Hong Kong Monetary Authority (HKMA)

The Data Summit 2025, co-organised by the HKMA and the The Hong Kong Association of Banks (HKAB) today, successfully brought together around 800 industry leaders to discuss how to optimise trade finance processes and facilitate SME lending by leveraging Commercial Data Interchange (CDI). The Summit featured keynote speeches, panel discussions and 15 interactive booths to showcase innovative data solutions and use cases. Themed "Empowering Business and Trade Through Advanced Data Infrastructure," the Summit focused on 4 key areas:  • CargoX on trade finance: The Expert Panel has expanded with two new members and six pilot banks have preliminarily validated the use of cargo data to verify trade authenticity, streamlining trade finance processes and strengthening risk management.  • Open government data: Planning to connect CDI with Trade Single Window to facilitate the sharing of import and export declaration data, as well as exploring the use of Digital Corporate Identity for electronic signing in CDI.  • Credit insights: Advancing a proof-of-concept project on Commercial Credit Reference Agency (CCRA) 2.0, which has shown promising initial results in streamlining loan applications for SMEs through a new corporate credit scoring model developed using historical CCRA data.  • CDI X Shenzhen-Hong Kong Cross-Boundary Data Validation Platform: The Platform was linked up with the CDI in April, making it more convenient for banks to access the Platform’s validation services, including for more tailored loan and remittance services. At the Summit, HKMA Chief Executive Eddie Yue highlighted the need to enhance data infrastructure for the benefit of financial institutions and SMEs. The HKMA looks forward to continuing efforts to improve trade finance processes and spur trade and commerce innovation. You can read more about the Data Summit here: https://xmrrwallet.com/cmx.plnkd.in/gvaVkmkv More about CDI: https://xmrrwallet.com/cmx.pcdi.hkma.gov.hk/ #HKMA #HKMADataSummit #CDI #CargoX #TradeFinance #SMEs #AlternativeData   Airport Authority Hong Kong The Bank of East Asia (BEA) Bank of China (Hong Kong) Coface Dun & Bradstreet FreightAmigo GS1 Hong Kong Hang Seng Bank HSBC Know Your Customer Limited LSCM R&D Centre Standard Chartered Shanghai Commercial Bank Ltd TradeLink WeTech

The HKMA has published the results of its Tech Maturity Stock-take, revealing several key findings in the current and future states of Fintech adoption by Hong Kong banks. The assessment aims to determine the level of sophistication and maturity in Fintech adoption, shedding light on the next phase of the HKMA’s Fintech promotion. Following a series of cross-sectoral Fintech promotion activities under the “All Banks Go Fintech” initiative since 2021, it has been observed that 95% of banks, including 100% of retail banks, have adopted Fintech across multiple business areas. Additionally, many institutions are transitioning to more mature implementation, with AI and DLT being the key drivers. Sophisticated, infrastructure-level technologies, such as High-Performance Computing, currently being piloted by 23% of institutions, are expected to power future innovation as the adoption maturity level continues to advance. Additionally, 95% of respondents plan to maintain or increase their Fintech investments over the next three years, with half of them anticipating budget growth of 10-20%. In the coming months, the HKMA will formulate a detailed blueprint outlining initiatives to further promote advanced Fintech. These efforts will be supported by key pillars of data excellence and cyber resilience, driving more efficient financial and non-financial risk management and operations. Read the Tech Maturity Stock-take result to learn more: https://xmrrwallet.com/cmx.plnkd.in/gwvZmfUR Stay tuned! #HKMA #FiNETech #CyberResilience #DataExcellence

As the Stablecoins Ordinance comes into effect on 1 August, the focus is on fostering a robust and sustainable digital asset ecosystem and avoiding excessive hype.   In his latest inSight article, HKMA’s Chief Executive Eddie Yue shared our regulatory perspectives:   🔍 Avoiding Undue Speculation   While some institutions have expressed their intention to apply for a stablecoin issuer licence, many proposals remain conceptual. It is also important to reiterate that only a handful of licences, at most, will be granted in the initial stage, to applicants with viable use cases, concrete plans, and comprehensive technical expertise and risk management capabilities.   We also noticed the recent hype surrounding stablecoins, when a mere announcement of intention to explore stablecoin-related business can send these companies’ stock prices soaring. Investors should remain calm and exercise independent judgement when processing "positive" market news.   Staring from 1 August, it will be illegal for any person to offer any unlicensed fiat-referenced stablecoin (FRS) to a retail investor, or to actively market the issue of FRS to the public of Hong Kong. The public should also remain cautious when encountering marketing activities of unlicensed FRS.   🛡️ Safeguarding Against Financial Risks   Preventing stablecoins from being exploited as a tool for illicit activities is a key priority for central banks and financial regulatory authorities. In light of shared international regulatory concerns, the framework in Hong Kong aims to prevent FRS from being used for money laundering, especially in cross-border transactions.   In the HKMA’s guidelines, which we aim to publish next week, more prudent anti-money laundering requirements will be introduced to minimise such risks. Next week, we will also release the “Explanatory Note on Licensing of Stablecoin Issuers,” which will outline our arrangements for accepting and processing licence applications. Stay tuned.   Read the full article here: https://xmrrwallet.com/cmx.plnkd.in/gu7Jbaag   #HKMAInnovates #StablecoinRegulation #ResponsibleInnovation #DigitalAssetEcosystem #FinancialStability

