On November 29th, Chen Weimin, Vice President of the Hong Kong Monetary Authority, said in his opening speech at the 2023 China Financial Technology Conference that the Currency Bridge project promoted by the Hong Kong Monetary Authority, the People's Bank of China, other central banks and the Bank for International Settlements is about to enter the commercial application stage.
At the meeting, Chen Weimin said that although financial technology is the driving force for progress, it also requires us, especially the regulatory authorities, to properly handle the relationship between development and stability. On the one hand,Create conditions for the development of financial technologyIn order to strengthen the competitiveness of our financial industry and provide better services to the real economy and the general public, on the other hand,We should be highly vigilant and timely control all kinds of potential risks.Including network risks, data privacy risks, financial stability risks, and ethical and governance risks that are increasingly prominent with the development of artificial intelligence.
Chen Weimin mentioned that,Financial technology is also an important starting point to promote cooperation between Guangdong-Hong Kong-Macao Greater Bay Area.It is an important link for Hong Kong to consolidate and enhance its status as an international financial center and build a financial technology hub in the Asia-Pacific region. The Hong Kong SAR Government proposes data-driven development and focuses on supporting science and technology industries, among which financial technology is one. Greater Bay Area has a very strong scientific and technological strength, and has nurtured a number of financial technology enterprises with market competitiveness. Numerous enterprises and a relatively large population also provide excellent application scenarios for financial technology enterprises. In Hong Kong, the capital market can play a huge financing function and provide diversified financing channels for financial technology enterprises to help them become bigger and stronger. Hong Kong has a mature regulatory system and is highly in line with international standards, which can provide an ideal testing ground for financial technology enterprises in the Bay Area who are interested in exploring overseas markets.
Chen Weimin said that the cooperation between Hong Kong and the Mainland in the field of financial technology has made significant progress recently. First of all,The Hong Kong Monetary Authority and the People's Bank of China have launched a number of pilot schemes for the central bank digital currency., including the technical test of recharging digital RMB (e-CNY) wallets with Hong Kong's fast retail payment system, and studying the cross-border use of digital RMB in Hong Kong to facilitate the payment needs of personnel exchanges between the two places.
In addition, the Hong Kong Monetary Authority, together with the People's Bank of China, other central banks and the Bank for International Settlements, promoted the mBridge project, aiming at fundamentally solving the pain points of slow speed and high cost in cross-border payment.This cross-border central bank project in digital currency, which is at the forefront of the world, is about to enter the commercial application stage.
In addition, the Hong Kong Monetary Authority has recently signed a tripartite Memorandum of Supervision Cooperation with the People's Bank of China and the Macau Monetary Authority to strengthen the synergy of financial technology innovation supervision in Greater Bay Area, provide a more convenient regulatory environment, promote the development of cross-border financial technology projects, and further support Greater Bay Area's financial technology innovation.
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