FSTB publishes details of three major initiatives announced in Hong Kong FinTech Week 2023
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The Secretary for Financial Services and the Treasury, Mr Christopher Hui, announced three major initiatives to foster co-development of fintech and real economy at the Main Conference of the FinTech Week on November 2. These include launching a new Integrated Fund Platform (IFP), welcoming cross-boundary e-CNY applications to benefit inbound and outbound visitors between the Mainland and Hong Kong, and promoting real economy-related applications and innovations by the Virtual Assets (VA) and Web3.0 sector, as well as further development of the regulatory framework.
"To elaborate on our three major initiatives, the FSTB published today (November 6) details of each of them for better understanding by all stakeholders," Mr Hui said.
The Securities and Futures Commission (SFC) welcomes the plan to establish a new IFP for retail fund distribution, noting that this will reinforce Hong Kong's position as a leading international asset and wealth management centre. The Hong Kong Exchanges and Clearing Limited (HKEX) also has announced that it is currently evaluating the operating model and structure of the fund platform. The HKEX will work closely with the Government, the SFC and other stakeholders on the development.
The e-CNY applications announced represent cross-boundary financial innovations, connecting the e-CNY ecosystem with payment vehicle and banking payment system in Hong Kong. These innovations focus on retail payments, facilitating cross-boundary consumption and the interconnectivity within the Greater Bay Area. They also pave the way for exploring more future application scenarios and use cases of e-CNY in the Greater Bay Area.
On facilitating innovations by the VA and Web3.0 sector, the Government will seek to promote real economy-related applications and innovations by the sector, for example tokenisation of Real World Assets and traditional financial assets, and further development of the regulatory framework for VA-related activities.
"I am glad to learn that our initiatives are well supported. Looking ahead, the Government will join hands with regulators and major market players to press ahead with the initiatives, with a view to injecting new energy to our ever-growing fintech ecosystem," Mr Hui said.
Details of the three major initiatives announced in the FinTech Week can be found in annexes.
Ends/Monday, November 6, 2023
Issued at HKT 15:00
Issued at HKT 15:00
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