Report on "Cross-boundary Payment and Settlement Systems in the Greater Bay Area: Current Practices and Recent Developments"
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The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), today (March 14) released a new Applied Research report, titled "Cross-boundary Payment and Settlement Systems in the Greater Bay Area: Current Practices and Recent Developments".
This report studies the current status of cross-boundary payments and settlements within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and provides an overview of the recent development of Hong Kong's financial market infrastructure and business opportunities in the GBA. The report also discusses the results of a survey and interviews commissioned by the HKIMR, which investigates market participants' current practices and challenges associated with cross-boundary payment and settlement systems in the GBA. Over 90 per cent of the surveyed financial institutions in Hong Kong highlighted that cross-boundary payment and settlement systems are essential for their GBA outreach activities, and many of them will expand their involvement in cross-boundary investment schemes in the next two to three years. The report concludes with considerations to facilitate cross-boundary payment and settlement systems in the GBA from both technology and non-technology related perspectives.
"By illustrating the importance of cross-boundary payment and settlement systems in the GBA and highlighting benefits and challenges shared by market participants and the implications of emerging technologies, we hope that this report provides useful insights that help the financial services industry and regulators in Hong Kong to further deepen financial integration in the GBA," said the Executive Director of the HKIMR and the Chief Executive Officer of the AoF, Mr Kwok Kwok-chuen.
The report is available on the AoF/HKIMR website.
About the AoF
The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. By bringing together the strengths of the industry, the regulatory community, professional bodies and the academia, it aims to serve as (i) a centre of excellence for developing financial leadership; and (ii) a repository of knowledge in monetary and financial research, including applied research.
About the HKIMR
The HKIMR is the research arm of the AoF. Its main remit is to conduct research in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asia region. The Applied Research studies undertaken by the HKIMR are on topics that are highly relevant to the financial industry and regulators in Hong Kong, and they aim to provide insights on the long-term development strategy and direction of Hong Kong's financial industry.
Ends/Tuesday, March 14, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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