Push for cross-border FPS connection

The Hong Kong Monetary Authority and the People's Bank of China will push forward the connection of fast payment systems in the mainland and Hong Kong, according to the policy address.

HKMA will collaborate with PBOC to promote the linkage of the Faster Payment System in Hong Kong and the Internet Banking Payment System in the mainland to facilitate cross-boundary payments on both sides.

They will also promote the issuance of bank cards by mainland branches of Hong Kong-incorporated banks.

To further enhance the securities market, the administration will launch measures, including opening up new sources of capital overseas, optimizing vetting of listing applications and boosting market efficiency.

It also aims to develop world-class gold storage facilities to propel Hong Kong into a gold trading center, as it ranks among the world's largest import and export markets for gold by volume.

HKMA will also roll out the Sustainable Finance Action Agenda while the Finance Services and the Treasury Bureau will launch a road map to a boost green finance ecosystem.