Lei Wai Nong: Gov’t assisting new metaverse companies, research, jobs

Government support for companies in the metaverse industry was not a direct investment but support paid through the Science and Technology Development Fund (FDCT), the Secretary for Economy and Finance, Lei Wai Nong, said in response to lawmaker José Pereira Coutinho.

It also supported the establishment of new companies and assisted the research of companies with headquarters in the cooperation zone in Hengqin.

Lei was participating in a Q&A session with lawmakers at the Legislative Assembly (AL), discussing economy-related matters.

He further explained, “[the development of] metaverse is our direction, but we need to pass through different chapters. We have been making efforts to create companies and participating in the creation of joint labs. We have been supporting companies mostly on investigation and research and now we are opening another lane for the research of new technologies.”

“The government did not invest millions or billions in the metaverse but, instead, and through the FDCT, we paid support to companies to base themselves in Macau and to create jobs. This is the support the FDCT is providing, it is not a direct investment [in the companies],” he said.

Lei also said that, for the time being, “At least four Macau companies have already managed to get funding and they count on the FDCT’s support for their continued market.”

Pereira Coutinho had earlier accused the government of spending millions of patacas in the metaverse industry without any guarantees of a return or any benefits.