Hong Kong on Monday launched a five-year fintech strategy, pledging to advance artificial intelligence and tokenisation initiatives responsibly to strengthen the city’s position as a leading fintech hub.
The Hong Kong Monetary Authority (HKMA), which unveiled the plan at the flagship Fintech Week conference, said it expected to launch more than 40 initiatives to embed AI in finance, build a financial tokenisation ecosystem, create data and payment infrastructure, and enhance sector-wide resilience.
“Ten years ago, the term fintech was far removed from the general public, but now fintech is a part of everyday life,” said Eddie Yue Wai-man, chief executive of the HKMA, in a media briefing after unveiling the Fintech 2030 strategy.
He said Fintech 2030 was the third stage of Hong Kong’s fintech strategy for the financial sector, noting that the first phase, launched in 2017, introduced digital banks, and the second phase in 2021 stressed fintech’s practicality.
“The emphasis of fintech 2.0 was on the practical use of fintech for payments and transactions, while fintech 3.0 is more about resilience and charting the future of fintech,” Yue said. “Over the next five years, we will have 40 measures in four areas to make sure Hong Kong has more in-depth development, more resilience, and most importantly, we must be ready for the future.”
