Hong Kong, Wednesday, October 30, 2024 – Hong Kong is doubling down on its commitment to digital assets and Central Bank Digital Currencies (CBDCs), according to the city’s Secretary for Financial Services and the Treasury, Christopher Hui.
Hui emphasized the city’s dedication to fostering innovation in the financial sector during his speech at the FinTech Innovation Lab Asia-Pacific 2024 Demo Day, on October 22.
The event, co-hosted by Accenture and Hong Kong Cyberport, saw Hui emphasizing the government’s focus on modernizing its financial systems through advanced financial technology.
Hui highlighted the importance of integrating CBDCs into Hong Kong’s existing financial infrastructure, which would provide secure and efficient payment solutions. He also noted that Hong Kong aims to solidify its position as a regional leader in digital finance, focusing on virtual banking and mobile payments.
The FinTech Innovation Lab showcased emerging startups specializing in digital assets, drawing attention from major financial players such as HSBC, JPMorgan Chase, and AXA.
These institutions shared insights on evolving technologies like virtual banking and InsurTech, further demonstrating the city’s growing role in financial innovation.
Hong Kong’s Securities and Futures Commission (SFC) recently issued its third license under the new crypto trading regime, approving HKVAX after OSL and HashKey.
The SFC is reviewing applications from 11 additional platforms as part of its effort to develop a robust crypto trading market.
Despite Hong Kong’s efforts to become a hub for virtual assets, some local lawmakers have criticized the licensing framework introduced in June 2023 as too restrictive, causing several firms to withdraw their applications.
Nonetheless, the city continues to pursue growth in the digital asset sector.
