Core Viewpoint - The Hong Kong Monetary Authority (HKMA) emphasizes the importance of digital currency and data infrastructure as core pillars for the future financial system of Hong Kong [1] Group 1: Financial Infrastructure - The HKMA's "Fintech 2025" initiative aims to promote the adoption of financial technology and cultivate talent and enterprises in the fintech sector [1] - A robust financial infrastructure is likened to a highway that facilitates the safe and efficient flow of funds and financial assets within the economy [1] - The exploration of Central Bank Digital Currency (CBDC) and the development of next-generation data infrastructure are highlighted as key components of the financial system [1][2] Group 2: Digital Currency Development - Hong Kong has been researching CBDC since 2017, with the "Digital Hong Kong Dollar" being a focus for international trade payments [2] - The mBridge project connects the "Digital Hong Kong Dollar" with CBDCs from mainland China, Thailand, and the UAE, significantly reducing cross-border transaction processing time from days to seconds [2] - The project is expected to enter the Minimum Viable Product (MVP) stage in 2024, enhancing the efficiency of cross-border payments for businesses [2] Group 3: Tokenization Initiatives - The HKMA is exploring how tokenization can improve the financial system, with the Ensemble project launched to develop a tokenization ecosystem [3] - The project has gained international attention, collaborating with central banks from Brazil, France, and Thailand on cross-border tokenization use cases [3] - The use of tokenized deposits for digital asset trading settlements is being researched, with the "Digital Hong Kong Dollar" serving as the currency backbone [3] Group 4: Data Infrastructure Development - The establishment of the Commercial Data Interchange (CDI) aims to facilitate data flow between banks and data providers, enhancing connectivity [4] - Since its launch in 2022, CDI has formed partnerships with 26 banks and 17 data providers, facilitating over 71,000 loan applications with a total credit approval amount exceeding HKD 58.1 billion [4] - The CDI also supports small and medium-sized enterprises in overcoming challenges when applying for bank loans [4] Group 5: API and Interconnectivity - The opening of the API framework and the implementation of the Interbank Account Data Sharing (IADS) service allow customers to securely share data across different banks and platforms [5] - Over 1,200 APIs have been launched, with a monthly usage exceeding 96 million times, while IADS has attracted over 70,000 users [5] - The CDI has automated over 1.5 million record verifications monthly, enhancing the efficiency of financial services [5] Group 6: Recognition and Future Plans - The achievements of the "Fintech 2025" initiative have led to Hong Kong being ranked first in the fintech category among major international financial centers [6] - The HKMA plans to announce the next phase of its fintech development blueprint to ensure Hong Kong remains at the forefront of financial technology [6]