HKMA Launches Inaugural FiNETech to Promote Fintech Adoption

2024-04-26 19:15 Last Updated At：19:28

Hkma's exciting new initiative: finetech unleashes fintech innovation in hong kong

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) launched today (April 26) the FiNETech series, gathering around 100 banks, securities and insurance companies as well as technology firms to explore next-level collaboration in the areas of Wealthtech, Insurtech, Greentech, Artificial Intelligence (AI), and Distributed Ledger Technology (DLT).

Building on the Tech Baseline Assessment (Note 1) under its "Fintech 2025" strategy, the HKMA aims to capitalise the vast growth opportunities in five Fintech business areas and technology types, as well as the substantial benefits that the wider financial services sector can derive from an expanded network of local Fintech solutions. Through FiNETech, financial institutions will have one-stop access to the latest information about sourcing options provided collectively by the technology community.

FiNETech is supported by financial regulators (Note 2), industry associations (Note 3) as well as technology communities (Note 4), and powered by market experts (Note 5). Financial institutions, together with strategic technology partners connected via FiNETech or otherwise, can jointly approach the HKMA's Fintech Supervisory Chatroom on innovative Fintech proposals. The HKMA's Fintech Supervisory Sandbox 2.0, which is linked up with other financial regulators' Sandboxes, will also be available for testing and obtaining early supervisory feedback on the proposals before full adoption.

In the next six to twelve months, the HKMA will expand the joint efforts in Fintech areas through FiNETech series:

to zoom into the themes of AI, including Generative AI, as well as DLT and Greentech through further FiNETech sessions, and in collaboration with the supporting organisations, industry associations and market experts;

to make tangible progress in Fintech adoption by banks and other financial institutions;

to follow up on innovative cases and share good industry practices; and

to issue further practical guidance for the priority themes, where appropriate, also making reference to global development and international experience.

Note 1: The Tech Baseline Assessment, published by the HKMA in June 2022 as part of the "All banks go Fintech" initiative under the "Fintech 2025" strategy, took stock of Hong Kong banks' current and planned adoption of Fintech in the coming three years. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2022/20220623e1a1.pdf

Note 2:The Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority.

Note 3:The Hong Kong Association of Banks and the Fintech Association of Hong Kong.

Note 4:Cyberport and the Hong Kong Science and Technology Parks Corporation.

Note 5:KPMG and Quinlan & Associates.

HKSAR Government concludes visitor arrival to Hong Kong during Labour Day Golden Week of the Mainland

2024-05-06 21:23 Last Updated At：21:38

Discover the exciting visitor arrival to hong kong during labour day golden week!

The five-consecutive-day Labour Day Golden Week of the Mainland (May 1 to 5) ended yesterday (May 5) with the overall number of inbound Mainland visitors in line with earlier estimate, and the operation at boundary control points and different arrangements for receiving visitors were conducted smoothly in general, a Government spokesman said today (May 6).

The Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, said, "We thank various relevant government departments, organisations and trade, etc for their utmost efforts in enhancing crowd management work to showcase Hong Kong's hospitality and provide wonderful travel experiences to inbound Mainland visitors. Although the Golden Week was affected by the rain most of the time, the number of Mainland visitors reached around 760 000, matching our initial estimate and bringing Hong Kong's economy with more than 2 billion Hong Kong dollars consumption returns, with a vibrant ambience. In addition, I am glad that the marine pyrotechnic display was held smoothly on May 1, creating vibrant vibes. To welcome visitors, the Government will review its work to facilitate future communication and co-ordination as well as enhancing visitors' experience."

During the five-day Labour Day Golden Week of the Mainland, the Immigration Department recorded a total of around 766 000 Mainland visitors coming to Hong Kong through various sea, land and air control points.The daily average of Mainland visitors was around 153 000, which exceeded that of the 2023 Labour Day Golden Week of the Mainland by 22 per cent.

Arrival of Mainland visitors peaked on May 2 with around 192 000 visitors arriving in Hong Kong. Express Rail Link West Kowloon received the highest daily average number of Mainland visitors, followed by Lok Ma Chau Spur Line.

The marine pyrotechnic display held by the Hong Kong Tourism Board over Victoria Harbour near Tsim Sha Tsui Promenade (near Tsim Sha Tsui East) on May 1 attracted visitors and members of the public to watch on both sides of the Victoria Harbour. The overall response was positive. In the meantime, the Yau Tsim Mong Shopping Festival, initiated by the Yau Tsim Mong District Office and the District Council, also kicked off on the same day, encouraging visitors and the members of the public to consume during the Golden Week to facilitate retail sales.

A large number of visitors went to various major tourist attractions in Hong Kong during the Labour Day Golden Week of the Mainland, including Hong Kong Disneyland, Ocean Park, Ngong Ping 360, the Peak Tram and the West Kowloon Cultural District, etc. In addition, according to the hotel trade's preliminary statistics, the overall hotel occupancy rate exceeded 85 per cent.

According to the Travel Industry Authority's registration information, around 570 Mainland inbound tour groups visited Hong Kong during the Labour Day Golden Week of the Mainland, involving around 19 000 visitors which account for around 2.4 per cent of the overall number of Mainland visitors.