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Submission: On December 18 via api from US — Scanned from DE
Effective URL: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241028-5/
Submission: On December 18 via api from US — Scanned from DE
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Skip to main content Hong Kong Monetary Authority 香港金融管理局 Contact Us 繁 简 A A A Keyword Search Select Category The whole of the HKMA website Press Releases Speeches inSight R&M Column (Chinese only) Data & Statistics Publications Research Legislative Council Issues Supervisory Policy Manual Guidelines & Circulars Guide to Authorization Consultations Show All Options Modification Time Modification Time Anytime Within The Past Date Range Anytime Done * Anytime * Within The Past * Date Range Within The Past 24 hours Week Month Year 24 hours Done * 24 hours * Week * Month * Year From Done a To Done News and Media Press ReleasesR & M ColumnVideos SpeechesForthcoming Events inSightPhoto Gallery Smart Consumers Overview e-Banking Personal Digital KeysInternet BankingATMs Payment and Transfer Faster Payment System (FPS)e-CNYe-Payment and Transfere-Wallets and Prepaid CardsCredit Cards Loans Personal CreditMortgagesPremium Financing General Banking Services Account Opening and MaintenanceAutopay ServicesInvestment ServicesDeposits Beware of Fraudsters! 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Don't Lend/Sell Your Account Notes and Coins 2018 Series Hong Kong BanknotesCoin Cart Schedule Retirement Planning Practical Information Barrier-free Bank Branches and ATMsHotlines of Banks & Stored Value Facility LicenseesComplaintsRegisters and ListsPublic Education VideosPublic Education EventsFAQs Information in Other Languages Data, Publications and Research Data & Statistics Daily Monetary StatisticsMonthly Statistical BulletinEconomic & Financial Data for Hong KongCMU Bond Price Bulletin Publications Annual ReportSustainability ReportHalf-Yearly Monetary & Financial Stability ReportQuarterly Bulletin Research Research MemorandumsExternal PublicationsHong Kong Institute for Monetary and Financial ResearchOther Research Papers Legislative Council Issues Guide to Hong Kong Monetary, Banking and Financial Terms HKMA's Open Application Programming Interface (API) Regulatory Resources Registers and Lists Register of AIs & LROsRegister of Securities Staff of AIsRegister of SVF LicenseesList of AI-related Trustees Authorization, Licensing, Designation and Approval Regulatory Guides By Subject (Current)Supervisory Policy ManualGuidelinesCircularsGuide to AuthorizationCode of PracticeExplanatory NotePractice NoteAdditional Guidance Consultations OpenClosed Key Functions Money Linked Exchange Rate SystemLiquidity FacilitiesHong Kong Currency Banking Banking Regulatory and Supervisory RegimeBanking Legislation, Policies and Standards ImplementationBanking Conduct and EnforcementAnti-Money Laundering and Counter-Financing of TerrorismResolution RegimeSmart BankingRegulatory GuidesFintech Knowledge HubGreen and Sustainable Banking Conference International Financial Centre Hong Kong as an International Financial CentreFintechBond Market DevelopmentFinancial Market InfrastructureStored Value Facilities and Retail Payment SystemsStablecoin IssuersSoft InfrastructureInternational & Regional Financial Co-operationCentre for Green and Sustainable FinanceHKMA Infrastructure Financing Facilitation OfficeCross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay AreaGlobal Financial Leaders' Investment SummitHKMA – BIS High-Level ConferenceHong Kong Green Week – Finance Stream Reserves Management HistoryExchange Fund's Statutory Purposes and Investment ObjectivesInvestment ManagementInvestment PerformanceRisk ManagementResponsible InvestmentExchange Fund Statistics and Publications About Us The HKMA Governance StructureAdvisory CommitteesThe Chief Executive's CommitteeOrganisation ChartInternal AuditSustainable HKMA The HKMA Information Centre Exhibition AreaLibraryGeneral InformationGuided ToursSouvenirs Join Us Why the HKMA?What We Do?Current VacanciesOpportunities for Students and Graduates to Join the HKMA Tender Invitations Related Organisations and Links HKMA-related Organisations and LinksHKSAR Government & Related OrganisationsCentral BanksMultilateral OrganisationsOthers * 繁 简 * Font Size A A A * Print * Contact Us * Home / News and Media / Press Releases HONG KONG FINTECH WEEK 2024 PRESS RELEASES 28 Oct 2024 HONG KONG FINTECH WEEK 2024 The Hong Kong Monetary Authority (HKMA) today (28 October) co-organised Hong Kong FinTech Week 2024 with the InvestHK. The ninth edition of the city’s flagship fintech event has attracted global participants to share innovative ideas, exchange fintech experiences and forge valuable business partnerships. In his opening keynote, Mr Eddie Yue, Chief Executive of the HKMA, highlighted the importance of embracing the digital frontier to drive the next phase of financial innovation. The HKMA also announced the following initiatives to spearhead the journey of fintech development in Hong Kong: Accelerating Asset Tokenisation The HKMA is driving innovation in financial market infrastructure (FMI) with Project Ensemble to accelerate the development of the tokenisation market in Hong Kong. To that end, the HKMA launched the Ensemble Sandbox, which supports tokenisation and CBDC initiatives within the HKMA, to explore tokenisation use cases, initially facilitated by tokenised deposits and central bank digital currencies (CBDC). Internationally, the HKMA has established new cross-border partnerships with the Central Bank of Brazil and the Bank of Thailand to explore cross-border tokenisation use cases under Project Ensemble. As a founding member of the Linux Foundation Decentralized Trust, the HKMA will also collaborate with other members on interoperability aspects of Distributed Ledger Technology (DLT) financial market infrastructures, embracing open-source technology in