Hong Kong Unveils New Fintech Development Initiatives

The Financial Services and the Treasury Bureau (FSTB) of Hong Kong has announced a set of groundbreaking initiatives during the Hong Kong FinTech Week 2023, aimed at integrating fintech developments with the real economy.

The comprehensive plan includes the launch of an Integrated Fund Platform (IFP), encouraging cross-border e-CNY applications, and fostering innovations in the Virtual Assets (VA) and Web3.0 sectors, alongside further enhancement of the regulatory framework.

Financial Secretary Paul Chan expressed the government’s dedication to bolstering fintech development, emphasizing the role of digital innovation in strengthening the financial services industry, the real economy, and in providing the public with more accessible, affordable, and inclusive financial services.

Secretary for Financial Services and the Treasury Christopher Hui outlined the FSTB’s strategic vision, stating that the initiatives align with this year’s theme, ‘Fintech Redefined,’ and are set to invigorate the local fintech ecosystem and contribute significantly to the real economy.

A notable initiative is the establishment of a new IFP, operated by the Hong Kong Exchanges and Clearing Limited (HKEX). This platform targets the retail fund sector, aiming to enhance the entire distribution life cycle and create a comprehensive hub for investors, fund managers, and other stakeholders, solidifying Hong Kong’s status as a global asset and wealth management center.

In the realm of cross-border transactions, the FSTB highlighted collaborations between Octopus Cards Limited (OCL), Bank of China (Hong Kong) (BOCHK), and the Bank of China Shenzhen Branch.

These partnerships focus on exploring e-CNY applications to facilitate seamless transactions for both inbound and outbound visitors between Mainland China and Hong Kong.

Additionally, the FSTB is encouraging innovations in the VA and Web3.0 sectors, aiming to unlock the potential of underlying technologies to drive real economy applications.

A special session during the FinTech Week will provide a platform for market participants to showcase their innovative products and project ideas.

On the regulatory front, the Securities and Futures Commission (SFC) plans to issue guidelines on tokenised securities and investment products, aiming to clarify regulatory expectations and enhance investor protection.

The FSTB and the Hong Kong Monetary Authority (HKMA) are also set to consult on legislative proposals for stablecoin issuers and digital asset custodial services, ensuring a secure and regulated environment for the burgeoning fintech sector.

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