Remarks by SFST about fintech at media session
Following are the remarks made by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at a media session after attending a radio programme this morning (November 8):
Reporter: Hi, English questions from RTHK. So how is the Government adapting its regulatory framework in response to the evolving cryptocurrency landscape? My second question is, you mentioned that there were significant changes in the fintech ecosystem over the past few years. What specific trends are you seeing that could shape the future of financial technology? Thank you.
Secretary for Financial Services and the Treasury: In fact, we have been adopting a very consistent approach in terms of how we regulate the digital assets sector, which is based on the principle of similar business, similar risk, and similar regulation. Throughout the various legislations that we have enacted, including the regulation of the digital asset exchanges, the Stablecoins, and also the coming regulation of custodians and digital asset trading, the same principle will apply.
In response to your second question about the changes that we observed, I think, first of all, what we see is that there have been changes in terms of how our institutions here in Hong Kong are approaching fintech. For example, if you look at the adoption of AI among our financial institutions, three years ago, the number was around a quarter of the serving institutions. But now the number almost goes to around three quarters. And apart from the wider adoption of technology, another angle to look at is in terms of the extent to which it has been adopted. Right now, you see more focused and also at the same time more embedded implementation of some of the fintech initiatives.
Like blockchain, there have been a lot of discussions, a lot of adoptions in terms of how some tokenised products can be more widely used, for example, tokenised deposits and also tokenised money market funds. In such a way that there could be more opportunities given to companies to maximise their returns on their reserves and also on their capital. So all in all, I would say what you observed is an increase in the proportion of companies adopting fintech, at the same time is the extent to which they apply fintech in various elements of their work.
(Please also refer to the Chinese portion of the remarks.)
Source: AI-found images
TD urges public and visitors to plan cross-boundary trips early during long weekend of Easter and Ching Ming Festival holidays
The Transport Department (TD) announced today (April 1) that, in anticipation of a large number of members of the public, visitors and cross-boundary vehicles visiting land-based boundary control points (BCPs) during the long weekend of Easter and Ching Ming Festival holidays, cross-boundary travellers are urged to use public transport services travelling between Hong Kong and the Mainland or Macao, plan their trips early and allow sufficient travelling time.
Enhancing services for travel convenience
The TD has been steering local and cross-boundary public transport operators (PTOs) to strengthen their services during the long weekend of Easter and Ching Ming Festival holidays to accommodate the diverse travelling needs of passengers, including:
- The MTR Corporation Limited will enhance the train services of the East Rail Line (ERL) between Admiralty and Lo Wu/Lok Ma Chau Stations at different times during the above period based on passenger demand for the convenience of residents and visitors;
- Increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge (HZMB) shuttle bus (Gold Bus) to an average of about one minute during peak hours, if needed;
- Increasing the frequency of the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus) to an average of about two minutes during peak hours, if needed;
- Increasing the quota of cross-boundary coaches to strengthen services; and
- The frequency of local franchised bus B routes connecting various land-based BCPs will also be increased to a level higher than that of normal weekends, and the operators concerned will reserve sufficient vehicles and manpower to meet passenger demand.
Travel during non-peak hours
It is anticipated that the waiting time for public transport services, including the Gold Bus and the franchised bus B routes, may be longer. Passengers are advised to travel during non-peak hours, maintain order while queuing and heed advice from on-site Police and staff of PTOs concerned. Passengers planning to take cross-boundary coaches are also advised to reserve their coach tickets in advance.
Of note, HZMB users to Zhuhai should note that the temporary link bridge connecting HZMB Zhuhai Port and Qinglu South Road has been closed to all traffic. They should use public transport services as far as possible, plan their trips early and allow sufficient travelling time. The traffic of Zhuhai Port and neighbouring roads may also be affected, and passengers should remain patient while waiting.
As for motorists of cross-boundary private cars crossing the border, they are advised that special traffic arrangements may be implemented at the Lok Ma Chau and the Shenzhen Bay Port, subject to actual traffic conditions, during the long weekend of Easter and Ching Ming Festival holidays to secure smooth access for public transport vehicles to the above BCPs. Cross-boundary private cars may experience longer waiting times for crossing the BCPs during peak periods. Motorists should pay extra attention to variable message signs and traffic signs along the roads. In case of traffic congestion, they should remain patient and follow the instructions of on-site Police.
Information dissemination
For the HZMB, to plan their journeys ahead, members of the public can make use of the TD's HKeMobility mobile app or website (hkemobility.gov.hk/en/traffic-information/live/cctv) to access snapshots of traffic conditions at inbound and outbound vehicle plazas of the HZMB Hong Kong Port. They can also check real-time situations of the vehicle clearance plaza of the Zhuhai Port through the WeChat official accounts "hzmbzhport" or "zhuhaifabu" (traffic-info.gzazhka.com:5015/#/) (Chinese only). Moreover, motorists are reminded to always comply with the traffic control measures implemented by the Zhuhai authority when driving on the HZMB Main Bridge. Vehicles must not occupy the emergency lane unless instructed by the Zhuhai authority.
The public and visitors may visit the one-stop information platform on immigration clearance "Easy Boundary" (www.sb.gov.hk/eng/bwt/status.html?type=outbound) of the Security Bureau or the HKeMobility for the latest information on various land-based BCPs more conveniently. The TD will provide information on the services and waiting times of the Gold Bus, the Yellow Bus and the MTR. Members of the public are advised to check the latest traffic news through radio and television broadcasts, the TD's website (www.td.gov.hk) and the HKeMobility.
The TD's Emergency Transport Co-ordination Centre operates round the clock to closely monitor the traffic conditions and public transport services of various districts, the BCPs and major stations, and to implement contingency measures when necessary to meet service demands.
The Transport Department (TD), Photo by Bastille Post
