Hong Kong is focusing on Real World Assets (RWA) and AI, emphasizing the financial productization and blockchain integration of underlying assets. Meanwhile, Bangkok is prioritizing payment channels, integrating stablecoin cross-border settlements into traditional finance, showcasing the practical implementation of "Web3 infrastructure." While AI is widely labeled, it primarily targets scenario-based services rather than clear implementations. As channels are established, the rise of application layers, stablecoin infrastructure, and Agentic Payment will determine the next phase's success.