City must innovate, capitalize on strengths, says HKMA chief

Hong Kong should step up efforts in digitalization and cement advantages in finance, says Hong Kong Monetary Authority chief executive Eddie Yue Wai-man.

Yue, speaking at a conference of the Asia Securities Industry and Financial Markets Association, said Hong Kong needs to focus on digitization and innovation to reduce costs and enhance efficiency to capitalize on future opportunities.

The city must also improve the safety and reliability of financial services to support trade and investment in the region, the HKMA chief said.

In addition, Yue believes Hong Kong should know more about Asian markets and demonstrate its advantages, as mainland enterprises are expanding overseas and investors in other Asian countries are seeking opportunities in target markets.

With the changing trade, economic and investment landscape in the Asia Pacific, Hong Kong needs to expand and adapt its traditional strengths in order to maintain its leading position, Yue added.

STAFF REPORTER