Hong Kong has entered a new chapter in its fintech journey, as the city’s monetary authority unveiled a strategic roadmap for fintech development, emphasizing responsible innovation beyond adopting technology.
Announcing the “Fintech 2030” strategy on Monday, Hong Kong Monetary Authority Chief Executive Eddie Yue Wai-man said the city has fostered a “virtuous cycle” within its fintech ecosystem in recent years, with technology embedded in the majority of the local banking sector.
“Now, it’s time to take the next step — to focus on advancing responsible innovation,” Yue said during Hong Kong FinTech Week 2025, which began on Monday.
With the vision of building Hong Kong into a “robust, resilient, and future-ready fintech hub”, the “Fintech 2030” focuses on four strategic pillars: data, artificial intelligence, resilience, and tokenization.
The blueprint sets out more than 40 initiatives, including introducing a new system for early risk detection, accelerating real-world asset tokenization, and promoting comprehensive, responsible use of AI across the financial industry.
The HKMA will collaborate with industry stakeholders “to co-create a shared AI infrastructure for finance, a digital backbone with trusted computing, shared tools, and secure data environments”, Yue said.
“That will lower the barrier and level the playing field — especially important for smaller and medium-sized banks — and will also drive innovation for the public good,” he added.
Financial Secretary Paul Chan Mo-po said responsibility and sustainability are vital in financial innovation, especially concerning digital assets and AI.
“While we must encourage innovation, we must also ensure its real-world applicability, investor protection, and financial stability impact,” he added.
The blueprint also seeks to create new financial infrastructure to strengthen cross-border payment connectivity and support secure, efficient data sharing.
Last year, Shenzhen and Hong Kong authorities jointly launched a pilot cross-border data validation platform. It provides a reliable way for financial institutions on both sides to confirm document validity.
Ye Linsong, a representative of Shenzhen-based digital bank WeBank — which provides technical support for the platform — said the pilot program has achieved notable success. It now serves the credit assessment needs of many major banks and financial institutions in Hong Kong.
Ye added that he expects the platform’s applications to expand in the future to areas such as business and education, and to reach more places.
Running through Friday, this year’s FinTech Week takes place alongside StartmeupHK Festival 2025, providing a dedicated platform for the global technology industry and startup community to connect, share ideas, and explore new opportunities.
The events are expected to draw over 37,000 participants, including tech leaders, policymakers, entrepreneurs, and investors, and feature more than 700 exhibitors from over 100 economies.
During the main conference, the Asian Infrastructure Investment Bank announced its plan to set up an office in Hong Kong to support its expanding operations.
AIIB President Jin Liqun underscored Hong Kong’s importance in supporting the bank’s high standards of governance and rapid business growth.
“It serves as an interoperable platform for our bank to cooperate (and) collaborate with a wide range of partners, helping incubate and translate novel ideas into tangible developmental impacts worldwide,” he said.
Contact the writer at gabylin@chinadailyhk.com
