Hong Kong goes all-in on fintech

The Hong Kong Monetary Authority (HKMA) is to establish a new Fintech Cross-Agency Co-ordination Group to formulate supportive policies for the local fintech ecosystem.

The formation of the group is one of a range of initiatives adopted by the central bank as part of its Fintech 2025 strategy plan.

All-told, the project encompasses local commercial banks, blockchain-based data sharing, talent supply and the central bank’s own work in exploring the outer boundaries of digital currency creation.

In the latter case, the HKMA is to begin a study on a possible retail e-HK$ to understand its use cases, benefits, and related risks. The body is also continuing its collaboration with the People’s Bank of China in supporting the technical testing of e-CNY in Hong Kong with a view to providing a means of cross-boundary payments for both domestic and mainland residents.

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