We are excited to share the Network for Greening the Financial System (NGFS)’s latest publication, “Integrating Adaptation and Resilience into Transition Plans,” in which the HKMA has played a leading role with other partners to inform the G20 Sustainable Finance Working Group’s 2025 priority.   This paper provides a practical framework and a maturity pathway for institutions to embed adaptation and resilience into transition plans, leveraging the five pillars of transition planning. It marks a significant milestone to showcase how existing transition plan frameworks can be leveraged to maximise the alignment of climate change mitigation and adaptation objectives.   Transition plans serve as a pivotal tool to provide strategic and prudential information for managing climate-related risks. Now is the time for institutions to take action and build a robust, resilient financial system against these risks.   Read the full publication here: https://xmrrwallet.com/cmx.plnkd.in/eC33atqa   The HKMA is a member of the NGFS, which aims to share best practices and contribute to the development of climate and nature-related risk management in the financial sector, and to mobilise mainstream finance to support the transition towards a sustainable economy. Starting from 2025, the HKMA has been serving as a member of the NGFS Steering Committee.

The HKMA and Cyberport Hong Kong co-hosted the GenA.I. Sandbox Collaboratory Series in July, aimed at fostering a collaborative environment to drive AI innovation in the banking sector. With the growing threat of deepfake scams, a dedicated Collaboratory session was held today focusing on latest attack patterns and effective mitigation strategies, including a roundtable discussion among the HKMA, deepfake detection solution providers, and representatives from digital banks. Participants of the first cohort of the GenA.I. Sandbox also shared their experiences and highlighted how they leveraged the Sandbox to enhance detection capabilities. The Collaboratory series has so far featured over 80 one-on-one sessions between technology firms and banks, designed to accelerate AI innovation through ideation and rapid prototyping. Technology firms with diverse AI capabilities, models, applications, and security, discussed how these can effectively address banks’ specific use cases. Such engagements also open avenues for potential partnerships to further testing within the second cohort of the GenA.I. Sandbox. To complement these discussions, participants had the opportunity to tour Cyberport’s Digital Tech Centre, where they gained first-hand insight into the latest advancements in AI technology. Applications for the second cohort of the GenA.I. Sandbox are open now until 31 August 2025, building on the foundational themes of Risk management, Anti-fraud measures and Customer experience. For more details on application procedures, please visit https://xmrrwallet.com/cmx.plnkd.in/dFr4qf4f. #HKMA #GenAISandbox #Collaboratory #GenAI #AI 

In our ongoing fight against financial fraud and scams, the Hong Kong Monetary Authority, the Securities and Futures Commission (SFC), the Insurance Authority, and the Mandatory Provident Fund Schemes Authority (MPFA) launched the Anti-Scam Consumer Protection Charter 3.0 on 9 July, marking a significant milestone in uniting the strengths of the public, private sectors, and community engagement. Eddie Yue, HKMA's Chief Executive, emphasised the importance of collective action: “The fight against financial fraud and scams and to protect the public requires a united front, bringing together the public and private sectors, as well as the community at large. The Charter 3.0 represents a significant milestone in this endeavour, harnessing the collective strength of the financial, technology, and telecommunications industries to better safeguard the public.” The launch event also featured insightful panel discussions, with anti-scam experts and leaders from technology firms, including Google, Meta, Weixin/WeChat, Xiaohongshu for Business and telecommunications providers China Mobile Hong Kong, China Unicom Hong Kong, HGC Global Communications, HKT Hutchison Telecom Hong Kong, and SmarTone. These industry leaders shared the latest fraud trends and collaborative strategies to protect the public against frauds and scams. Watch the full launch ceremony and panel discussion replay here: https://xmrrwallet.com/cmx.plnkd.in/gTmemPuH Together, we are building a safer financial ecosystem for all. 💪🔐 #HKMA #AntiScam #ConsumerProtection #CyberSecurity

The Hong Kong Monetary Authority (HKMA) is heading back to the Hong Kong Book Fair this year to spread the word about avoiding common scam tactics and responsible spending. Book Fair go-ers can visit the HKMA "$mart Money Management + Fraud Prevention" booth. The booth will feature an anti-scam interactive Game Zone to raise awareness about ongoing scams in Hong Kong. The games will include the new “Despicable Banana” -- a scammer in disguise – as players try their hand at avoiding getting caught in online scam traps! Fraudsters are known for impersonating important organisations and people to gain access to sensitive data. Some common techniques include hackers calling up regular Hong Kongers as law enforcement, bank staff or lawyers. By gamifying important elements of anti-scam techniques at the game zone, players can reveal the different fake identities used by the “Despicable Banana” to test their skills. They can also try their hand at the proper approach in reacting to phishing messages under simulated scenarios. The booth will also let visitors try out the HKMA financial education board game “$mart Money Management 321”, designed to help youngsters navigate real-life financial scenarios. Join us at the Hong Kong Convention and Exhibition Centre in Wan Chai! We’ll be at Booth 3B-B02 from July 16 till July 22. #HKMA #BookFair #OnlineScams

