for Greater China. For both, Web 3.0 is not a zero-sum game.

Creating a New Network Retention Opportunity

Point two. A complete digital ecosystem requires collective governance, common standards, open architecture, and interoperable infrastructure. Both the previous Web 1.0 and the current Web 2.0 are controlled by Western technology, mainly for the profit of capital consortiums. Now is a great opportunity to combine the strengths and strengths of Chinese mainland, Hong Kong and Singapore to strive to create a new generation of Internet discourse, so as to jointly create a new network with fairer and more democratic governance, multilateral governance and a community of global destiny.

First of all, China actively participates in the construction of Web 3.0, which is in line with the Global Security Initiative initiated by China. According to the Global Security Initiative Concept Paper issued by the Chinese government in February 2023, actively participating in and leading the reform of the global governance system is the responsibility of major-country diplomacy with Chinese characteristics in the new era, actively contributing to world peace and global security, and China's positioning as a responsible major country. The document also proposes that global security challenges should cover emerging fields such as networks and emerging technologies, and more international exchange and cooperation platforms and mechanisms should be built to encourage countries to conclude or participate in relevant international treaties, conventions or agreements, or make institutional arrangements to clarify the rights and obligations of all participants.

Secondly, the HKSAR Government is committed to building Hong Kong into a leading global centre for digital assets and digital finance.

At the beginning of this year, the Hong Kong government proposed in the Budget to promote the development of Hong Kong's Web 3.0 industry and promote Hong Kong to become an international virtual asset center. China can entrust Hong Kong as a pilot and laboratory, and Hong Kong can leverage China's strong and excellent scientific and technological capabilities to create an efficient and compatible Internet in the new era, especially in line with the interests of global mankind, including the "Global South" of emerging developing countries, reflecting the new pattern of developing countries' participation in global security governance in key areas.

In addition, Singapore can take advantage of a high degree of internationalization, including international connectivity in the field of financial technology, such as various international fintech alliances and international innovation collaboration network platforms, as well as experience in the formulation of international digital rules and standards, etc., to build a new type of collaboration network that is more inclusive, integrates East and West, and is recognized by both developed and developing countries as global multilateral governance and fair sharing.

Amplify technological innovation

Point three. Web 3.0 is a highly relevant innovative combination of open or distributed finance, metaverse, digital assets including non-fungible tokens, distributed autonomous organizations, etc. The development of Web 3.0 and these components is currently in its infancy and requires a lot of capital investment and innovative research and development. Singapore and Hong Kong can leverage their status as international financial centres and information and digital technology infrastructure to provide good conditions for promoting the innovative development of Web 3.0. The two places can set up cooperation platforms such as foundations, and use open-source communities to carry out research and development work, amplify technological innovation achievements, and realize the governance concept of "co-creation, co-governance and win-win".

Singapore has some experience in this area. In May 2022, the Infocomm Media Development Authority (Infocomm Media Development Council) created the world's first verification system (AI Verifv) that can be used to verify the performance of AI systems in all aspects such as safety and reliability. In June this year, the Media Bureau publicly verified the source code of the system and established the world's first non-profit artificial intelligence verification foundation. In addition to policymakers, the Foundation invites domestic and foreign developers, industry players, and users to participate, aiming to leverage the collective strength and contributions of the global open source community to develop AI testing tools to enable responsible use and promote AI best practices and standards. Chinese mainland, Hong Kong and Singapore can combine their comparative advantages and strengths to build a new collaborative network Web 3.0 in the next era, which will make significant contributions to the global promotion of sustainable and common peaceful development.