The Hong Kong Monetary Authority will unveil the next phase of its fintech development blueprint to ensure the city remains at the forefront of financial technology.
In a blog post, HKMA chief executive Eddie Yue Wai-man said that "digital bridges" connect parts of the financial system to prevent the formation of isolated "digital islands" that undermine efficiency and innovation.
Through the "Fintech 2025" strategy, the HKMA is strengthening the financial "network infrastructure," with a dual focus on exploring central bank digital currencies and building next-generation data infrastructure.
These two pillars are complementary and will form the core of Hong Kong's future financial system, Yue noted.
He added that the financial "highways" and "digital bridges" built under "Fintech 2025" have already yielded tangible benefits, including faster and more cost-effective payment methods, smoother financing, and robust data infrastructure connecting banks, businesses, and the government.
Yue emphasized that the financial "hard infrastructure" must also be continuously optimized and integrated with new technologies to meet users' evolving needs.
