If there is a single message at the city’s flagship Fintech Week, it is that Beijing is pulling out all the stops to make sure Hong Kong will remain the nation’s premier international financial centre. Vice-Premier He Lifeng spelled that out at the investment summit for global financial leaders. The practical support and strategy were announced through the Hong Kong Monetary Authority (HKMA), which will launch dozens of initiatives in fintech to strengthen Hong Kong’s financial future, and the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), which will open its second office outside the m…
If there is a single message at the city’s flagship Fintech Week, it is that Beijing is pulling out all the stops to make sure Hong Kong will remain the nation’s premier international financial centre. Vice-Premier He Lifeng spelled that out at the investment summit for global financial leaders. The practical support and strategy were announced through the Hong Kong Monetary Authority (HKMA), which will launch dozens of initiatives in fintech to strengthen Hong Kong’s financial future, and the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), which will open its second office outside the mainland in the city.
The HKMA’s five-year Fintech 2030 strategy aims to advance artificial intelligence and tokenisation (or digitalisation of financial assets), build data and payment infrastructure and enhance network resilience and security, with more than 40 initiatives planned.
These will include the introduction of a settlement system to handle tokenised money market funds; the launch of an AI strategy for the financial sector; plans to integrate and secure commercial and government data and expand their availability; the development of platforms to trade virtual assets such as HKMA-licensed stablecoins and to enhance cybersecurity and early threat detection systems.
Meanwhile, the AIIB has confirmed it will open a hub office in Hong Kong – its first was launched in Abu Dhabi two years ago – to enhance its offshore financing capabilities and global footprint. The new office is expected to become operational next year, with cooperation with local authorities to make the best use of the city’s capital markets and professional services.
The AIIB is precisely the kind of international financial institution which Hong Kong wants to host, as Financial Secretary Paul Chan Mo-po has previously indicated. Rental subsidy support, allowing these institutions to more easily set up shop, is among sweeteners being considered.
Global organisations attract large numbers of financial professionals, diplomats, legal specialists and reputable NGO executives, who can in turn provide quality jobs and training for locals. The arrival of the AIIB’s new office is Beijing’s goodwill gift to Hong Kong to help it kick-start its ambitions.