© Reuters Xu Zhengyu: The Hong Kong Monetary Authority is drafting a “stable currency” regulatory framework and plans to conduct the second round of public consultation within this year
Zhitong Finance APP learned that on June 5, Xu Zhengyu, the Secretary for Financial Services and the Treasury of Hong Kong, reported Hong Kong’s latest developments and measures in financial technology and other innovative financial services, as well as the progress of virtual asset regulation. He said,In order to grasp the opportunities brought by the development of Web3,The Financial Secretary of Hong Kong will set up a task force to provide advice on how to promote the sustainable and responsible development of the Web3 industry. also,The Hong Kong Monetary Authority is drafting a regulatory framework for “stable coins” and plans to conduct a second round of public consultation within this year.
Hong Kong’s financial technology development is comprehensive,At present, there are more than 800 financial technology companies, providing different types of innovative and convenient financial services, including mobile payment, cross-border remittance, blockchain, virtual banking, virtual insurance and virtual asset transactions. The development of financial technology has also attracted many talents to join the industry. Cyberport and Hong Kong Science and Technology Park currently have a total of about 6,000 fintech practitioners, and it is expected to continue to grow, providing more development opportunities for talents in Hong Kong and overseas.
The Hong Kong government attaches great importance to the development of virtual assets.In October last year, a virtual asset policy declaration was issued, clarifying the vision and policy principles of the Hong Kong government. The industry responded positively to this, with many mainland and overseas companies expressing interest in developing in Hong Kong, which will help build the Web3 ecosystem and cultivate relevant talents.
The Hong Kong Securities Regulatory Commission announced the relevant regulatory requirements last month, and the licensing system will come into effect this month. It is believed that the licensing system can help ensure the orderly development of the market and protect the interests of investors. Xu Zhengyu said that investor education will be strengthened to let investors understand the operation of the licensing system and the main matters that need to be paid attention to when investing in virtual assets.
In terms of facilitating financing for innovative technology companies,As a major listing center in the world, Hong Kong has been actively optimizing Hong Kong’s listing system and assisting different companies, including technology companies, to raise funds in Hong Kong. The Hong Kong Stock Exchange has launched a new listing system in 2018, allowing emerging and innovative companies with different voting rights structures and biotechnology companies with no revenue or profit to go public, broadening the financing channels for new economy companies in Hong Kong.
The Hong Kong Stock Exchange has also implemented the listing system for specialized technology companies to facilitate the listing and financing of large-scale specialized technology companies that have not yet met the profit or revenue requirements of the current main board qualification test. The new system will help enhance Hong Kong’s status as the preferred listing place for innovative companies, and will align with the direction of the country and the SAR in supporting the development of innovative technologies. In addition, the Hong Kong Stock Exchange is considering market opinions in detail, and will propose reform proposals and start consultations on GEM within this year.
In terms of financial infrastructure,The application scope of the fast payment system “FPS” continues to expand, and it can now be used to pay various Hong Kong government bills and payment services. The Hong Kong Monetary Authority is also cooperating with the Central Bank of Thailand to explore allowing tourists from the two places to use Hong Kong’s “FPS” and Thailand’s “PromptPay” to pay locally. In addition, the Hong Kong Monetary Authority is making preparations and laying the foundation for the possible launch of the “Cyber Hong Kong Dollar” in the future through a three-track approach. Dive into use cases.
In terms of building a more active fintech ecosystem,Last year, a new round of “Paizhushang” financial technology proof-of-concept testing funding scheme was launched to promote continuous innovation in the industry. A total of 166 applications were received for the new round of the scheme, of which 56 projects were approved.
In terms of cultivating talents,Xu Zhengyu said that he is studying the establishment of financial technology professional qualifications for the securities industry and insurance industry to promote the professionalization of financial technology talents. The “Financial Technology Internship Program for Post-secondary Students” will also be launched to assist students taking financial technology-related subjects to gain internship experience in financial technology companies in Hong Kong or the Greater Bay Area.
In terms of strengthening ties between the Mainland and overseas,The Digital Currency Research Institute of the People’s Bank of China and the Hong Kong Monetary Authority have launched the second phase of the digital renminbi cross-border payment technology test last year, introducing more Hong Kong banks to participate and adding value to the digital renminbi wallet through “Fast Speed”; in other respects, the Hong Kong Monetary Authority Now we are actively promoting the “Multiple Central Bank Digital Currency Cross-border Network” (mBridge), and we are committed to developing the mBridge platform into a “minimum viable product” with other project members, so that the system will finally be officially put into operation; we will also increase our efforts to attract people from all over the world More fintech companies have settled in Hong Kong. The Office for Introducing Key Enterprises and Invest Hong Kong will continue to actively attract investment and provide assistance in various aspects for fintech companies with potential.