Zetrix, Web3Labs launch Zetrix global accelerator programme

• The programme aims to to admit up to ten startups
• Opens for applications in early March, with winners announced in April

Zetrix, a leading layer-1 public blockchain platform by MY E.G. Services Bhd (MYEG), and Web3Labs Hong Kong, a Web3 development and investment company, have launched the Zetrix Global Accelerator Programme to incubate and nurture promising Web3 startups worldwide with ecosystem support from Hong Kong’s progressive Virtual Asset (VA) ecosystem.

In a statement, the parties announced that the programme will open for applications in early March 2024, with successful applicants announced during the 2024 Hong Kong Web3 Festival scheduled for 6-9 April. 

The programme aims to admit up to ten startups with the objective of identifying the most promising ventures. These chosen projects will have the opportunity to leverage the Zetrix platform and be matched with government or enterprise stakeholders to build and deploy their innovative applications. 

The six-month accelerator seeks projects demonstrating evidence of product-market maturity and possessing an innovative and clearly defined development pipeline that can ideally supplement Hong Kong’s virtual asset roadmap. Industries beckoning blockchain-based innovation include real-world asset (RWA) tokenization, security token offerings, and stablecoin innovation.

The programme aims to introduce use cases in RWA, environmental, social, and governance, and blockchain-based finance to enterprises, financial institutions, and government organisations. Partners, namely Zetrix, Web3Labs, and Summer Capital, will work towards securing regulatory approval for exchange-traded funds (ETFs) partially backed by tokens issued by participants in this programme.

This accelerator follows an announcement in January that Zetrix, Web3Labs, and venture capital firm Summer Capital would form a strategic collaboration to establish Zetrix as the preferred blockchain infrastructure for Hong Kong government-aligned applications.

As part of this initiative, a dedicated Global Accelerator Programme will incubate and nurture promising startups building applications on the Zetrix platform, providing them mentorship, technical support, and access to funding to entrepreneurs who will contribute to Hong Kong's Web3 landscape and benefit users from all around the world.

The programme leverages Web3Labs’ robust ecosystem network to facilitate connections with investment institutions, corporate partners, and industry experts, opening up a world of business opportunities for the community. Overall, it opens up a world of business opportunities for the community within its network. With Web3Labs’ support in obtaining the necessary collaborations, whether they involve business partnerships, investment, or government support, startup teams can expect to establish development blueprints more quickly and directly.

Johnny Ng, member of the Chinese People's Political Consultative Conference, Legislative Council member of Hong Kong Special Administrative Region and advisor of Web3Labs, commended the launch of the programme, stating that it further cements Hong Kong’s position as a progressive international financial centre embracing Web3 developments.

“The Hong Kong government has been capitalising on Web3 trends responsibly - last year, it announced the establishment of the Task Force on Promoting Web3 Development to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong, and to encourage the adoption of blockchain technology,” he said. 

In 2022, the government issued the Policy Statement on Development of Virtual Assets in Hong Kong, which sets out the policy stance and approach towards the sector. “We are proud to be attracting global leaders like Zetrix and Web3 entrepreneurs to join us in developing Hong Kong into a Web3 hub and building a thriving Web3 ecosystem," he added.

Joseph Chee, chairman of Summer Capital, said, “The advancements and business growth within the Web3 landscape in Hong Kong over recent years are evident to industry players. Zetrix’s entrance to Hong Kong is yet another testament to our dedication to embracing the market and its myriad opportunities.” 

TS Wong, co-founder of Zetrix, said the company has always prioritised nurturing a flourishing Web3 ecosystem that transcends borders, fostering mutually beneficial relationships, and propelling the Web3 movement forward. “We are thrilled to have the opportunity to collaborate with partners like Web3Labs and Summer Capital on this initiative.”

He added that this programme resonates with the company's vision on so many fronts, and it enables Zetrix, which lends technical support such as expertise in smart contract development and security audits, to emerge as the preferred Layer-1 platform for blockchain applications that align with the Web3 vision of the Hong Kong government.