The HKMA co-hosted FiNETech6 with Cyberport Hong Kong today, bringing together 260 experts from the financial and technology sectors. In her opening remarks, Carmen Chu, HKMA’s Executive Director (Banking Supervision), highlighted upcoming priorities for strengthening cyber resilience and elevating data excellence to build a more sophisticated Fintech ecosystem, featuring Artificial Intelligence and Distributed Ledger Technology while further exploring high performance computing. The forum featured a series of insightful sharing sessions. Eugene Ha, President of the ISACA China Hong Kong Chapter, delved into best practices of cybersecurity and emerging technologies. Alvin Li, Head (Supervisory Technology), Banking Supervision of the HKMA, highlighted key observations from the HKMA’s recent tech maturity stock-taking exercise. During the panel discussion, Lareina Wang 王玥 from FinTech Association of Hong Kong, Professor Kang L. from CertiK, Vivien K. from Private Wealth Management Association (PWMA), Vivi Hu from YoujiVest Technology, and Professor Yiu Siu-Ming from The University of Hong Kong discussed key data challenges, security risks, cross-border and cross-platform data issues and future technologies, offering recommendations for financial institutions. Thank you to Securities and Futures Commission (SFC), Insurance Authority, Mandatory Provident Fund Schemes Authority (MPFA), Shenzhen Qianhai Authority, HKSTP - Hong Kong Science and Technology Parks Corporation, Cyberport Hong Kong, The Hong Kong Association of Banks, FinTech Association of Hong Kong Private Wealth Management Association (PWMA), and Shenzhen Fintech Association. Special thanks also to all participating solution providers: AIVI, Bloombase, CertiK, Glassbox, GLP, Hillstone Networks, KN Group, Novo AI, OYLM, Sangfor Technologies, SlowMist Tencent Cloud, ThreatBook, Beijing Topsec Network Security Technology, Ultipa. Read more: https://xmrrwallet.com/cmx.plnkd.in/gq22PfUV #HKMA #FiNETech #CyberResilience #DataExcellence

We are pleased to share the latest results from the Securities and Futures Commission (SFC)'s Asset and Wealth Management Activities Survey 2024. The survey highlights Hong Kong's remarkable progress in asset and wealth management last year, further cementing Hong Kong’s status as a pre-eminent international asset and wealth management hub. Hong Kong's asset and wealth management business saw a robust year-on-year growth of 13% in total assets under management (AUM), reaching HK$35.1 trillion by the end of 2024. Net fund inflows surged by 81% to HK$705 billion. The private banking and private wealth management sector also demonstrated robust growth, with AUM increasing by 15% to HK$10.4 trillion and net fund inflows rising by 13% to HK$384 billion. The growth in AUM is driven by the increased value of clients' portfolio assets and sustained net fund inflows from Hong Kong's private banking and private wealth management clients. Last year marked a period of strengthened momentum for Hong Kong’s asset and wealth management industry, solidifying its position as a global leader. Learn more about SFC’s survey results here: https://xmrrwallet.com/cmx.plnkd.in/gmpPBHyN #HKMA #SFC #AssetManagement #WealthManagement #FinancialCentre

Join us at the 2025 Green Fintech Symposium! We are thrilled to announce that the HKMA and The Hong Kong Institute of Bankers (HKIB) are co-hosting the 2025 Green Fintech Symposium on 12 September (Friday) during #HKGreenWeek. This exciting event is supported by the Institute of Sustainability and Technology (IST), Cyberport Hong Kong, HKSTP - Hong Kong Science and Technology Parks Corporation, and Invest Hong Kong. The Symposium, themed “Creating Synergies through Finance”, will bring together industry experts, thought leaders, and innovators to drive cross-sector collaboration for transition to a low-carbon economy through climate risk management, decarbonisation, and sustainable finance. Symposium Highlights: 💭 Thought-provoking Panels: Dive into discussions on “Harnessing the Power of AI and Big Data for Green Fintech” and “Turning Vision into Reality for Green Fintech”. 🤖 Innovation Showcase: Meet the winners of the 2025 Green Fintech Competition and explore their solutions. 🎙 Expert Insights: Gain valuable knowledge from industry experts. 🤝 Networking: Build connections with peers and thought leaders. This event will be held both in person and online. In-person attendees can earn up to three Continuing Professional Development (CPD) hours from HKIB. Register by 1 August at https://xmrrwallet.com/cmx.plnkd.in/g5dqrCXs or scan the QR code! Let’s join forces to create a sustainable future! #GreenFintech #Fintech #SustainableFinance #HKGreenWeek