Web3.0 should be a new network that maintains the global community of common destiny.

Creating Web3.0 A New Network Unifying the Global Community for a Shared Destiny

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

Is Web3.0 a competition or a collaboration platform? Recently, there have been enthusiastic reports suggesting that Web3.0 has become an important race track for multiple financial innovation centers around the world. Especially in Asia, Hong Kong and Singapore are often described as fierce competitors for Web 3.0 dominance. However, based on the following three viewpoints, Hong Kong and Singapore should work together to create a next-generation network that is fairer, more democratic, globally collaborative, and shared by all humanity.

Will not change the physical advantage framework

Viewpoint One. Web3.0 is just a new era of open and intelligent Internet, a network tool, and its ultimate value lies in its integration with physical finance, economy, and society. Web3.0’s cross-time and cross-space large-scale collaboration may lead to certain data-driven transformations, especially in the field of knowledge-based digital economy. But fundamentally, it will not change the overall pattern of existing physical advantages of a country, such as Hong Kong being an international window of China, or Singapore being a hub for international transit trade. On the contrary, by leveraging Web3.0, Singapore can provide better digital financial and economic services for Southeast Asia and even Asia, while Hong Kong can do the same for the Greater China region. For both, Web3.0 is not a zero-sum game.

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Creating opportunities for a new network ecosystem

Viewpoint Two. A complete digital ecosystem requires collective governance, universal standards, open architecture, and interoperable infrastructure. The previous Web1.0 and the current Web2.0 have been controlled by Western technology and primarily served the interests of capital consortiums. Now is the perfect opportunity to combine the strengths and capabilities of mainland China, Hong Kong, and Singapore to strive for the right to speak in the new generation of the internet, in order to jointly create a new network that is fairer, more democratic, multilaterally governed, and sustains a global community of shared destiny.

Firstly, China’s active participation in the construction of Web3.0 aligns with the global security governance initiative proposed by China (Global Security Initiative). According to the “Concept Paper on Global Security Initiative” released by the Chinese government in February 2023, actively participating in and leading global governance system reform is a responsibility of China’s diplomacy as a major country with distinctive features in the new era. It contributes actively to world peace and global security and establishes that China is a responsible major country. The paper also proposes that global security challenges should cover new areas such as networks and emerging technologies, and more platforms and mechanisms for international exchanges and cooperation should be established. It encourages countries to conclude or join international treaties, conventions, or agreements, or make institutional arrangements, to clarify the rights and obligations of all parties involved.

Secondly, the Hong Kong Special Administrative Region government is making efforts to transform Hong Kong into a leading global hub for digital assets and digital finance.

In the beginning of this year, the Hong Kong government proposed in the budget plan to promote the development of the Hong Kong Web 3.0 industry and make Hong Kong an international hub for virtual assets. China can entrust Hong Kong as a pilot and laboratory, leveraging China’s strong and excellent technological capabilities to create an efficient and compatible, especially more in line with the interests of the “Global South,” including emerging developing countries, in the new era of the Internet, reflecting the new pattern of developing countries participating in global security governance in key areas.

Furthermore, Singapore can leverage its highly international advantage, including the international connectivity in the field of financial technology, various international fintech alliances, international innovation collaboration networks, as well as its experience in setting international digital rules and standards, to build a more inclusive, East-West smart fusion, globally recognized, multilateral governance and fair sharing new collaboration network.

Amplify the achievements of technological innovation

Point three. Web 3.0 is an innovative combination closely related to open or decentralized finance, metaverse, digital assets including non-fungible tokens, and decentralized autonomous organizations. The development of Web 3.0 and these components is still in the early stages, requiring a large amount of investment and innovative research and development. Singapore and Hong Kong can leverage their positions as international financial centers, as well as their information and digital technology infrastructure, to provide favorable conditions for the innovative development of Web 3.0. Both places can establish cooperative platforms such as foundations and utilize open-source communities to conduct research and development work, amplify the achievements of technological innovation, and realize the governance concept of “co-creation, co-governance, and win-win.”

Singapore has some experience in this regard. In May 2022, the Infocomm Media Development Authority created the world’s first set of verification systems (AI Verifv) that can be used to verify the safety and reliability of AI systems. In June of this year, the media authority publicly released the source code of the verification system and established the world’s first nonprofit artificial intelligence verification foundation. In addition to policy makers, the foundation invites developers, industry practitioners, and users from around the world to participate, aiming to utilize the collective power and contributions of the global open-source community to develop AI testing tools and promote responsible use and best practices and standards for AI. If mainland China, Hong Kong, and Singapore can combine their relative strengths and powers, they can jointly build the next-generation collaboration network Web 3.0 and make significant contributions to promoting global sustainable and peaceful development.

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