the development of the Ensemble Sandbox. The HKMA has completed the initial phase of six tokenisation use cases (see Annex I) across four main themes under Project Ensemble and will publish a report detailing the results of the experimentation in 2025. The Architecture Community has also added three new members (see Annex II), and four new participants (see Annex III) will begin experimenting with the Ensemble Sandbox on fixed income and investment funds use cases. Building on the success of the two tokenised government green bond issuances under Project Evergreen, the HKMA is also taking the project to the next phase by introducing a series of measures to promote wider adoption of tokenisation in capital markets. One of these is the Digital Bond Grant Scheme, which will offer a maximum grant of HK$2.5 million for each eligible issuance, aiming to incentivise digital bond issuance in Hong Kong and cultivate the local digital asset ecosystem. The HKMA has consulted the industry and will announce detailed guidelines shortly. Meanwhile, the HKMA has launched EvergreenHub, a knowledge repository where issuers, investors and other relevant market participants can reference the HKMA’s experience and related materials on the technological, legal and operational aspects of digital bond transactions as they navigate bond tokenisation. Breaking Down Boundaries for Payment The HKMA is working closely with the People’s Bank of China to establish a cross-boundary linkage between Hong Kong’s Faster Payment System (FPS) and the Mainland’s Internet Banking Payment System (IBPS). This linkage will support 24/7, instant, small-value, cross-boundary remittances using account proxies like mobile numbers. A pilot launch is expected to be around mid-2025 tentatively. Unlocking Data Potential The HKMA is driving the digital economy forward with Commercial Data Interchange (CDI), a next-generation data infrastructure that facilitates small- and medium-sized enterprise (SME) lending. To extend its reach, the HKMA is exploring a connection with the Land Registry by leveraging the CDI-CDEG1 linkage to enhance mortgage and loan assessments for both individuals and corporates in phases from 2025. The HKMA is also exploring pilots on cross-boundary credit referencing with Mainland credit reference platforms to enhance cross-boundary banking service offerings to SMEs. To diversify data sources and enhance CDI’s functions for corporate lending, the HKMA has partnered with the Airport Authority Hong Kong to share cargo logistics data on the Hong Kong International Airport Cargo Data Platform with consent. A proof-of-concept exercise is also underway to upgrade the Commercial Credit Reference Agency (CCRA)2 2.0, providing analytics insights for a more efficient SME lending journey. The HKMA has also been actively participating in Project Aperta3, a cross-jurisdictional collaboration on open finance application programming interfaces (API) network, to reduce frictions and costs in global finance. Initial use cases will focus on trade finance for SMEs. Empowering Banks to Go Fintech Fintech Connect, Hong Kong’s first cross-sectoral sourcing platform, is launched today to bridge financial institutions with fintech solution providers. This one-stop platform helps promote precise matching of supply and demand for fintech services, fostering collaboration and innovation. The HKMA, in partnership with Qianhai Authority, further enhances the platform by incorporating Qianhai-based fintech solution providers, fostering greater collaboration in the Greater Bay Area, and promoting mutual growth in the fintech ecosystem. Following the second edition of the FiNETech series in August 2024, at which the Generative Artificial Intelligence Sandbox was launched, the HKMA will continue to work with the ecosystem stakeholders to organise additional FiNETech sessions in the coming months with the aim of further advancing the adoption of GreenTech and DLT. In addition, the HKMA is introducing a sector-wide uplift programme to enhance banks’ monitoring of complex money laundering cases and geopolitical risks through the use of artificial intelligence, supported by a joint event with Cyberport. Mr Yue said, “As we approach the ninth edition of Hong Kong FinTech Week, the ecosystem has experienced remarkable growth and development in various aspects, with ongoing innovation consistently reshaping the fintech landscape. To further propel the growth of the industry, our financial sector must remain adaptable and open to new opportunities. We are committed to unlocking the full potential and advantage of fintech, and harnessing its power to drive sustainable growth of the ecosystem.” Hong Kong Monetary Authority 28 October 2024 Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, delivers a keynote address at the Hong Kong FinTech Week 2024. In his keynote address at the Hong Kong FinTech Week 2024, Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), shares the lessons learned during the HKMA’s fintech journey: focus on real-world problems, be bold and be collaborative in driving innovation. -------------------------------------------------------------------------------- 1 Consented Data Exchange Gateway was developed by the Government with the aim of facilitating the interflow of data within the Government with data subject consent obtained. 2 CCRA was launched by the HKMA in 2004 to collect information about the indebtedness and credit history of business enterprises for sharing such with lending institutes. 3 Project Aperta is a collaboration between the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre, the Central Bank of the United Arab Emirates, the Banco Central do Brasil, the Financial Conduct Authority of the United Kingdom, the HKMA, the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative and the Hong Kong University Standard Chartered Foundation FinTech Academy. 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