HKMAs Plan zur Entwicklung der finanziellen Zukunft Hongkongs
The Hong Kong Monetary Authority presented its vision of the financial future under the "Fintech 2025" strategy. The local central bank's stablecoins were also included in the industry development plan.
The main trend in the future, according to the city's strategy, will be to encourage the introduction of various technologies in its financial sector. The authorities intend to do their best to promote this in order to create a transparent and efficient economy in Hong Kong.
The plan involves improving five key factors:
1) Digitalization of banks
HKMA is promoting the Smart Banking Era strategy, announced back in 2017, actively helping the development of banks moving to full or partial digitalization of their operations, both on the client-side and in their internal processes.
2) Development of a stablecoin
HKMA is optimizing the release of Hong Kong CBDC at the wholesale and retail levels by working on e-HKD in conjunction with the Bank for International Settlements. National Token Researchers are likewise partnering with the People's Bank of China to help support the testing of e-CNY in Hong Kong to provide a handy way of cross-border transactions for the country's citizens and mainland residents.
3) Formation of a new generation data infrastructure
According to HKMA, the next-generation data infrastructure will help Hong Kong banking unleash its potential in areas such as commercial information exchange and digital corporate identity. In addition, the department wants to create a unified platform for the exchange of credit data based on DLT.
4) Expansion of the staff of fintech specialists
This step looks logical on the part of the authorities since any innovative industry needs highly qualified personnel. And fintech is no exception. HKMA will enlist the support of strategic partners in finding talented students and practitioners in order to promote new projects. One of the initiatives will be launched as early as September 2021 to provide internship opportunities for graduate students to work on banking products using artificial intelligence.
5) Ecosystem support and funding
HKMA will establish a coordination group to ensure that all members of the Hong Kong financial ecosystem receive adequate funding and support from the authorities. By joining forces with the local Commission on Innovation and Technology, the coordinating group will be able to give impetus to a significant increase in high-tech startups in the region.