The Hong Kong Fintech Week 2024 was held on the 28th, and the SAR government issued a policy statement and a series of other measures on the responsible application of artificial intelligence in the financial market to safeguard the development of Hong Kong's fintech industry. The declaration proposes that as an international financial center, Hong Kong adopts an open and cautious attitude towards the application of artificial intelligence in financial markets. The SAR government will adopt a dual track approach to promote the adoption and development of artificial intelligence in the financial services industry, while also addressing potential challenges such as cybersecurity, data privacy, and intellectual property protection. With the continuous development of artificial intelligence technology, we will closely monitor market development and refer to domestic and foreign experience, fully utilize Hong Kong's unique advantage of gathering mainland and international data and information free flow, promote the application of artificial intelligence in the financial services industry, and accelerate the cultivation of new quality productivity according to local conditions The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, said. The Secretary for Financial Services and the Treasury of the Special Administrative Region Government, Xu Zhengyu, stated that the policy declaration mainly embodies the strategy of "walking on two legs", which aims to promote development while also managing risks. The SAR government will work together with financial regulatory agencies and industry stakeholders to create a healthy and sustainable market environment, assist financial institutions in seizing opportunities, responsibly adopting artificial intelligence, and promoting high-quality development of Hong Kong as an international financial center. In his opening speech, the Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, emphasized the importance of embracing the forefront of digital development to promote the next stage of financial technology innovation, and announced a series of new measures to lead the vigorous development of financial technology in Hong Kong, including promoting asset tokenization, breaking down payment barriers, unleashing data potential, and enhancing banks' digital capabilities. Yu Weiwen stated that the Hong Kong Monetary Authority has previously launched Ensemble Sandbox, which supports the tokenization of the Monetary Authority and the central bank's digital currency projects. On the 28th, the Hong Kong Monetary Authority announced the establishment of new cross-border partnerships with the Central Bank of Brazil and the Central Bank of Thailand to explore cross-border tokenization use cases under the Ensemble project. In terms of breaking the barrier of payment, Yu Weiwen said that the HKMA is working closely with the People's Bank of China to establish the interconnection between the Hong Kong Rapid Payment System and the mainland online banking payment system. The Hong Kong Monetary Authority also launched Hong Kong's first cross industry fintech matchmaking platform, "Fintech Connect," on the 28th, aiming to connect financial institutions with fintech service providers, assist in accurately matching the supply and demand of fintech services, and promote cooperation and innovation. This year marks the ninth Hong Kong Fintech Week. We will strive to unleash the potential and advantages of financial technology, leading the sustainable development of the entire ecosystem Yu Weiwen said. (New Society)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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