The Hong Kong Monetary Authority has rolled out several new fintech initiatives with a focus on payments and blockchain.
In the midst of the 2023 Hong Kong FinTech Week, the city’s central bank announced several related initiatives, specifically linked to payments and blockchain technology.
Firstly, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand will launch a system that will allow visitors to make instant payments to merchants in both places. Secondly, HKMA will explore further use cases for distributed ledger technology, including the issuance of a second tokenized government green bond. Thirdly, HKMA will commence the next phase of its e-HKD pilot program in 2024.
«This year’s edition of the Hong Kong FinTech Week marks 30 years since the establishment of the HKMA,» said Eddie Yue, the central bank’s chief executive. «It comes at a time of rapid innovation, with new ideas and opportunities redefining the fintech world. It is essential for our financial services sector to adapt to these changes so that we can continue to be at the forefront of development.»
