HKMA and HKAB Establish Northern Metropolis Financial Advisory Taskforce

HKMA and HKAB establish Northern Metropolis Financial Advisory Taskforce

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

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce (Taskforce). The Taskforce will explore financing solutions that support the development of the Northern Metropolis.

The Northern Metropolis, which encompasses extensive new development land and industrial projects, plays a pivotal role in driving Hong Kong's future development and enhancing its competitiveness. With the facilitation of the HKMA, the banking sector initiated dialogues with the Development Bureau in 2025 to understand the development and planning of the Northern Metropolis.

To strengthen the banking sector's communication and collaboration with the Hong Kong Special Administrative Region Government and other stakeholders, and to explore ways to actively support the Northern Metropolis development through financing, the Taskforce will:

• provide professional advice on financing and banking services for the development of the Northern Metropolis;

• explore Northern Metropolis opportunities and related financing needs with a view to proposing practical financing recommendations to advance relevant projects; and

• facilitate the exchange of expertise and experience for the purpose of strengthening the banking sector's financing support for key Northern Metropolis projects.

The Taskforce comprises representatives from the HKMA, the HKAB and 15 banks that possess experience in large-scale project financing (see Annex). In addition, the Chinese Banking Association of Hong Kong will participate as an observer and support the relevant work.

The Taskforce conducted a site visit to Hung Shui Kiu/Ha Tsuen New Development Area and the Loop in the Northern Metropolis yesterday to learn about the latest developments and overall planning of the Northern Metropolis projects, paving the way for more informed future discussions and advice.

Deputy Chief Executive of the HKMA Mr Arthur Yuen said, "The establishment of the Northern Metropolis Financial Advisory Taskforce provides a vital co-ordination platform for the HKMA and the banking sector to collaboratively advance the development of the Northern Metropolis. The participating banks will draw on their financial expertise and experience to provide practical financing advice and solutions that can help expedite the implementation of the Northern Metropolis projects, thereby providing solid support for Hong Kong's long-term growth."

The Chairman of the HKAB and Vice Chairman and Chief Executive of Bank of China (Hong Kong), Mr Sun Yu, said, "With the outline of the 15th Five-Year Plan for the country expressing explicit support for expediting the development of the Northern Metropolis, the Northern Metropolis has not only become a key engine for driving Hong Kong's economic growth, but also a strategic gateway for Hong Kong to integrate into and contribute to the overall national development. Through the Taskforce, the banking sector will closely align with the development needs of the Northern Metropolis, leveraging its financial expertise in financing, innovation and technology development, attracting business investment and promoting connectivity. We are fully committed to supporting the accelerated development of the Northern Metropolis and creating new growth momentum for Hong Kong's future."

The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce, exploring financing solutions that support the development of the Northern Metropolis. Photo shows the Northern Metropolis Financial Advisory Taskforce visiting the Innohub at the Loop. Source: HKSAR Government Press Releases

The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce, exploring financing solutions that support the development of the Northern Metropolis. Photo shows the Northern Metropolis Financial Advisory Taskforce visiting the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and receiving an introduction to the Hong Kong Park from the Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong (front row, first left). Source: HKSAR Government Press Releases

The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce, exploring financing solutions that support the development of the Northern Metropolis. Photo shows Deputy Secretary for Development Ms Pecvin Yong (first left) presenting an overview of the development plan and the latest progress regarding the Northern Metropolis to the Northern Metropolis Financial Advisory Taskforce. Source: HKSAR Government Press Releases

The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce, exploring financing solutions that support the development of the Northern Metropolis. Photo shows the Northern Metropolis Financial Advisory Taskforce viewing a sand table model to gain a deeper understanding of the development blueprint for the Hung Shui Kiu/Ha Tsuen New Development Area. Source: HKSAR Government Press Releases

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce, exploring financing solutions that support the development of the Northern Metropolis. Photo shows (front row, from left) Chief Compliance Officer, Hong Kong and Greater China and North Asia of Standard Chartered Bank, Ms Rose Kay; the Vice Chairman and Secretary of the Chinese Banking Association of Hong Kong, Mr Ronick Chan; the Chairman of the Hong Kong Association of Banks, and Vice Chairman and Chief Executive of Bank of China (Hong Kong), Mr Sun Yu; the Secretary for Development, Ms Bernadette Linn; Deputy Chief Executive of the HKMA Mr Arthur Yuen; Advisor to Co-Chief Executives of the Hongkong and Shanghai Banking Corporation Mr Justin Chan; the Executive Director (Banking Supervision) of the HKMA, Ms Carmen Chu, and representatives from other 12 participating banks visit the Hung Shui Kiu/Ha Tsuen New Development Area Community Liaison Centre. Source: HKSAR Government Press Releases

Incoming passenger convicted and jailed for possession of duty-not-paid cigarettes

An incoming passenger was sentenced to four months' imprisonment by the West Kowloon Magistrates' Courts today (April 22) for possessing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).

Customs officers intercepted a 26-year-old incoming male passenger at Hong Kong International Airport yesterday (April 21) and seized 49 200 duty-not-paid cigarettes, with an estimated market value of $221,400 and a duty potential of about $162,600 from his personal baggage. The passenger was subsequently arrested.

Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences.

Customs reminds members of the public that under the DCO, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

An incoming passenger was sentenced to four months' imprisonment by the West Kowloon Magistrates' Courts today (April 22) for possessing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance. Photo shows the duty-not-paid cigarettes seized. Source: HKSAR Government Press Releases