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Hong Kong SAR Government Continues to Promote Financial Technology Infrastructure Projects

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It is reported that Chen Maobo, the Secretary for Finance of the Hong Kong SAR Government, said in his speech on the 2023-2024 fiscal budget of the SAR Governm…

Hong Kong SAR Government Continues to Promote Financial Technology Infrastructure Projects

It is reported that Chen Maobo, the Secretary for Finance of the Hong Kong SAR Government, said in his speech on the 2023-2024 fiscal budget of the SAR Government that we will continue to promote the application testing and preparation of various financial technology infrastructure projects, including the digital Hong Kong dollar and the projects using digital RMB for cross-border payment purposes. In addition, the HKMA is cooperating with the Bank of Thailand to explore how to allow passengers from the two places to pay locally at the speed of Hong Kong and PromptPay from Thailand, so as to provide passengers with a safe, fast and effective payment option.

The Financial Secretary of Hong Kong: continue to promote the use of digital Hong Kong dollars and digital RMB as cross-border payment projects

Interpretation of the news:


Chen Maobo, the Secretary for Finance of the Hong Kong SAR Government, recently announced in his speech on the 2023-2024 fiscal budget that the government will continue to promote various financial technology infrastructure projects. This move is aimed at transforming Hong Kong into a leading digital finance hub and a global fintech center. With this in mind, the government plans to push for more testing and preparation of financial technology infrastructure projects, including the digital Hong Kong dollar and digital RMB for cross-border payment purposes.

The announcement signifies Hong Kong’s growing focus on digital finance as a means of driving economic growth and meeting the evolving needs of customers in the digital age. By allowing for the implementation of innovative payment methods, the government hopes to attract more investors and companies interested in fintech to the region.

The promotion of the digital Hong Kong dollar and digital RMB for cross-border payment purposes also reflects the government’s efforts to maintain stability in financial systems amid the ongoing COVID-19 pandemic. Following the pandemic’s outbreak, both Hong Kong and China have implemented measures aimed at promoting cashless payments, which are considered safer compared to traditional payment methods.

The Secretary for Finance’s speech also highlighted the collaboration between the HKMA and the Bank of Thailand. The two organizations are exploring ways to allow passengers from both places to pay locally at the speed of Hong Kong and PromptPay from Thailand. This payment option aims to provide passengers with a faster, safer and more convenient payment method. Such a payment option would also attract more tourists to Hong Kong, thereby promoting the region’s economy further.

In conclusion, the Hong Kong SAR Government’s continued promotion of various financial technology infrastructure projects is an essential step towards creating a more digital and comprehensive financial ecosystem. With a focus on digital currencies, the government is demonstrating its commitment to promoting innovation in the finance industry while maintaining stability in financial systems.

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